New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-16
SECOND CALL O'CLOCK p. NJ.
THIRD CALI-2::30 q. NJ.
FRIDAY. Nov. 1h-P. ".


The chief event OF importance in financial and
commercial circles for the week ending to-day was
the action taken by the associated banks to assist
the Treasury IN resumption OF specie pay ments on
January !, 1870, and to demOnetze the silver dol
lar 50 far they have the power Yet this
important event scarcely has attracted the atten-
ton or excited the comment If those who control
the vast interests which il must affect. So prone
are bankers aud merchants TO drift with a cur
rent ana 10 meet emergencies with eX-
pedicnts, that the prospect of having a substan-
tial and uuchanging standard of values is neither
appreciated nor realized. And when il is remem-
bcred that large proportion OF those engaged in
active business in the cOnnTy have neverbnown any
other measure Of yalnc than that of Government
promise To pay il perhaps rs not strange that ln
r0r1ni an event creates slight an impression.
While thc amount of transactions for the week in
stocks lrHC,l0l Shares was not unusually large
tie market was active in regard TO prices. aud at
timrs excited. The fluctuations have been WIDE
and frequent: prices generally having been both
over and higher than they closed a week ago. and
in Il majority OF cases closing the week with ma
teria final gain although ~ a sharp reaction from
the best figures. Western Union Telegraph stock
conspicuous for its rapid changes, first dcClin.
ing 10 90 and thenadyancIng to 993i. and ending
the week at 9Sii 3i per cent better han on last
Friday. II is asserted that the original plan of
raising the stock TO S50,000O0O has been
abandoned, hut that the call for meet
ing of the stockholders 10 vote upon the
question Of dividing the stock in the treasury
about $4,000 OO0-has been signed and will he pre-
scented TO the president in few days, With this
report comes of an intention to form a new tele
graph company with capital of S5,OOO.OOO or
SlG,OOO,OOO. to establish permanent opposition to
the Western Union. That the latter project Is under
consideration - J., certain as that the show
of proposing to divide the Western Union stock will
be made. But that either project Is contemplated
for the purposes of stock speculation IL possible If
not probable, and the extent to which either may
he carried out probably depends upon how success
full the rumOrs prove TO Spectators: The situation
should make the stock of Western ni0n unusually
lively for some time.
The low price shares have improved during the
week, and the operators in them have represented
IN unusually large proportion Of the tOral tranSac
tons The coal shares also have been higher, under
the leadership of the Central of New-,leTseV. which
advanced Az per cent but reacted percent III final
sales. Ii IS shown to-day that this movement
was due to an impression that some good was 10
come ont of the meeting of the Board of Control to
he held tomorrow in PhiladcalIia. On the other
hand We hear Of large saic Oi coal by the
PemnSy lyania Coal Company ~ prices more
than % cents per ton below the last
been an arena for the exhibition OF force and
proves IN advancing prices liz the face of
damaging reports. Every confirmation of reports
that cutting " Of passenger fares and freight
rates was the rule and not the exception, has
proved to be the signal for another advance in
prices Yet the market closes this week with
appearance Of fulncss indicative of attack of
indigestion.