The New York herald., 1878-11-04
FINANCIAL And COMMERCIAL.
Review Of the Week---An Active and
Excited Stock Speculation.
EXPORTS AND IMPORTS.
WALL STREET,


The stock market closed yesterday after week Of
more than usual excitement Not only was tho official
list Of sales largely added to- but contained well
the record of frequent and violent fluctuations. As
speculative show the manipulatons of Western Union
out-Barnumed Barnum. and they were hard to please
indeed who, watching the prancing and plunging OF
quotations under the snap of the operator whip did
not gather some practical profit from the exhibition
Though hardly up to Lake Shore in bulk Of transac
tions Western Union far surpassed it in variation Of
values. From 96h to 1924 and back again to $685.
with closing quotation at the latter figures, we
have record of Its fluctuations in chap
ter and verse; The plot to increase the
capital stock at first mysteriously limited at next
whispered of as an open secret and finally publicly
talked Of as secret at all. Each of these
ditions Of publicity marked bymore corpulent
figures and each advance brought the lucky sharo-
holders step to the much coveted "brown
stone house and lot 1t was at last settled upon by
the street that division of the companys treasury
stock would be made pro rata among stockholders,
and that suficency of brand new shares to make
up the capital stock to S50O00O0O would be printed
lin water coors) and added thereto. Appearances
that this scheme will be realized unless the load Of
stock now being carried by the pool can be shifted
upon the shoulders of credulous public in which
the distinguished philanthropists who control the
movement
like an incandescent Murphy Under any circum-
stances the schemers to be congratulated upon
the ceverness Of the movement particularly in face
of the fact that far the public knows the West
ern Union property is not worth jot little
than 1t six months ago. II any one has left
1t legacy; if gold mine has been found in its
cellar; If it has drawn prize in lottery, or il its
chateau In the air Broadway has been anchored to
earthly foundations by discharge of the mortgage.
we have yet to hear of the fact short time back
$85 per share, thereabouts, accepted as
proper sum to represent the value Of the property
to-day $102 takes its place. There is hiatus here
which requires filing in with something tangible,
but far the engineers Of the movement
have promised nothing more stable than
water" On Saturday there were evidences
of very large screw being loose. Somebody had
blundered or cheated-the latter verb, however un-
parliamentary. probably conveys the true facts Of
the From fictitious opening at 102 the price
ratified down to 96. and after rallies and
reccssions finally closed at the latter price. This
breakdown the evil of the day. and to holders OF
the stock fully and disagreeably sufficient Next
to Western Union in interest but ahead Of 1t in
amount Of transactions. came Lake Shore. Until the
end Of the week l2ces in this stock tended upward,
then they broke down in sympathy with the slump"
in Western Union. Upon its merits the street is
inclined to show . sneaking kindness toward Lake
Shore; its business is good likely to be Better upon
the close Of navigation. and enough money has been
earned to assure dividend of to per cent.
The grangers simply figured as nonentities in the
weeks business and foated in the eddies of specua-
ton without material change of position for better
worse. An improved financial condition Expressed
by rise Of three per cent? accorded to Wabash
simply because 1t had paid some Of its debts. and
speculative rise in Erie engineered because pay
mens assented shares had been liberal. Old Erie
dead and the corporation takes its placeLe roi
est mort vive le roi" The advance in the stock
may be lkened to funeral baked meats furnished to
celebrate the wake of the old and herald the
advent of the new. In other stocks than those re-
ferred to there nothing to notice beyond the
usual poddng speculation which in fair weather or
foul pursues dull and uneventful of its own
The highest and lowest prices Of stocks for the week