New-York tribune., 1877-07-11
TUESDAY, July f0-p. NJ.

Until next Monday, the 10th inst, subscriptions
to the new per cent Government bonds may 5e
made at par in gold. After that date the price will
be fxed by the Syndicate.
On the Stock Exchange to-day the " bulls" con-
tnued 70 press thcr alyantage, making the coal
shares a special feature, and driving the beans" to
cover them, while the remainder of the list
was peddled out 70 persons recently converted TO a
belief in higher prices. Probably a campaign 20
much opposed to ficts and 20 reason, was never 80
successfully conducted, with regaId 10 advancing
prices at least-as the one which seemingly is draw
ing toward An end. Whether or rot it VIII result
finally in profit to tho Managers il a matter
which does not concern the public. An opportunity
is Afforded to those investors who have been wait
ng in the hope OF realizing prices which they might
have obtained two months ago, and 10 which they
have been looking back with regret. They viii nn-
doubtedly suffer from regret again, if tho
present opportunity il permitted 10 pass by
unimpFoyed. The recent advance las ha d 10 better
basis than that " t had become too fashionable 10
sell the market short' All the talk Of cFop.n
" better railroad receipts" and general improved
condition Of affairs has been mere moonshinc. Such
talk is the natural accompaniment Of n "ba" spec
Uaton, and if the moncyed interest Of the specuIa-
tors had been the other side OF the market these
rose-c00red representations would easily have been
Cohftit'u iHtD h'dItl tdiaHlltits.' lNelt was IN
example of this when Lake Shore stock was selling
at a. and before any knew that it, Business for
the last six months to prove so unsatisfactory
Tie movement in the coal shares to-day began
with the moment of opening business, Delaware,
LackawaEna and Western uSlngupidly from i0i2 10
43I4 and Morris and Essex from 80 to 7Oas. After
this there a decline Of 10 - percent, followed
by frequent fluctuations; at the close about the high
est prices OF the day prevailed. So far merit is
concerned no exists for the advance Of these
stocks fraction from Ihe lowest prices az which
they have Sold OR adyices relative to the coal
trade that it Is dullcr than ever before. 1t is
matter of very great importance to the value Of
the stock of comp:ay, which has interest and
rentals to earn on $GO,Oo0OOO whether coal is
at present prices or 30 cents per ton higher III
gard to ihis matter cannot do better than to
quote from Tie Eaqiteeripg cnd Mining Journal IS
follows:
The SaloH ReDt5icqa Of the fth inst makes tie fol-
lowing interesting statement:
"Tac reduction on coal developed in the NewYork
market by the recent sales. fixed he prc at sh te-
thai II becomes question with the receivers of the
Lehigh and WiikcsAarre CO1l Company whether they
coul ep Jhrir coal on e market ~ the former fte
OF -l20 per tom 10 Alr. PARISH for miung, and the at
ditinnd transportation charge theg could not hope to 20
II and have any balance elt rchts ana
concession Of fifteen cents has been made by NJ Par
rsh fixing his compensation al II o. and the tran;por-
taiion charge has has becn reduced 10 - winch Wu en-
ane the receivers 10 kecp IN the market ahd securing
IA. q
"Tic susquehauua Coal ca. stopped their operations
at Nlutieohe ycStor ', account O the u sales and
low pices OF coal Toe time for thoir resumption IS IA.
definitely postponed"
the Repubi,can assumes more belgercnt tone than
few weeks ago. when referring u e. C carr0 chmcnts
OF the Rc'dng Railroad on TIE TRACE oi the LlckaWHna
companies. Pcrnars The tn mil iOn loan OF the H. h. n
v. inspiring Conlasc u tse N9ftheIn comlahy' anu
viii euabe II 20 keep up the t-ht Tor some tne et.
Il would seem from the above as II me Lchish and
Wilkcsbarte Company were brought almost - the
stopping point, and ii can mine coal quite as eheapiy
as IlcktWaIna Company, yet at the present ptlces
Of interest on bond. How nash better are any Of the
ther companies doing! But lonx they borrow
smaking their fixed charges" Wien the borrowing
power exhausted the bubble bursts and some com
facts
Delaware and Hudson did not respond to the
movement of tie ether Coal stocks opening at 80,
il sold ut ;}9lt to 57G3S3i. Central of Ncw-jersey
made a squirt t. 10 and closed ut 93l. OF the gen
eral market the stocks which made any improve
memt over the best prices Of yesterday were Mich
igan Central at 43l2; Illinois Central at 50; St.
Paul at 22l 1922 st. Paul Preferred at 5Gi2 5G3s;
North West 2I3i aud Western Union at 81 4G055.
The movement in Western Union appeared TO be
forced to help the sales of the trunk
line shares because the stock failed to hold
ts advance several times during the day as soon az
the bidders retired aft lifting IT, The granger
stocks it will be- observed were still strong, prob
ably because they mast be kept or they will sink
of their own weight on account OF the hight business
being DONE as shown by the receipts of grain at
Chicago and Milwaukee. At Chicago The receipts Of
ALI gram for the first week in July show falling off
of 81 per cent rs compared with 1876. The receipts
Of wheat at Milwaukee show "A decrease OF 20 per
cent The market was feyersh and eraiic from the
ournIng TO the end but by dnt OF perseverance tho
closing prices made strong.
RANGE az The STOCK MARKET.
Ariug sS