The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-29
FINANCIAL and COMMERCIAL
Review Of the Week-An Active and
Feverish Speculation in Stocks.
THE GOLD AND MONEY MARKETS.
Investment Securities Government, State
and Railroad Bonds.
WALL STREET.,
. r& M 4 0n0


Tho events Of the week In Wall street were Of CON-
siderable Importance only affecting the present
but also the market for the immediate future A. the
very opening Of the market Monday the street was
shocked by tho that Mr. Orion, the able prssi-
don't OF the Western Union Telegraph, had suddenly
died during the preceding night. The weakness IN
the general market al the close Of the week before
was Immediately directed toward this stocE and .
selling movements set IN under tho influence Of which
declined 70 7sX, bat subsequently, recovered. The
great advance OF the last the fact that there
vas little short interest IN the market encouraged
scveralof tho moro bearishly inclined 10 commence
selling the market generally, and small and tpid
holders at rushed in TO take what pront they
pould regular stampede took place which lasted DUR
ing the better part OF the week.
II was also rumored tho street That two Of the
largest holders OF Lake Shore had sold out large
part Of their interest," and that M Vanderbilt, who
left yesterday for Europe had stated tnat the
lngs Of that road were falling behind those Of last
year. Tho consequences was that very serious At
tack was mado tho stock. Under IT'S influence the
price fell from eeX to elX, but shero seemed TO DO
plenty OF buyers whenever the price reached o..
Another important event OF tho week the sale OF
tho Erie road at public auction and It's purchase by
Governor Morgan behalf OF the reorRan zaion
lees Since the sale now company has been iormed
and Mr.. Jewett tho former receiver, has
been appointed president The common stock
u assessed 50 per share, and ~ . large amount
OF this money has already been subscribed and 10 cow
In tho hands OF the trustees there 10 nothing 10 pro-
vent Its beng applied to the renovation aud repairs
81 tho road. Whom the saio 6rss announced there
was slight upward movement In the stock, but did
not last long, tho fightens out would
be purchasers. t.. a y.
Tho principal interest Is still. however, centred In
the granger stocks and particularly In the two North
western As the books Of this company will close ON
the 4th Of May q most exciting contest 10 being
wagod for the management OF the road and ths differ
ont candidates have published letters asking Tor the
proxies Of the shareholders ss ths election. During
The week oGlcial statement Of tho earnings
Of the company was made. by which It APP
pears that since the LIST Of last June the
earnings have been 911.S47,100, increase
OF $967,66S over the corresponding period
Of 1851 The road also reported to be excellent
condi,ion, and is almost altogether laid with steel
rails Tho crops of last year were Of course very
large and considerable portion still remains to be
marketed. Reports now come that the outlook for
this years. cropis excellent, and that tho quantity
viii exceed that OF last year. Acting upon these
data, and the expectation that the European dncul
ties Will continue and afford good market Tor gram,
ths bulls have held these stocks very steadily, and
promise OF higher prices is generally MADE. The
whole market closed very strong yesterday afternoon
with strong recovery from the lowest prices Of the
day. sss4 .tse t
TRANSACTIONS or THE WEEK.
The following table represents the opening highest
ana lowest sales, regular way OF tho principal *
during the past week. together with The number Of
r6aros dealt In -