The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-29
FINANCIAL and COMMERCIAL.
Review of the Week-Speculation in
Stocks FeveriSh.
THE GOLD AND MONEY MARKETS.
WALL STREET. /

SUNDAY, July %, 1875
The bears held high festival tho past week, with
victorious banners Hunting aud speculative trum-
pets blariug dead march TO stock values. Nothing
could be more appropriate than dirge Of some kiud
for on tho subsistence OF the present slaughter we
look to see all speculation laid out stiff dead for
the res, OF the season. Certainly 0utsi do aid can
be depended upon for some time to como TO help
along fresh bull movement Tne public such
there OF IL, has been hard hit, and, what 10
equally bad, has been sorelv disappointed. They
pinned their faith upon The st. Paul stocks aud In
doing So have pIicked themselves badly. There
apparently every reason to suppose that venture
in these securities was unusually safe one. The
roads had largely benefited by last years. crop,
and bid fair to benefit in a stiil greater degrees
by tina, OF this year 1t seemed TO DO plain sailing
with propitious breezes Tor another twelve months
at least and there was wthal fair expectation OF
dividends In tho interim The events Of tho past Ten
days have vugarly speaking, Knocked all these One
auticipatons .nto cooked hal, and shocking bad
one at that, IN the estimation OF stockholders Tho
moderate inclination to sell evnced some two weeks
ago has grown into an irresistible pressure 10 got
out at all hazards the price has yielded some if
teen pcr cent in the attempt All this trouble Is lard
at the door OF the clerk weather. who, 1t Is SAID,
has told Of Western succession oil drcpch-
ing rams parchng and destroying damps thereby
greatly damaging present crops and prospective rail-
road earnings With tho bears, however, ''it never
rains but It pours It is reasonable to suppose
that they neglected the opportunity 10 mako
tho present state OF the weather as moist
a possible Whiie therefore, thero IS
great uncertainty the amount Of
damage done to the crops, there doubt mat con-
siderable has been 10 the market. Although the
prico oil ST. PIu has been persistently dropping,
little or no effect was hal upon The rest Of tho mar.
ket during at least the carly part OF the week. On
the contrary, Lake Shore, Erie and Western Union
showed great sIrcngth-the hrst named particularly
So Wny this was thus 1t difficult to say, ana
tho solution Is to-day Such was especially
tho cise regard to Lake shore, which rs known TO
be losing money rather than making it, and whose
shor interest being completely snuGed out there 10
nothing left for a bull movement 10 capture. 1t is
,rue certain stories wero afoat imputng to Gould,
Sage Keenc 4 Co. the intention OF acquiring mastery
al The road and forming alliance With Erie, but
they were held as too TO gain moro than
partial credencc, and the most popular De-
lief was that tho price was oeing al
vanced to help the sale OF tho grangers.
As isr Erie itself tho promise OF rise has exceeded
the SINCE 10 spite OF heavy TRANSACTIONS
and tho concurrence OF the London marxet but little
headway has been made. The same comments will
answer for Western Union, which. after smart ad'
vance, was subjected to as smart fall Why II went
nm and wbv II went down is enigmatioal as was
bs s,mar feat performed the French King and bis
army 10 their capacity of mountaineers. On Friday
AFTERNOON there occurred change for the better In
tho shape Of q sharp rally. and the Improvement was
maintained on Saturday with unaba;ed vigor What
the programme for tho coming week is to be remains
a. vet uudenued, and We are forced TO await with
n.,iencs such "devil- ments" ito follow the pro-
nunciaton OF some Of our German friends) - she
future will disclose.
Tn. following tavle represents the opening, highest
a., ,ov.st salos regular way, OF the principal stocks
our,np tho past week, together with tho number OF