The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-27
The Stock Market Active, Fever
ish and Lower.
Another Serious Decline in the
Coal Stocks.
GOLD JOG rs A LOG 3-4 A 107.
Government Bonds Firm and
Railroads Higher.

WALL STREET.

THURSDAY, April 26-6 T. NJ.
weatherwisc people allot three days "spcll" OF
weather, be II good bad, and Stock Exchange peo
pie concede the same period to a speculative move
mcnt be up or down. 1t is not proposed TO provo
meteorological analogy, but simply to state a fact
The three days advance in prices having como TO an
end by temporal limitation 1t was but natural that the
swing OF the pendulum should be the other way. AND
It SO swung after tho first hours business The
strength of tho morning oozed out giving place to
increasing weakness, which, first attacking the coal
stocks. next injected the prominent railroads, and
eventually spread TO tho whole list
wo had occasion yesterday to express doubt
as to the pcrmancncy OF any sustained ad.
vance, suggesting that to great degree the
improvement duo to demonstration
upon the part OF leading operators who had
scented unusual short interest and were astute
enough to improve the occasion II was but the old
story over agan-sangunc bulls frightened bears and
an equilibrium restored when short interests were
covered So far the perturbaons OF the market for
the three days traccable to tho manipu-
tions of professional spectators they are significant
OF nothing The slirmishng OF bulls and bears, result
ing from day day the OF one party or the
other, Is sure continue whether tho course OF the
market be- permanently directed either toward higher
or lower prices. The main speculation like an army
on lis march, advances or reccdcs unaffected by affairs
10 which course 1t viii take. Such course will
be entirely diverted by the degree Of in
terest which outside capitalists inclined
to exhibit Mere board operators would nd
themselves impotcnt 10 stem the current provided
the set Of the stream directed by tho force OF pub
lie opinion.
should such public opinion grow out OF belief in
Tho present chcapness Of certain securities, ana from
faith Of prospective Improvement as the result OF
foreign war il would undoubtedly lead to an absorb
hon OF the better class OF stocks and Improvement
by sympathy the rest OF the market
In a moderate way this process is going ona pas
sable amount OF sound securities having been bought
and paid for but the success OF the experiment in
great depends upon sYch further CO. operation
upon part OF investors will show firm front to
the attacks OF the opposing bear element
The weakness exhibited to-day, as natural result
OF desire to realize profits, was helped
on by an impression that the coal sale
Of tho Delaware and Lackawanna Company Yesterday
had been made to appear better by concerted agree
ment to bid up prices with view TO affect iavorably
the market prices of the coal stocks.
Added to this capital made OF the fact that Bank
OF Commerce stock, which lately has ruled at los
no. was rather freely offered for saIc at 100 9S, al
though the last reports quote par as bid
An attack upon bank credits has been Tor some time
contemplated by tho bear party, based upon the
amount of Reading paper, Panama Railroad stock and
Northwest shares held by them collacrals, and the
aist demonstration seems TO have been made to-day IN
the direction above noted.
The market closed irregular and fcverish, with It's
future course extremely probematical.
THE TO-DAY.
the sales of active to-day aggregated 27o 900
shares, which were distributed as ioows:-New York
Central 10 $685. Erie. 200; Lake Shore 10 700; North
oo-S. do Is
a. $50; Fort Wayne, 260; Milwaukee and St Paul,
l. lGO; do preferred, 1900 Pttsburg, SOC; Delaware,
ucKawanna and Western 20 400; New Jersey Central,
400; Delaware and Hudson Canal, i,545; Morris and
Essex 0o6 Michigan Central, $780, Illinois Central.
Q ZOO Union Pacific. 400, Hannibal and st. Joseph,
aOo Ohio and Mississippi 400; Western Union, 40 200;
Atlantic ana Pacific Telegraph, $50; Pacific Mall 800;
Quicksilver 100; American Merchants Uuon Express.
100: United states Express, 200.
OPENING HIGHEST AND LOWEST PRICES
Tho following table SHOWS the opening, highest and
lowest prices OF to-day's business