The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-24
FINANCIAL and COMMERCIAL.
Review Of the Week-ActiVe and Fe-
veriSh Speculation in Stocks.
THE GOLD AND MONEY MARKETS.
The Course Of Investment Securities Govern
ment, State and Railroad Stocks
WALL STREET.

Tho speculative tide set ebb al the beginning OF tho
past weok, and prices, as a general rule, driited
toward lower figures How long Il will be before they
reach low water mark Is matter OF conjecture and
the stock jobbing jury which holds daily sessions
over the matter havo TAR Jailed 10 agree upon
isfaclory verdict Lake Shore appears 10 be tho
Knotty point which babies decision, its prominence
in the present speculation lending bias TO the
ket to which all other active stocks give way. IL has
been most potent in leading the market the down.
ward course, and 1t viii undoubtedly be equally in
aueutiaI in leading upor the upward one when CIR.
cumstances and the Nat Of the great operators demand
H. or as Is hoped Tor quarters the knot which
ties Lake Shore to the rest OF the marSc may be cut
in summary and Gordan fashion and the iav orits be
left to float on from the oil tho list on spec
ulatve sea OF its own II Is to DO confessed that
wish OF this kind TO DO father the thought,
and that its impractcabitv is as great as proved
be the intended severance OF the siameso twins when
they were found to possess curious but insoparabe
community OF liver. During tho past week Lake
Shore controlled speculation absorbed II and lett only
the Tag ends 10 the rest oil the list Dealings were
upon an extensive SCALE and both longs and shorts
were bountiful contributors. The bears, however
had tho best OF II, being furnished with the
strongest arguments and exhibiting capacity
Tor attack which had grown formidable through long
reposo. Cheap lake transportation, the rivalry OF
competing roads and tho falling OF OF grain ireights
II is asserted, have brought earnings to point
which barely meets expenses, ana has evon joopsr-
dizcd the expected dividend which may DO anything
between two cent aud nothing. This latter cir
cumstance, which is being made an important ele-
ment IN the daily speculation expected 10 be settled
the 2sth inst, until which time 1t will remain
s'good enough Morgan" for daily trading. The down
ward tendency Of the market was somewhat relieved
by the abnormal armness OF Western Union and
Rock Island. The telegraph property is
ported to be largely increasing It's net earn
ings, moro from a reduction OF expenses
thai from an increase OF custom, and In this It Is
hKey to be further benefited by the dismissal in It's
favor of the Benedict suit which sought disrupt the
compact with the Atlantic and Pacific company, tho
existence OF which has mainly helped to ;he favorable
condition OF the Western Union business. Rock Is
land has been strongly held, and advanced from the
lowest prices OF the week under the pressure vague
aud uncertain promises OF dividends, scrip. stock
cash Tor possibly oil promises only) and the Official
announcement that the 40, 200 shares OF the com
pany's reserved stock had been cancelled. As foil
to the above Iusty speculatves arc treated
to the two rckcty nsmsics OF the week,
in the shape Of Pacific Mail and Wabash,
both Of which soughed OF TWO to four points their
suppontitious values. Imperative demands Tor cash.
urged by tho Panama Company in tho lrst case and
litigation and decreased rnngs in the second,
tho occasion for the decline Less attention was paid
to the grangers though At times they were pressed
for sale the OF grain receipts
ut the lake ports. Central and Hudson continued
strong and advanced whenever tho bears attcm pied
to fac. which Is strongly suggestive TO them
OF Jordan and The road leading thereto On Friday
putative kilograms from Berlin presaged breaking
up Of the Congress-; ''grim visaged war" scowicd
afresh and :here was every appearance that tho po
lticai situation would have to be cleared. sugar
In The process Of rehningby blood In conscq usncs
. sharp rally ensusd upon The stock market.
On Saturday the news all the 9th or
way, and prospects OF became better than
The effect upon the market however, was reactonary
only far as to produce irregular aud ieverish
market, which continued during tho day and In this
way finished up the business OF the week.
OPENING PRICES.
The opening prices on Monday last wcro:-Ncw
YORK Central, 1887; Erie, 1875: Lake Shore, 6lis
Wabash, IS; Northwestern, 81; do. preferred, 10 !;
Rock Island, 11ss; Milwaukee and Sc. Paul. 81; do
preferred, 1891; Delaware, Lackawanna and Western
57a; New Jersey Central, 81; Delaware and hudson
Canal soy; Morris anu Essex, say; Michigan Ceu-
trail 6s illinois Central, $50: Union Pacific, eys
Chicago Burlington and Quincy, 1864 OHIO add Mis-
sissippi So; Western Union, $50 Pacific Mall 1877
And the closing prices yesterday were MS ioliows:-