The New York herald., 1877-10-01
FINANCIAL And COMMERCIAL.
Review Of The Week-Active Specula-
tion in Stocks.
THE GOLD AND MONEY MARKETS.
The Course Of Investment Securitics-GOVeTn-
ment, State and Railroad Bonds.
WALL STREET.
SuyDAY. Sopt. 30. 1877.


In . financial point OF view events Of Importance
iurng The last week were as hard to nnd Gratanos
two grains OF wheat the two bushels OF chaG Con-
sequenty they afford but limited amount OF "grst
TO the mp' Of to-day's rcvicw and necessarily
slim meal 10 the reader. Such food for reflection,
however as was to be got out OF tho market
condensed form and took the shape OF certain charac
teristcs that marked in particular the movement OF
the coal STOCKS and granger shares Tho fsrmer Of
these placed In the position Of guides TO the
market-"blind guides" that certainly ignorant
or the bull path to higher figures and threat
sncd more than once to lead speculation into
q slough OF despond. Plainly, tho coal carriers,
by their Unborn wenkncss. affected unfavoraby the
sutre Market and 30 struggle against this rathcr than
10 advance prices In other stocks tho chief bus
ness tho large operators upon the bull side. The
steady decline in tho coal shares. which only
checked by occasional rally, began early In tho
week and may be ascrbod. rst the fact that prices
had been unduy inflated through 81 mpathy with the
advance in the railways and second that large holders,
psrceiving this to be true, sczed upon tho culmina
tion OF the bull not only to clear themselves
or their load but to establish fresh line OF shorts
Al any rate this the popular theory OF the street,
and to the bow window party and to one or two
more OF tho independent large operators Is
ascrbed the merit OF putting II into practice.
Another element OF perhaps still greater I'm
portance in producing the depression made
manifest in the circular OF the Lohish and Wilkes
barre Company announcing . reduction in prices for
their product OF thirty TO seventy cents per ton below
those charged by the Reading Company. The scircu-
lar' was ut assumed TO be 'purpls testament
ofbleedng war;" SO far the two companies named
are concerned, while the fear that n would cause
general embodiment. thereby duplicating the two
Deawares aso added TO tho depression. At tho very
end OF tho week prices improved about two points
through the efforts OF bears profits The
Dy OF the anthractes created down stream,
which The natural strength of the railways found hard
10 resist and tney less gave away 10 its
power. Most successful in stemmng the tide were tho
granger properties, which, bcoyed up by enormous
grain traffic, the declaration OF dividend
Of 3H per cent on tho St. Paul pre-
fcrred stock, and the support or strong partios
who have full iaitn In the future OF these roads
at least successful in holding thor In the two
great specuations, Western Union aud Lake Shore,
nothing OF interest developed tnat had share OF
novelty about It, and the rival factions forced
have recourse to tho threadbare arguments which
had so often done service before and which had be-
come tedious twice-tod told. The bank stato-
ment of last week, with It's Unsatisfactory exhibit OF
large decrease in surplus reserve followed yeste
day by another Of the same quality In the interval,
money ranged between . per cent, with most
transactions midway between these figures snrcwd
capitalists still anticipate pinch before the year is
over, through the drift OF currency South and West
but far there has been difficulty in procuring all
necessary accommodation.
TRANSACTIONS THE WEEK.
The following table represents the opening highest
and lowest sales, regular way, OF the principal
during the past week, together with the number OF
shares dealt in