The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-03-18
FINANCIAL and COMMERCIAL.
Review of the Week-A More Active
Speculation in Stocks.
THE GOLD AND MONEY MARKETS.
The Course of Investment Securities Govern
ment, State and Railroad Bonds.
WALL STREET,
SUNDAY, March IL, 1878.

The aphorism of Gbbon, that call that IS human
must retrogrsde II do not ADVANCE" is as nppica-
BILE to tho stock market TO anything else mundane,
and conveys admontion the bull party which II
may be worth their while ponder Az present
she market is doing neither one thing nor he ohor,
but remains poised IN state Of dull steadiness,
which, II believe Gbbou, must give way to lower
prices unless effort DO mado TO establish higher
Dnea The week past has been marked by bo.n grada-
lions; tho first two days anordlng active and
higher market; the second two, weak and lower
pne, and the last two q nondescrpt mixture OF both
elements. II has been SO long since opportunity
has been afforded to turn honest penny in stock
circles that the partakers OF the benefits OF tho
rise eagerly avaed themselves OF the strength
market to convert problematca profits into positive
cash. Hence all the leading stocks freely
offered for sale. with the result OF general decline,
and the reconstruction OF short interest which the
sharp advance Ind nearly eliminate from The mar
ket The grand result was to bring matters at the
oil the to the state OF uncertainty which
we h,0e referred TO, ana 10 render Gibbons axiom
oil pertinent application. The chief business centred
in Lake Shore the Northwesterns and Western Uuion.
which, with the exception OF the setback the mid
die Of the week, continued undeniabiy strong. The
friends Of the granger property have stuck closer
than brother to their iavori,e, and have los.
opportunity in saying good word in respect 10 its
Gould, however, has expressed the Same fra
tefnal sentiments ana has, moreover, backed
them up by large purchases OF shares
tor the purpose. Is stated OF controlling the election
in June. BY latest accounts It s very doubtful II he
do SO; tho family discord may have Cain and
Abel ending after - One OF the events OF the week
was the declaration OF 4 and a halt per cent
quarterly dividend by Western Union, which, as IL
had been preceded by lettering statements OF the
company's business. was a disappointment to many,
who bad expected Two per cent at least Nor the
report satisfactory either since It showed that It had
been Only by tho skin OF the company's teeth.
But there two sides to market as there two
70 argument, anu we have only touched upon the
brighter one. The darker lay bad break in Pacific
and Pacific Telegraph. The receot financial
policy OF the steamship company 10 purchasing the
Panama Transit Company's steamers. and then mort
eaging their whole feet to pay for Thorn. con-
s,rucd detrimental to the property, aud ex-
pressed Change by n fall 10 prce from 2l4 TO
l6k, from which decline there only q trifing
recovery at the end. In tho gold market there was
full to l0ox, aud at the close 1919. Despite
the heavy expectations OF produce they have been
vunacieut to overcome tho influx OF bonds as q
natural sequence the Silver law and sterling OK
change risen steadily until the shipping point Tor
gold has been nearly reached. The appreh enson that
the difference will have be settled In coin has had
The natural effect increasing the premium well
of giving plausible grounds for higher one In the
future.
TRANSACTIONS WEEK.
Tbs follow ing table rrpresen the opening highest
ind lowest saes regular way, OF the principal stocKs
together with the numner of shares dealt in:-