The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-17
FINANCIAL and COMMERCIAL
Review of the Week-A Reaction in
Stock Speculation.
.dE GOLD AND MONEY MARKETS.
The Course Of Investment Securities Govern
mont, State and Railroad Bonds.
WALL SrREgT. l
SUNDAY. June 10. 1878. I


There were some startling changes In values upon
sbe stock market during the past week. and both
bulls and bears found themselves upon the anxious
seat at time another during It's continuance
There was decidedly blue look TO the earlier days
Events were all tending way, and thar was bear
way 1t time OF hilarity tor the shorts who had
given up all hopes OF smiling again, and
time dependency for tho bulls, who wero made TO
laugh upon the wrong side OF their moaths. And II
about tor the following rsasons:-The treaty
which had been formed by tho railroad companies
establishing fixed Tor eastern bound ircghts was
TO expire by It's limitation the l1th OF June,
and accordingly upon that day meeting was held for
the purpose Of arranging future schedule. An
impression obtained that tho compact would
b renewed, though everybody knew that II
had been better than waste paper, and 1t was
even thought that rates might DO marked up. ON the
contrary, tho whole matter came iame and i'm
potent conclusion ending in Improbable wrangle
and abandonment OF all attempts at cohesion A
railroad war; the natural se9uitur regarded
inevitable by the street, and expression gwen to
this opinion BY general effort to soil out railway
shares A sharp decline ensued US matter OF
sourse and it made sharper BY the hammering or
Inc bears. who for the first time in many days
sured tn emselves upon the market Further
impulse gwen to the decline by the serious tall
Ing on OF grain receipts at Chicago and Milwaukee by
the apprehension that the coming corn crop HAD
boon damaged by tho cold and weather and the
apochryphal reports of strikes aud Communistc out
breaks to be expected IN the future. Under this
pressure and tho kindly assistance OF she bow win
dow bears, who are nothing loath TO kick
stock when il has friends, the market for time
snvcrsd the verge OF panic. The trunk limos
ast OF Chicago, Tor freight cutting reasons, and tho
Wisconsin roads from reduction Of traffic, the
most to suner, ana gave way IN market quotations
from 10 S per cent. At this point the speculative
doctors, who had sold out when prices the stiff
bst. evidently considered that the market had been
Sunacienty phlebotomzed, and proceeded to bind up
Ne wounds W tree application Of orders to buy.
rms In turn Get the shorts In motion TO cover. ana
between the two the patient rallied handsomely, and
gAod deal Of the lost strength was recovered before
the close 81 business On Saturday. Rock Island was
especially quick 70 recover on reports that future
dividends would DO At the rate OF ten per cont
per annum, and Western Union grew strong
and advanced from The favorable showing
In It's quarterly statement and the hope that
larger division OF profits might be looked for In its
ease also OF the whole list Wabash almost alone
failed respond tho lowest prices OF the week being
made At she close. The litigation In which 1t Is in
voived and the apprehension OF receiver being ap-
pointed sufhciently account Tor Its weakness. Cold
declined from 10l 10 1908; there less demand
account Of payments OF the ahan loan while
the forthcoming Treasury disbursements July in-
torest and the Congressional action looking the
sale Of bonds tor silver aud the receipt OF customs
In the Same metal were additional weight upon the
premium. AZ tho very close prices were lower in
the share market, but not materially 30.
CLOSING PRICEs