The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-16
A BREAK IN MICHIGAN CENTRAL.
GOLD STEADY AT lO7.
Government Bonds Firm and Railroads
Dull and Irregular
Money on Call Easy at 2 and
2 1-2 Per Cent.
WALL STREET,

TUESDAY, May l5-6 +. NJ.
There dismal falling OF IN business to- day, the
amount OF stock changing hands only aggregating
1877 900 The installation the new Stock Ex-
change officers aud the beer brewers show IN Broad
way may have had something to do with 1t; but the
likely solution is TO be found in the that tho
street, having worked TO tho bull side, finds It,
self long Of stocks, which meet reluctant market
when offered for SALE The absence OF those steady
customers, the chronic bears, compensated for
by the small investment demand which is slowly
Withdrawing some OF tho better class OF stocks from
tho market, ami in consequence anything like q
pressure to sell fails to be resisted by equivalent do
sre 10 buy. The range OF The thermometer has some
snng to do with it also day suddenly heated to
the eighties more makes a summer, IL Is true,
than does single swallow but II realizes the TACT that
hot weather is close hand and awakens lively
elections OF past and seasons or midsummer dull
ness. through which stocks were lugged BY the
sweat OF tho speculative brow II is rather the period
of the year got Of speculation than into it. and
the disposition of present holders TO 'let Smith waK
Is evinccd by their readiness TO transfer the load 10
other shoulders. Besides, inducements 10 ''hold on,
scarcely strong they The great
benefits to accrue from foreign war (which the hopes
of the community mounted y veritabe cheUal de
bataiie) TO be counted upon with less con-
hdence; tho railroads have to encounter the
cutting down OF canal tolls, and the coal
companies whit better off as to tho
sale Of their product than heretofore In fact these
latter corporations the chief drag upon the MARKET
and speculation would be all the better they
loose from it entirely. To-day they unqucstionaby
bad much to do with the rregulariiy and depression
In prices. During the first hour Delaware and Hudson
advanced from SS4 to 40s, Delaware and Lackawanna
from Al TO As, aud Morris aud Essex from 6sk to TO-
u somehow got abroad that Tho representatives. OF the
had had N M IN nd I'M
plan which would DO mutually beneficial, but when 1t
was learned thar the parties had all quota
lions turned topsy-turvy and steadily declined until
the closing hour meeting was held nevertheless at
HE Delaware and Hudson Office later on. at which all
the representatives present, aud plan
was submitted aud agreed upon and teegraphed
10 Dir. Gowan, the President OF the Reading
Railroad Company, who arrived in London to-day
bis appreciation. II was stated that a prominent fea-
urc in the scheme the suspension Of production
during the months OF June and July. Michigan Gen.
trail appeared this morning as tho most me rcuria OF
the active railroads, with the result oil topping over
IRON Asa 10 Ala. and remaining thus Aattcned out at
the end Of business The closing ofthc books previous
TO tho annual election created sharp appetite for
shares Tor purposes OF transfer and the demand
lime forced difference OF TX per cent between
cash and regular stock. The demand for proxies is
particularly eager, there appearing three parties
IN tho hcd Tho result OF the triangular duel will be
awaited with considerable interest both by share
holders and spectators. The annual report OF tho
Rock Island Company Is made public, the item OF
interest being that after paying running expenses
terests, ten per cent in dividends and losses upon
branch roads, there remains surplus of $685. 96S o.
The decline IN Michigan and Central and The coal
stocks brought the rest OF tho list down with them,
and the market finished up weak and at the lowest
ugurcs OF tho season.
THE SALES TODAY
The sales OF active stocks to-day aggregated 1877 900
shares which were distributed as ollows.-Ncw York
Central 1920; Ero 800; Lake Shore So 800; North
western, 100; do. preferred, 1850; Rock Island
$3.50; Milwaukee and ST. Paul. 700; do preferred,
$685. Pittsburs, 200 Michigan Central, IS 800; Illinois
Central, 500; Hannibal and ST. Joseph 20O do. prc-
Ierred. 300; Ohio and Mississippi, 1900; Western
Union, 1000; Atlantic and Paoilc Telegraph, $40;
Pacific Mail, 800; Delaware Iackawanna and Western
B9,4s0; New Jersey Central, 200; Delaware aud Hud-
son Canal, $3.50; Morris and Essex, 1856.
OPENING, HIGHEST AND LOWEST
The following table shows the opening highest and