The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-23
FINANCIAL and COMMERCIAL.
Review Of the Week-Great DepreS-
sion in the Stock Market.
THE GOLD AND MONEY MARKETS.
Government, Railroad and
State Bonds.
WALL STREET.

SUNDAY, April 90, 1871
The Stock Exchange 10 rapidly assuming the condi.
ton Of the small end OF tunnel. the larger end OF
which Ii receiving from ail parts OF the country
mixed supply Of railroad, coal and miscellaneous
shares There is no distribution for them, however,
beyond the limited encourage OF Wall street. and they
remain bottled up banks and brokers' Offices II Is
becoming serious question to what is to DO done
with them when tho conduit is choked up and the
bins are FULL Up 70 recent period the dow been
manly or the poorer OF stocks-he uns beus
were oil the market--but now we threatened with
stream OF old and valuable vintases dlrec. from the
cellars OF investors Moreover they passing from
the hands OF real owners into tho control OF specua
tors who have little more than q marginal interest
In them aud whose tsnacity OF hold weskens
with tho market price, Meanwhile the original
holders pocket the product Of their Sales good, bad
and Indifferent they may chance TO be. and shaking
from their feet the dust OF the leave the
of speculation with an anathema upon their
III luck their folly. Were there ircsh purchasers
to step into the vacant places with the courage buy
pay Tor and take away from tho market such sterling
properties have been unduy depressed tho situation
would be less serious; but at the moment there APP
pear be few OF these Sufferers too sore
70 venture in again and capitalists stand aloo watch
ing better bargains which they shrewdly antci
pate viii DO offered through still lower prices. The
panic-a panic none the less runous because silent
and tree from uproar. Tho shrinkage has
ranged from to 20 per cent, and has
affected the entire line OF the old fashioned
'g edged securities The fact is easier OF recogni-
ton than the which have produced It. and we
the features Of panic In this cir
curastance; tho more that IN most instances it
springs from needless want OF confidence and IN
asonabe dread. 1t is true that some there
has been for suspicion. When corporation like
Rock Island proposes Tor a popular loan and imme
diately Gould in It's councils, by way OF helping
matters it is reasonable regard the administration
As either mad or incompetent; when the landlords
income depends entirely upon the tenants ability to
pay Jus Is the with the coal companies and their
leased ncs) is pardonabc to scrutnze the credit OF
Tho party OF tho first part" but II Is equally unrea-
onabe to mstrust the stability Of every other corpora
ZION because II happens TO be in The Same line
VI business. But this Is actually what is
taking place, Tor the demon OF distrust
has possessed less completely tho whole list OF
investment securities and present exhibits fear Of
expulsion. Although the most serious decline Of the
week attached to called stocks the
decentralization thus created extended to the whole
market Scarce any OF tho active ianccs but show a
lower range OF figures on Saturday than the
previous Monday, and the bear party Ia SEEM
lngy looking for lower prices STILL II the per-
sstent Offering Of long sellers options can be
taken as criterion. Tho revival of trade which
1t was generally expected would low the political
settlement but aintly realized, and tho anticipated
benefit from an European war, while moderately per-
ecptibe on the Produce Exchange has utterly failed
10 impress the values OF tho great trunk lines which
nre to carry that produce to mar1let That the tide
will turn sooner later is certain enough; unortu
nasey there is no Stock Exchange almanac by which
We can work out tho precise day aud hour.
FLUCTUATIONS THE WEEK.
The following table shows the extreme fluctuations