The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-26
FINANCIAL and COMMERCIAL.
The Stock Speculation lIeavy-The Market
Without Strong Undertone.
GOLD LOG A LOG l-S.
Money on Call and Per Government
and Railway Bonds Generally Firm.
WALL STREET,


TO . limited extent the course Of to-day's prices
adapted to the tastes OF both bears aud bulls.
Since It did not point either why, up or down, very
long very perslstently neither party wearied
with waiting for change disheartened by steady
push IN direction only.
The passage oil the compromise bill by the Senate,
although ts effects upon the market had been In
measure discounted was at least. expected to give
sharp II only transient turn upward 10 the share
list, and its failure do At tho opening was dis
appointing In iact the very reverse was the case for
the market, though ignoring the good work OF the
"potent, grave reverend seignors IN Congress as
sembled, fairly turned tail aud shrunk away from
opening prices like cur IN disgrace. Toward noon
quotations frightened up again, afterward fell
Oh a trne and ultimately closed strong
and buoyant The early weakness was doubt
less to be attributed TO the bad company
OF the coal stocks, which in their present
condition not only grimy themselves, but innct
stain upon the stability of the whole market The un-
satisfactory results OF yesterdays auction sales and
the dismal outlook for the future, provided the mad
policy OF forcing their product Tor sale at losing prices
IL persevercd in, brighten awny all support except such
~ comes from the short interest. Indeed, paradoxca
It may seom the bears in the coal stocks are their
shie prop and support for having largely oversold
The the least artificial upward movement scares
hem out OF their wits and they rush to while
The price rushes up proporonately This process has
occurred again and again and usually gets It's imitation
from Exchange court, where 10000 borrowed shares
are believed 10 ind u temporary resting place Added
to the Ills which have become chronic are the con-
gtantly recurring qualms which sicken the credit Of
these corporations and pinch their exchequer Some
such ut present existing. and at least one large
company is reported to be searching for panacea IN
the shape Of million OF money and finding IL not
M
Paul shares grow automatically simpler IN point Of
price day by day There Is nothing to add 10 the I'M
favorable conditions which have heretofore been
upon in this column, and there is no bow Of
promise to lead TO anticipation OF better fuurc the
result is, therefore, natural and to be expected.
Erie is again making an upward struggle, founded
upon the rcorRanizing scheme of.the British bond
holders who, alter the manner Of the daughters OF
The horse eech, are crying out to their American
bretheren to gve givel"the said donation 10 be in
sums OF SO per share the common and 50 per share
IN the preferred stock What Is TO DO the result OF
hs not altogether novel procedure Of throwing good
money after bad is awaited with some interest.
Late in the day sudden furry in Ohios carried the
price from az to TX bid. II appears that Mr. Receiver
Torrance altogether the taste OF many OF the
stockboders and his removal Is sought through the
courts favor of Mr. Griswod, the former president
OF the road whom it Is desired put in his place.
Antcipations favorable to this change are alleged 10
be the cause Of the rise this afternoon.
Another pleasant stmulant gwen to the national
credit through the call by the syndicate for further
10000 600 OF the tour and half por cents. The
immediate effect to reduce the premium gold
and weaken tho skies OF 1855 to the of
q y per cent, q similar amount will so into the
Treasury for redemption.
Al tho close Of the share market better feeling
generally exhibited, the belief existing that the pas
sage through the House OF tho compromise bill is
assured FACT and that all Danger to the peace OF tho
country and commercial Advancement is practi-
caly ended.
SALES TO-DAY.
Tho transactions at the Stock Exchange to-day
aggregated 124 200 shares:-New York Central and
Hudson, 9l6 Eric, 97oo Lake Shore, 49, 600; Cleve.
land and Pitsburq, 200; Northwestern, 100; North
western preferred 800; Rock Island 800; Pacific Mail,
7,ls9; 81. Paul, 1900; St. Paul preferred, Is, 800;
Ohios, 1906 Western Union, 22,6O0 Wabash, 100;
Union Pacific, 900; c., c., G. ana l., 200; Delaware,
Lacxaw anna and Western, 13, 500; Now Jersey Gen.