New-York tribune., 1877-08-03

most notevvorthv fact Ia that the last statement re-
norted mono of the new 4 per cent Consols rs out
standing, while, it is wcll-known, that they were
on this market for several days prior TO the end OF
the month. Therefore, they must have been paid
for and the Treasury must have received the goid
for them Yet 1t appears that tho com belonging 10
the Government was reduced during July Sl3'oo3'-
I7s as shown by the statements for the two months
as follows:
G5s y sn5'Rsa, at Fs.3fy 3i iSP9 Us s5gsas ss
Less coin eertdSatcs. ii,j726OO S7so7aOo 9,1oo5OO
Balance. s78549s73 s59096G95 slS,5'sl7s
Daring JULY the legal tenders retired amounted 10
SG7O.1O2 and the currency on hand was increased
10. 129. .327. from S15S43,4S7 on June 30, to
Sl7,072,S ,S14 on July 81. Naturally tho question
arises how much coin does the Goyern-
mont hold in excess Of the sum reported,
gs a special fund for the redemption OF called
bonds That il must hold no inconsderahle amount
a. an offset 10 the new per cents which have been
ssued but are not reported in the statement seems
clear: and 10 the financial and commoIclai commu-
ntv an exact knowledge OF the facts IS Oh VITAL nm
poriance We trust that Secretary sherman VIII
NOT fan into the error of his predecessors ana sup
,,nso he must take caro- OF the merchants interest
fam spproXimate idea of The departments siiua-
tion and Intentions j. gwen the merchants can
adYrt themselves 10 The state OF affairs. But they
can make no calculations for the future, with
$4,000. 900 hanging IN the balance and subject T.
he caprice OF one man, let him be ever so able as
inancicr.
on the Stock Exchange to-day, the fight against
time was continued After dull and heavy opening
and further decline in tho principal stocks, there
was = strong rally 10 lift prices which succeeded IN
marking the best prices Oi the day at the close ii now
begins 10 appear probable that there viii be square,
stand-up contest between some of the leading ope-
rat1Is for the mastery OF the market-a contest IRON
which 1t will be prudent f0r owners Of light purses
a. hold al0Of Be this as II may, t VIII not only be
safe but lTadent, Tor real holders Ot stocks quickly
to Improve the opportunity 20 sell. As the great
Goa! compa Iics are crippled al their mines mat
they mus bs nOn-produccgs Oi coal fora iong period,
there is httlc prospect tLat the interest on Their
bon s or the rents of leased lines will be pad. 1he
lrunk lines Wors IN bad enough plight before July,
a> was shown by ,he partial siaiemcnt OF the Lake
shore Company, bat now their iIa.hc, Where ~ -
not interrupted, Is even lighter than II was theA'
Wha. has bcialcn the Pennsylvania Railroad t'in-
pany Is almost certain 10 become &n cpldenlc among
aii railroads which have heretofore pad dividends.
Tho iiiclorAbla law which has reduced incomes
from III private property aud enterprises iis been
CO work ou railways, Jut Il has u'tn h49Ich M
der the cloak Of corp rate credit ANA % Hlpoih.-
ION of the future The end must conn., amt u
ma; DE- much nearer than is generally supposed.
ih. mOmeataiy creation OF fictitious value en- the
stock Exchange is oi no benefit 10 o real properly,
;.id wi.i Aot stand tine Jc-, Oi tine.
The transactions to-day were somewhat LARGER
DIAN for either OF thc two DAYS preceding, ANA at ihe
close tH,re WAS an excited and angry feeling ~ the
dealings.
RANGE OF TIE STOCK MARKET