The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-06-14
FINANCIAL and COMMERCIAL.
The Stock Market Very
Active.
GOLD l05 A l04 rs A l05 1-S
Government Bonds Steady and Railroads
Irregular.
iOLD l05 A l04 rs A lO5 Is
MONEY ON CALL IL A z PER CENT
WALL SrREEs,

2s3 600 shares This ACCESSION partly
TO fresh activity in coal prompted BY the
auction safe OF the Pennsylvania Company and partly
from large transactions IN Western Union, which re-
suited the publication OF that company's quar-
terry report over 100000 shares grew out OF these I'VE
spceuations alone leaving the remainder to the rail
roads. As had been expected the prices at the coal
sale were on an average OF 80 per ton from
those obtained at the previous auction by the same
company but ruled better than the rates Of the lost
Delaware and Lackawanna SALE This was looked upon
AS rather favorable than otherwise and somewhat in
tho light in which n convict regards
pricve when hope is pretty much gone Consequently
the first feeling OF depression winch had been
marked by lower prices recovered from and the
closing figures were considerably better than the low
est but not up 10 tho highest of the The most
interesting topic OF the morning tho statement Of
the Western Cnlon Company, issued by the Board OF
Directors which at tho time declared tho
customary quarterly dividend Of ~ per cent Tho
statement cannot be looked upon as an encouraging
one Receipts have fallen on as has been reported,
under loss oil business which accrued from tho Gen.
teunia Exhibition and the Presidential campaign and
under tho opposition Of the Atlantic and Pacnc llnc,
when has forced serious reduction Ia tariffs TO all
points covered by the competing wires. the net
PROFITS Tor the quarter ending March 81 were 5000 6l9
for the quarter ending June 80 they are
estimated 70 be S6jo,3i1, or S46,3O0 de-
cline. The surplus March 81 was Sl2S. ST.;
on July IL IL estimated that II Will be $l3S. 49,
OF $40 900 over last quarter This gain, how.
ever, apparent ono, since Sl34 2O1 was IN the
previous quarter charged of TO construction account.
while in the current no such item appears II
will be necessary, therefore, to get At The true knowl.
edge Of the situation, for purposes Of comparison,
either add the above amount 10 the surplus Of April
/ or to deduct IL from that of July l. BY tho former
tho Ian in
for the present quarter Of $l24,oo3. Again, tor ,hs
current quarters work deduct interest bonds aud
proportion OF the sinking fund (sl33 oo0) and Il pei
cent dividend $5Cs, 0oo) from estimated net earnings
1850, OU0, and hnd sum remaining alter The above
disbursements OF littlc less tan $4,000 Naturally
the exhibit was sufficiently unsatisfactory and the
price fell Of from 6l2s 50ss under heavy pressure
to sell, though rally brought II up TO 60 bid at
the close As the comparison between last years.
business and that OF this year, Tor the comma
i've months can be scarcely other than to tho prcJu.
dice OF the company Tor the reasons previously given,
the stock Is likely to receive more attention in
speculative way than has recently been the
The Comptroller OF the Currency explodcs the very
pretty story which certain national banks figured as
skleins" with the Treasury by alternately lodging
bonds and drawing currency and then repeating Tho
process. By denying that anything oil the kind has
been done. Taken MS u WHOLE tho market was rrcgu-
lar and ievcrish, with general decline and lack
lus,re appearance at tho end OF The day.
WESTERN UNION REPORT.
Tho following is the statement Tor tho present quar-
ter
Tho net profits Tor the current quarter, end
ing June 30th inst, based upon official
returns Tor April, nearly complete returns
Tor May, and estimating the business Tor
June, Will be about .....-.. .-.......sooU3lt %
Add surplus April Ices. l2so7' ~
ro,a, .s77s SOL 02
From which appropriating-
One quarters interest
bonded debt. ................s ll3ooo 10
Ono quarters proportion OF
SINKING iund..... @vooV w -. 90
Leaves bulanco Of s54d. 1874 O.
A dIvidend Of u: per cent the capital
stock outstanding requires. 5o7,2l3 20
Deducting which leaves surplus Of. $685. Sl 81
In Wow oil the preceding tho committee recommend
the adoption by tho Board of the foIiowing:
Resolved, That dividend of one and one-haf per
ing juno so be aud is hereby declared payable on
ah day OF July next stockholders OF record at the
close Of business on the 10th day OF June Inst.
STOCKS
Tho other excitement of the day, the sale OF 200 600
tons OF p,ttslon coal by the Pennsylvania Coal Com
pany, was the innocent cause OF bun movement
among the coal stocks. That such should be the
shows only too plainly that among brokers, we'll
among ordinary humanity, little knowledge Is dam
cerous thing Had the bulls OF Wall street tasted more
! deeply Of the Pierian spring ii IS hardly likely
that such would have been the case. To-day
coal sold prices from twenty-five to
thirty cents below tbose OF the Pitlston sale
oil last month, as will be seen by pcrusal OF the
figures IN our news columns The first effects OF tha
upon the coal stocks decline to 81 u for Lacka-
wanna u for Delaware and Hudson and to 5l4 for
flor xybl 10 WI ani at
although this decline in prices regards the Pcnnsyl
wanna coal sacs ndisputablc, yet at sae OF the
| Delaware Lackawanna and Western which took place
| later than this Pennsylvania coal sale tho
| prices were quito as low as the present ones.
! This Is certainly true, bat is merely an
! al captandua argument, for who the Lackawanna
coui Is deliverable Hoboken, tho pennsylvania CON-
pauy's coal Is deliverable ut Ncwburg, making diff
terence New York coal dealers OF forty cents per
ton for transportation. As sequel 10 these specious
arguments and aided by tho largo short interest. the
coal stocks advanced and closed ut some Of the high
est figures OF tho day.
| other stocks were steady and strong. New York
Central opened at 81 u fell 81 y and closed at s2's
Lake Shore opened AZ AK, fell per cent and closed
Ala while the other railroad stocks gained and lost
q fraction alternately. Taken in Its entirety tho mar
kct was irregular and tho the side were
abou. counterbalanced by the gains on the other.
| TODAY.
Tho sales or stocks at the Board to-day aggre
gated 2s2 $50 shares, which distributed as ol-
lows:-New York Central 1890; Lake Shore, SO, 400;
Wabash, $50; Northwestern, 400; do. preferred,
| 1000; Rock Island, 44oo: Milwaukee, aud ST. Paul.
200; do. preferred, 1910; Ptsburg, 2S5: Michigan
Central l4oc; Illinois Central. 200; Union Pacific,
100; Delaware, Lackawanpa and Western, $1,000;
New Jersey Central, $40; Delaware and Hudson Canal,
1890; Morris and Essex, 25,o6i Hannibal and 81.
Joseph, 4oo do. preferred, 100; Ohio and Mississippi
100; Western Union, $1,000; Pacific Mail, 5oo CHI
caso, Burlington ana Quincy, 5ia; Mar'posa, 1850.
OPENING, HIGHEST AND LOWEST.
The following table shows tho opening. highest and
| lowest prices OF the day.