The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-01
FINANCIAL and COMMERCIAL.
The Events of the Week-A Dull and
Irregular Stock Market.
CURRENCY AND GOLD.
Local Disbursements 100000 To Be Let
LOOss-The Bond Market-Mining News.
WALL STREET.
rvNr.. nnc u 1874

The examination OF balance sheets and the scrutiny
OF profits loss accounts pleasant occupations
enough when wo have provision OF favorable results.
and "the melancholy days. the saddest OF the year"
are frightened up proportion TO the fairness OF the
showing. There Is little chance that this years ledger
will offer very entertaining reading. to the average
stock broker or that, inside or outside II will vic in
interest with the holiday nany that dressed in gold
and colors, passes current rs gift book ut this
SON Tho latter In nine cases out oil ten, is simply a
receptacle OF rubbish: In nine cases out of ten tho
lcdgcrs will prove workable chamber OF horrors.
This, too, to that vast majority OF the community
who, with an abiding faith in the great public works
of tho country, IN Its undevcloped wealth,
natural resources for production and in the
energy and rccuperatve power OF tho people, have
invested their money in railroads. mines and manu-
!actures Upon this class rather than upon mere
spectators has the blight OF an unfortunate year
fallen heavily. Seldom hasa twevemonth mado sad
der havoc with properties which, having commenced
the year as 'srt gold, " have the end OF 1t
with scarcelytho ustre Of Dutch metal remaining
Real estate coal properties, railroads.&c. have suffered
more or less under the shrinking process which has
reduced values, cut Off dividends and cntailed bank
ruptcy. The transformation is like that OF the fairy
tale, wherein diamonds and pearls arc by el6sh ma
lignancy converted into wthorcd leaves
There supernatural agencies to DO sought for
he rever, furnishing the prime OF dismal
state of things now existing, but rather hard,
matter Of fact reasons, which nseparable
from previous wild speculation, faso
values and violations OF the nexorablo laws
OF trade. Figures purely fanciful as applied 10
houses and lots, made men rich on paper while they
concealed the future ruin begottcn by the FIRST mort
gage; investments In brick and mortar at imitation
prices might have been prudently made in castles in
the air; railroads lett their legitimate business Of
pulling and hauling 10 delve for coal, while water
flowed into the stocks of the great trunk lines SWELL
ing Them up like sponge and utterly dissolving all
chances Of dividends Tor long time to come. Un-
doubleday these causes are Of some time back but
their effects are at work to-day and In the
reduction OF values and the protration Of trade So
II Ia fair TO presume that the peoples ledger will
present very cheerful aspect, nor their Christmas
box be u burden to carry.
In stock matters tho bears Ind the best Of the
year. the run OF luck has boon in their favor for the
most salient occurrences havo shaped in with their
destructive procivitics. Perhaps tho most important
OF all in its influence upon tho market the break
down in the coal stocks, which commenced carly In
the spring and has only lately to halt. Various
conspred to threaten the long existing monop-
oily which, oemented by consolidation of the great
companies had been used to cxort oppressive prices
When threats became facts, however and the con.
sodation tell to pieces tho filth OF holders fell with
It, aud shares which had boon esteemed the ne plus
ultra of stability became aimsy as gossamer In
market value.
Thus the difference In prices In tho four great
companies has been for tho year LIN Delaware aud
Lackawanna, SO points; In New Jersey Central, 80
points, in Delaware and HUDSON, o. points, and in
Reading 50 points. The great proportion OF this
loss fell upon investors and upon estates
held in trust, professional spectators and the
Stock Exchange having early scented out the evil
ana In most pronted by their acutcness
Next to tho coal stocks tho railroad was the
most powerful disturber OF values. Tho story OF the
conflict 10 as familiar to our readers as "househod
words" and needs no repetition here. nor does the
embryotic failure. require notice than It daily
receives.
In addition to the causes OF depression which have
followed as tho unavoidable sequence OF business
there has been added the unforeseen disturb
of contested election, which FIRST destroyed the
born trade that was struggling With life and next
crushed confidence and with II the energy and en-.
terprise OF the business world.
Under this showing the balance sheet OF the year IL
not pleasant one to contemplate, though a scsnty
satisfaction may be had in recurring to tho old
proverb which speaks hopefully OF the darkest hour
before dawn.
There little to be said Of the events OF the week.
for 1t nearly eventless The Ia per cent dividend
Lake Shore was u disappointment, for more was
expected. The non dividend Delaware and I.acKa-
wanna produced effect, for expected. Tho
first stock declined, however, some five points, and,
while absorbed pretty much the whole business Of
the Market left the rest of the list In Of steady
duncss which proved deterrent to all fluctuations.
TRANSACTIONS THE WEEK.
The following table represents tho opening highest
lowest Sales regular way, OF the principal stocks
during the past week. together with the number of
dau1t tu.-