The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-08-02
The Stock Market Still Very Active
and Feverish.
Government Bonds Firm, States Dull and
Railroads Unsettled.
GOLD STILL UNCHAN JED
Statements Showing the Condition of The Ma.
tiOnal Finances.
WALL SrRREr,

Ne
II any persons imagined that tho strong market Of
last evening typi1ed financial Giload out OF which
was 10 como blessed balm oil higher prices as q
soace wounded bulls, they were practically unde.
ceived this morning. Opening with a tar amount of
steadlness the market speedily grew limp and FAC
cid and exception Of occasional and parox.
ysmai senngs contin ued SO throughout the
Tho grangers still tho sick mon OF the market.
Attacked by ''falng sickness that has become
chronic they grow from BAD to worse, and there 10
apparently mo health in them.' Tho extreme do
cline to-day for the common kinds 81 Northwest
and st. Paul 81 per cent ana for the
preferred sorts AZ per cent. Closing figures
we're, however, fractouay better for all but
the st. Paul common stock, which finished
at the lowest figures OF the day. Tho spasmodic rallies
which have attended the docline OF these securities
have far been vaiueless an index OF permanent
Improvement, have ouly been utilized the basis
OF fresh raid by the bears outpour Of long
stock by the bulls Whence comes this latter supply
Is somewhat puzzing In WOW OF the act that most OF
original holders got long ago. and their
sors, realizing their mistake huve folio we'd suit The
only Inference to be drawn is that the shares have
siftea into weak aud speculative hands that
tmid too powerlcss 70 hold ther grip when at
tack Is threatened That tho continuous decline Is
and duo rathor to fright THAI unfavor-
able facts connection with the status OF the
panes Ia evident from tho circumstances that quotu-
to-day lower than before the enormous bush
ness OF tho roads commenced, which, IN the Of
tho ST. Paul line least has earnings for
the frst six months of the year something like
81, 500 600 AS for tho st. Paul preference stock,
although its dividend payments have been at times
irregular, IL IL cerect In none the full amount OF
per annum having been paid up TO date. or
this latter security and of Northwest preferred there
was some evidence of buying upon tho part OF the
Osborne contingent and prices steadied thereby
at tho end. Pretty mucn everything else fell on
sympatho;ically during the day. Central and Hudson
declined per sales Of long stock, Western
Union nearly 2 per and Michigan Central
Ia per cont The fear Is that tho grangera
may sap tho undcrpinning OF tho entire list
and bring down overy thing in grand crash Thus
for there has appeared reasonable cause for such
apprehension, ana 1t Is tar more likely that the
offending members Will be cut off from tho general
spccuatiou than that any catastrophe should occur
from their influence. OHIO and Mississippi renewed
Its respects tho market to-day some two thousand
five hundred shares having been bought and sold. IL
is argued that, as the Ohio Valley has escaped In
great measure tho effects of weather. thora Will DO
crop 10 brought to market and that this road Will
carry It. Wabash fell Off por cont 1t is reported
that its till Is without a stiver with which even to
quidate the June payrols Tho day closed with losses
incurred OF from " to per cent all around and the
lowest prices OF the session--within fractions
were made In nnal dealings
RxTESr OF THE SALES
The number OF shares doait In ut tho Board was, go
far as they wore reported, 222, 700. These were
distributed among speculative and leading stocks as
foliows:-St Paul common, 40,3i5; do. preferred,
10 900; Northwest, 37,206; do preferred, 20, TO;
Lake Shore 33, IFS: Erie, 2oo0O Lackawanna, 14z60;
Western Union, 0. 800; Michigan Central 722; OHIO
and Mississippi 900; Wabash, $500; Union Pacific
27lO; Central OF Now Jersey, 1915; New York Cen.
trial. 1872; Rock Island, 1900; Pacific Mail. $50:
Delaware and HUDSON, 400; Norris and Essex. 400:
Pittsburg. $50; Illinois Central 400. Ontario silver
100.
oPYNG PRICES
Tho opening prices wore about tho samc ~ the
closing quotations. OF Wednesday New York Central
opened u higher. at 100; New Jersey Central "
higher at 3sH; Ohios q higher. ut 62h Eric Is
higher ut 1s4; Lake Shore u higher, at SO. and linton
Pacific u higher, at 62iS. ST. Paul preferred opened
at decline Of ~, the nrst sale being at 6S<. The
common shares brought tho same prco as on Wcdncs-
day ut the close, 35s1. Northwestern common also
opened NJ tho preceding quotation 3G, who tns
preforred shares showed u difference OF Y, opening
at0sH Wabash opened at decline OF u, at IA, aud
Morris and Essex n decline Of n at 81 Delaware
and Hudson oponcd with decline OF y, at Sax.
stocks opened at tho closing prices OF tho pre-
sious day, Western Union bringing o.; Pacific Mail,
1cx: Rock Island 1i2; Pittsburg, So5<; Michigan
Central, 04I.
RANGE OF FLUCTUATIONS.
Q,,ct ,~.tc~