The New York herald., 1877-03-18
A Further Decline in All the
Active Stocks.
GOLD 1O4 3-4 A 1O4 5-8.
Government Stocks Quiet-RailrOad Bonds
Lower and Irregular.
Money Easy on Call at 1-2 a 8
Per Cent.
WALL STREET,

SATURDAY, March l7-6 +. NJ.
Black, dreary, shamrock weather OF course, dismal
enough chill the lie any treoil that not Of
Irish extraction. Unhappily. the stock market is a
less hardy plant, and tho "nippng and eager ar' OF
dull day has helped blight already dropping spcca
laton ln all reason the bulls should have been 'n
clovcrr to-day; but things were ordered otherwise,
and bears found themselves in that anomalous posi-
tion instead simply IRON continuance of the long
prevailing want OF confidence In a better financial fu
turc the tmdty OF investors and in the absence OF
public interest in the stock market generally Therc
fair reasons to suppose that settlement OF cx-
ist,ng political difficulties would in measure
remove the obstacles TO improvement which are
cited above, but far II has avacd abso-
lutely nothing. and the bears, holding tho winning
cards their hands, are playing thcm ndustriousIy.
In this they helped on by the alarm which seems
to have the holders Of oldfashoncd, stad
and respccta bic securities and which nciting them
to market their properties without much regard either
to judgment or price.
Almost panic mot the less hurttul because noise
lcss) grown up among holders Of hitherto highly
valued securities, which has proved disastrous not
only the stockholders themselves. but by reflection
fallen with depressing influence TO the general list
That causes for may exist is probably truc
but that they sufficiently serious to provoke an
exiravagant sacrifice OF values, that they may not
Do readily remOve0Dy Nttlc cure uPou tuo P"i' VI
shareholders exercising prudent surveillance over
their boards Of directors probably ndubable facts
While there is an inclination to take money out OF
railway securities there appears to be an equally
strong one 10 reinvest 1t in government stocks The
new ~ per cents daily growing in demand, as
witness the more frequent calls on the part OF tho
Treasury and the significant falling Off IN the specie
average Of to-day's bank statement. which points
clearly to investment in the above funds II
holders railroad shares determined TO turn them
into cash It Is least satisfactory to know that tho
equivalent helps sten the backbone Of the countrys
credit even II the other members OF the body polite
suffer temporarily. During nearly the entire day stocks
were weak, the temper of speculation being directed
10 lower figures: Delaware ana Lackawanna suffered
especially there being but little sustaining influence
from the short side but an observable offering for sale
of shares h,therto held old investment account.
Western Union and Lake Shore were alike weak In
sympathy each other and under the general do
moraiization which has sprung up out OF the down.
ward tendency of the gilt-edgcd investments. Other
than the blight Of general depression there were
facs to influence a market which remained weak dur
ns the day and scarcely LOGGED shade better at the
close
THE SALES
The sales of active stocks to-day aggregated 1872
| shares which were distributed as folows:-New York
Central 1907 Ere 1000; Lake Shore, 2S so0 Wabash,
400; Northwestern, 200; do preferred, 1,4O0; Rock
Island, 300; Milwaukee and ST. Paul 200; do pre-
ferred, IL soO Pttsburg 200; Delaware. Lackawanna
and Western, 1878; New Jersey Central, elo Della
ware and Hudson Canal, 3,4o6; Morris and Essex 800
Michigan Central, $500; Illinois Central 700; Union
Pacific, 100; Chicago Burlington and Quincy 1as2i
| Hannibal and ST. Joseph, 100; do preferred, 42o
OHIO and Mississippi, 1,so0; Western Union, 45925
Atlantic and Pacific Telegraph, 100; Pacific Mail, 1000
| Chicago and Alton, 900.
| OPENING, HIGHEST AND LOWEST.