The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-02-26
Review Of the Week-Great
Depression in Values.
THE GOLD AND MONEY MARKETS.
The Course Of Government and Railway
Bonds Investment Securities Generally
Lower-MOney Abundant aud Easy.
WALL STREET,


flashes OF Improvement and again lighted up the
hopes OF bulls, but they too brief impart a
lasting impression, and simply rendered tho succeed
ing gloom all the backer by contrast In word, II
Jaciiis descensus, which bulls poweriess To
resist and which bears hope bring up IN tho bot
tomess pit OF panic pricos. The pernicious influence
which has been brought to bear upon values re-
semblcs, when analysed, tho construction OF his.
torical romance IN which few salient facts used,
around which to weave the web OF plentiful fancy.
In other words while ugly truths had their lcgi
timato effect In producing depression. they were
greatly aided by tho circulation Of nctons that in
many instances were as baselcss they wcrc absurd
In tie part this category the coal stocks
the heud and front OF the offending Both Delaware
and iackawanna and Delaware and Hudson carly In
week published reports OF their past years. opera
tions and OF their present condition, which on first
consideration were regarded unexpectedly favorable
though II was patent that dividends could be
earned for time TO It was satisfactory to
know, however, that to all appearances. tho compa
MES measuraby sound, and that with good luck
aud better management they might pull through until
tho appearance Of better times. With this Wow
sharp buying movement originated, participated
in by both bulls and BEARS which CARRIED prices oriskly
upward and temporarily engshcned the rest OF the
market At this moment however, halt was called
for prominent bears in their iancies having const-
tutcd themselves committee OF nquisition COM
rnenced 10 pull tho statements pieces by
pointing out exaggerations here, and
there, and making their specifications the
more formidable by asserting that unpaatable facts
had been concealed and that tho officers themselves
we're large sellers OF the stocks The market In
temper to receive intelligence OF this kind gospel
truth and with blind faith In its the ia
vorable feeling was reversed and the whole army OF
in specuatOrs rushed q sell @
most unfay results which has grown out OF the
unhappy of the coal stocks Is tho OF faith
which 1t has given rise TO in respect to properties,
which, kept away from the aroma OF speculation have
hitherto been regarded the safest of Investments
Thus there Is manifested strong disposition sell
Burlington and Quincy, Rock Island, Rensselaer, and
Saratoga above all Central ana Hudson or the two
latter first shows decline Of nearly twelve and Of
the second Of six points In tho last ten days.
Naturally II Is sufficiently unpleasant to persons having
their money placed in securities Of this class to
counter such state OF things but 1t IS questionable
whether the investors themselves not greatly to
blanc for it, In nine of the condition of
tho great corporations Of the country Is kept dead
secret not only from tho public but from those who
in the form Of stockholders are absolute owners OF tho
property. Satisfied TO float along in the receipt Of
periodical dividends, they hear without concern OF
directors appointed that thoy know nothing Of and OF
meetings held that they too apathetic to attend.
In too many instances the direction packed from the
start in the interest OF few designing individuals
whose main consideration to gain opportunity to
manipulate the stock In their interest," while that
of the shareholders is OF minor consideration OF
consideration at a What wonder Is It, thon that the
fears of stockholders should be appeased by alsehood
or their desire for Information treated sheer i'm
pertnence. when investors shall have learned to Look
after vested interests they do after their personal
business and the law shall compel cooperative nstitu
tons TO render full simple and clear account OF their
condition ut stated periods as banks and insurance
companies are forced to do, wo shall SEE an end to
the disgraceu circumstances which havc attended the
history Of than security upon tho stock list.
While the weakness OF the coal stocks manly In
nuential in depressing the market the air full Of
rumors which added thereto. 1t given out that
Jay Could desporing OF covering his short line In
Central and Hudson about to mako fresh attack
by tho novel procedure of an attempt to break tho
Commodorc's will Not that Mr.. Vanderbilt had
mcmbcrcd him in this doeumGnt even disparagingly,
but that way lay open through the assistance OF
disco ted heir and his own bank account Next
came stories OF renewed cutting of railroad tolls
and n breach OF compact on tho part OF Lake
Shore with mysterious hints that this company
had boon reduced TO an orrhanless condition
by having in some way lost tho fahery protection of
lis charter Last OF all, and perhaps most important
of ALL was the strong demonstration Of opposition to
Western Union, created by The election of and
formidable direction in tho Atlantic and Pacific COM
uany Tho effect was to depress tho stock OF the old
company from Cox to 631I, at which II closed. Ono
could recitc all nauscdm tho mass OF romances which
were set before the public but tho samples have
given above suGciency Of evil both for the
market and the day.
THE TRANSACTIONS OF THE WEEK.
The following shows the opening, highest and low
est sales regular way, OF the principal stocks during
the past week, together with tho number Of shares
dealt n- ~ -