New-York tribune., 1877-08-22
.-vyc,t1 REPORT VIEW yosK AIINe sf0,N 1'A
cH4SeE SALES AUGUST IL ls"'
r,rsr RoARp-1l O'Clock A. n.
sycoND BOARD-1;3O
TUESDAY. Aug. 21.-P. NJ

\.
Finally day Of reflection has arrived. Ai.er
whole week of rampant stock Sptc"lauon' "n,on
r. recorded prices for the general speculation list
averaging from eighteen 10 twenty-SeVen per cent
- tbo prices of last Spring there appear to be
n few operators who are WIFE ng 10 Ie.'He 'n'
accrued profts-on paper Hence to-day's opera
60 have exhibited shrinking Of values,
not important when the great advance is
ren,euabered vet suggestive OF what VIII
ccnr when all want 70 realize tCaeiheT. The recent
"bullv .pcculation has differed from all preceding
,novements of the kind only in iis total lack oi
reasonable basis and in the consequent necessity ICY
a greater display of pluck. That this qnaltN mas
becu exhibited to such a degree as TO command Tue
admiration both of friends and foes cannot De "o
MED. Before 1t "bearS," strcng IN their con-
v1ctious Of values and If the inc'ltaDie IT,
sult Of tho movement, have rctirea oisco"i.
1ted. But pluck backed by the eoinoiiou
conjfaI of New York's associated Oaihs o"lIO'
change the true situation Of mercantile ahaiis' lhe
fact that Delaware aud Hudson and Delaware
Iackawanra and Wcstem.stocks are selling at oo III
+,od of o. and 30 does not enable either of the
Companies to mine a ten Of coal, uor does 1t impede
tbe steady growth Of their debts. On the contrary
the advance in the prices of these stocks with simple
neople rather helps the negotiation OF new bonds
So; Lake Shore at 60 INSTEAD Of 40, and
Michigan Central az "a instead Of 30, yet the
fact remains hat all of these companies are loaded
down with liabilities rejecting by-eone age Of eN
mansion The speculative advance Of 10 10 ~ per
cfpt m the prices of the shares does npi 1rnS to the
companies a single bushel O grain OF pound oi pr"-
visions TO carry. The advance from o2l2 70 loo IA
the price Of the shares of the Chicago Rock Island
and Pacific Railroad may aid the negotiation OF ifs
new Der cent bonds but the fact re-
mains that its gross receipts from 90 miles
Of road. capitalized stock and debt at
S}l. .COg. 900. are less than $15OO,OOO against
~ 23f.J79 in 1s63-1SG9 from J2l miles winch
were then capitalized at S22, sol 600. North West
eru and 81 Paul stocks have advanced from II 10
o. per cent. vet ID IS wel-kuown that both compa-
mes f,r wears past have been kept alive only by
credit which has enabled them to increase THEN
bonded debts IN the rate Of 50 10 30 per cent re-
ceiyrd for 100 OF liability incurred.
II may Lc or IT MAY Eot be, that the time has al
rye when tEese udi,put4ble facts are TO have Their
influence upon prices ~ the stock Exchange
Tie reaction oi today fr0H The hgbes!
price has amounted 10 no more thdh sh"ti"
bave b.eu evp-rted after the weeks All
vance. even If thcTe were good and legitimate
reasons for further advance ri = per cent lrIc
fore. iof spe,uiaicr> caution ON the Ieit sldo "I
tie market Is still the safe mig 10 practice but fo7
investors different luie applies irite, are mont
naly hi "a, and be who now waits 10 ieale ne i''-i
oie-rirhth nuns tie r,sk 0i having t0 vaij through
another ong period Oi depression, II not OF pauIc.
Naturally Western Union to-day was ii
leading feature Tire opening price was
81. aftlr WHICH It rose to ST.. aud then on large
transactions declined 10 T3's 4 1"&i. Apparently
tie ri>. iu Western Union Vas looked upon by thc
various cI0ucs a. afouup f@voIable Opportunity
tomarket the general railway shares. Al aii events,
IN almost every stock tne tuc first prcea were @bOdt
the best, willie the L,t Prices were nea. a. the low
eSl II tht day.
lie suboincl table shows tie
,,..-,. ..e .rsft. er,rE utpVwT