Year: 1877

Tho bulls having ondcd up 10 the extent Of tn cir
capacity have done their bost during the past week
reverse the process. They are somewhat In the post
ton OF man who, having climbed elevation finds
the return more difficult than the ascent and views
with apprehension the slippery path and probable tum
BILE. This iattor to be avoided at all hazards so
each glissade in prices which attended pressure to
sell was followed by restoration OF tho equilibrium
ana general setting OF things their legs again.
BY this process OF backing and filling the course Of the
market was made irregular, sometimes weak some
times strong, and IN general sort Of way forced into
condition which may vulgarIy be described as steady
by jerks What progress has been mado In tho way Of
realization II Is dcult 10 ascertain as tho market has
been constantly supported by repurchascs but 1t is fair
10 suppose that something has been achieved,
though the steps taken have been two for
ward and one back, like the march OF the
British soldiers In the Evangene burlesque. The
net result would seem to be that some stocks have
been marketed at tho expense of q somewhat lower
range OF quotations and OF questionable advantage
tho purchasers who may discover, when too late,
that they have unfortunately acquireda pig in poke
This particularly likely to bo true Of the coal stocks
which show depression for the week Of from six 10
ten per cent AS they had advanced twenty to thirty
points without rhyme even having the
OF increased business or tho stimulus Of crop
TO fall back upon-it was but natural that they
should recede without rhyme or reason, though somo-
Thing cndeavored to be made out OF the injury TO
prices likely to follow Of the strikes and the
renewal OF production On this point, however oper-
itors have blown hot and cold as suited their book,
predicting good evil effects best fitted the phases
,f speculation and ignoring the great fact
That tho Reading company holds the key OF
the situation in meeting the market, both
as to supply and price. Legal proceedings,
which took the form Of an application for an in
junction orbddng the alliance between the telegraph
companies, weakened Western Union, IN spite OF the
declaration of u per cent dividend, reported gain
In business and a possible division OF the reserve
ttock. 1t does appear that the Injunction even f
granted can interfere with the control of the Atlantic
and Pacific Company by Western Union, or prevent
the latter managing the affairs of both companies Il
thinks best. The railroads gave way moderately in
price, partly under the offerings OF long stock and
partly from the bad example shown by the anthracite
funcios Illinois Central broke away nearly per
cent under small sales and the wire rigging 1t got be-
tween London and the homo market. BY far the
most important subject that is receiving the attention
of fnancers is the fuiurc OF the money market Tho
average rate shows change from previous weeks,
though occasional spasmodc bursts to 9 and per
cent presage danger. Tho reasons for apprehending
extreme rates tho future patent and have
already been discussed In this column.


TRANSACTIONS OF THE WEEK.


The following table represents the opening, highest
and lowest saes regular way OF tho principal stocks
during the past week, together with the number OF
shares dealt I'M