The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-09
FINANCIAL and COMMERCIAL.
Review Of the Events of the Week---An
Animated Stock Speculation.
THE GOLD AND MONEY MARKETS.
The Course OF Government, State and Railroad
Bonds-The Money Market Stronger.
WALL STREET.. l
SuNpAY. Auril 3. 1877. I

Al intervals events come upon tho Stock Exchange
Is sorrows are said TO do--in battalionx There has
boon lack OF them during the past week. and they
have had to do with the coal, railroad ana mlsceila
neous stocks almost IN equal proportions The imme-
dlato effect produce considerable agitation in
the waters OF speculation, create nauseatng NAL de
IN tho holders OF certain favorito fancies and
return the end Of the week the placdty OF the
opening The most startling occurrence was tho sharp
aud unexpected attack upon Panama Railroad and Pa
ci6c Mail, which forced the former down Ire y 100 10
3d. and the latter from Is to 127x-ths at the very
moment that the directors in the former stock were
declaring quarterly dividend of per cent and show
Ing that they had earned it, and that the President OF
the latter company was congratuating stockholders
upon the improved condition OF their property.
OF course fierce squat could only proceed from
the crude Boreas of the Market whose winds are III
winds and who blows nobody any gooo but himself
In this is doubtful whether he has much bcne-
ated by the tempest after all Tor the furry was as
short as II was sharp, and In wreckng point OF
view, little opportunity was given ter the collection OF
jetsam otsam In the shape OF floating shares II
Is o matter of s.streot'' notoriety that Jay Could
since his acquisition OF the Union Pacific road, has
been affected with moral strabismus which has COM
PEELED eye TO be directed upon this property and
the other upon Panama To harmonze this erratc
vision 1t became necessary harmonize the
SINE qua non that the Panama property
should come under the control Of Gould. Hence
the attack which startled Stock Exchange circles
and resulted in the discontinue Of two prominent
operators Regarding the small number of Panama
shares which changed hands tho movement does not
appear TO have been success, Gouid having appa-
rcnty failed scare stockholders into selling and to
have reckoned without his host or, more properly,
without the friends who promptly came to the aid
o
ci6c Mail being simply sham help along the main
operation 1t significant OF nothing. and the price
quickly returned nearly the point OF departure,
while Panama, under the nelp extended recovered to
par, although 1t failed to entirely retain the improve
mont The entire market was dcmoralized by the un-
expected dash upon the above securities and was at
time threatened with disastrous results. The
bear party however, who would rather see the
market sink away through marasmus than
expire by sudden death. intcriercd, through
tho. means OF extensive purchases, at the
nick Of time and rallied prices generally some
or per cent. The restoration OF confidence
greatly aided by the settlement Of difficulties which had
been harassing the coal carrierstho trunk railroads
without being able to hit upon a better plan tho
former havc rcadopted the old combination in
emasculated form, the being restriction OF pro-
ducon and advance OF hiy cents per ton upon coal
ut tide water. The railways have followed pretty
nearly tho footsteps, having retinkered the
December contract and sworn quite soutly they
did then to 'love, honor and obcy' the same How
fur tho mmutable laws Of trade be overridden by
legislation or this description, and how contracts
that basis than these have will be reck
oned among such made to be broken, will be
decided sooner later AS monopolies seem TO be
the fashionable curc-al for all diseases pertain
ing to trado depression, II is little remarkable
that the telegraph companies have not arranged
for some sort OF alliance, offensive aud defensive
Some such reports rfo in the street, but far
have nothing, and the price of Western Union
has declined between and points in face OF them
The Atlantic and Pacific Company have been hammer
ing away through cutting in rates which the
old company forced to meet with similar reductions.
What the upshot Of the matter is to be-whether
consolidation of interests later O to
the bitter end, with denouement akin to that OF the
Kilkenny cats-nobody knows, and few beyond stock
holders care The demand for the tour and half
per cents continues active large which have been
frightened out OF the share market seeking safer
asylum in government bonds slight stiffness In
money was observable during the panicky days, due
TO the shifting loaDs but the cessation OF excite
ment the rate returned to the stereotype Of
per cent.
THE TRANSACTIONS OF THE WEEK.
The following table represents the opening, highest
and lowest Sales regular way OF the principal stocks
during the past week, together with the number Of
shares dealt in II will observed that the aggregate
volume OF business larger than for many months:-