The New York herald., 1877-12-09
The Stock Market Dull-A Rise in
the Coal Stocks.
GOLD STEADY AT 1O2 ga.
Government Bonds Firm, States Lower and
Railroads Irregular.
Money on Call 3 g 3 4
Per Cent.
THE BANK STATEM MENT.
WALL STREET,

WALL STREET, !
SATURDAY. Dec 8-6P. NJ.
The coal stocks went up to-day and the railroad
shares went down, passing other hKe buckets in
we'll Rather empty well It proved TO be, how.
ever as gauged by the OF activity interest
which was brought TO tho surface Up TO within
hour OF closing the market remained excessively dulli
but at this point brisk demonstration against tho
railroads. but In favor OF the coal carriers made things
lively and closed the market under considerable
activity This game at purposes was rather per-
picking at first, but II was soon seen to be nothing
moro than a repetition Of tho old dodge of sienna
one part OF the list In ordor sell the remainder In
absence Of anything new end favorable to be said
OF the anthractes was had to the thrcadbar
story OF q combination which was put forth for tue
hundreth time, revised, corrected and bound up to
look like new. Strangely, the companies themselves
pretend to know nothing Of such purpose, and pub.
licly, at least, dsclaim the idea Very wisely, wa
think II the Of such plan is not better ns.
sured than were the previous ones With coal at 81
per tonthe first combination went to pieces and II
seems TO bo sheer impossibty that the price can
be worked up again to oven that figure in the face
OF the competition TOR production, the gut In tho
market and the almost entire absence Of demand.
Without q combination, on the other hand, matters
seem to be equally as bad That illuminating but
travagant process OF burning candle at both
ends is being INDUCED In by the companei
pretty freely, aud Ia similar instances has bcer
known to light the way TO tho bankruptcy courts
Whether this game Of selling the produce OF the minci
at q price less than the cost of production DO worth
the candle not depends greatly upon the length
the illuminator. There wore numerous reasons ad-
vanced account for the weakness In railway shares
1t was stated that there had been fresh cutting Of
Eastern bound frc6hts and that the earnings OF tho
Western roads were failing of. The lrsl report We
h IN N nv inco
is in measure true particularly IN references 10 Lake
shore and Michigan Central The iormor OF these
dropped from coz 69ss, being helped thereto by
casual kicks from the uptown spectators, ara the
latter from 6Sk 10 561a, because II was "oird OF
fcathcrn and Iound In Dad company. Even the
graugers (notabiy Northwestern preferred) foil of
q traction, though the amount OF, ''chn-ch'n"
which has lately been employed to stimu-
late them would lead one TO suppose tnat the roads
were laid in Grim Tartary Western Union ana the
less msrourlai fauc.es rchaned steady and dull, tho
telegraph stock being as were. IN state oil IMAM
oal quarantine, pending the doubt as to whether It
viii break ou. in dividend not. New York Ucn-
trail almost alone the railways, advanced on the
days work. touching at one time l07H, though II
failed to retain the whole OF the Improvement Ihs
earnings compared this time last year. are said
to be- largely increased but as The oompanys accounts
are kept sealed book are forced TO accept these
reports do the teachings Of faith, WHICH, we arc
told is 'the evidence OF things not seen" Tho BANK
statement shows The important decrease OF 81 100000
in legal tenders aud decrease in reserve Of nearly
81, SOC, 600
OPENING PRICEs.
The opening prices to-day we're 40 foliows:-Gold,
102k; Western Union, 77h: Lake Shore, 6o3S Now
York Central. 1861; Michigan Central, 6sj4; Rock
Island, l00H; Delaware, Lackawanna ard Western.
81; G., O., c. and l., "a; g.. G. ana |. g. 81 New Jer-
soy Central 1917; Atlantic and Pacific Telegraph, %;
Pac,ao Mail, 2lZ; Delaware and HUDSON 4sss ohos,
sA; ST. PaaI, 35h; ST. Paul preferred 7oA North'
western. S4A; North western preferred, 651s.