The New York herald., 1879-08-25
FINANCIAL And COMMERCIAL.
Ups and Downs of the
Stock Market.
THE MONEY QUESTION.
WALL STREET.
Aa ruHn

WALL. STREET, l
SUNDAY, August "a, 1879.
Outsiders who speculated in the street during the
past week generally had speedy to regret their
action. Stocks bobbed up and down like corks in
chopping sea. and equally difficult TO grasp at
the right moment. The leading shares were manipu-
tated by scheming cques and by the big operators.
who were. the events Of the last few days show.
preparing for a new upward movement. The
volume OF business was snlaller-sales at the Board
sggregating only 100000 shares. against 100000
last week-and heavy dealings were confined to Lake
Shore, the grsngers. and Delaware and Lackawanna.
The speculation opened heavy, and decline of Il
to per cent occurred Monday under heavy sales.
On Tuesday. however. those who sold on the pre-
vious day bought back their shares and q "bull'
feeling began to be manifested. This continued.
with slight fluctuations until advance. ranging as
high as 81 per cent. was made in the general list.
As in the recent movement which brought tho mar
ket up to the point which it broke. the advance
led by Lake Shore. which again became the
speculative centre and which finally closed on an
advance OF 81 per cent for the week.
While this stock held it's gains there
a reaction in most of the others, and
the market last night closed irregular and
settled. leaving the granger stocks about where
they were at the close of the previous week. or
trfe lower. The advance in Lake Shore was worked
with the old story of lease to the Central and upon
the "point" that the Vanderbilt brokers heavy
buyers The dealings in amount to 1914 4l0 shares,
the total stock outstanding being 494 695 shares.
OF the Northwestern stock not less than Dos 160
shares sold at the Board, although the entire
stock extant consists OF only 149, 1856 shares. In
like manner l5651O shares of ST. Paul were
dealt in, about $500 shares than
the entire stock Western Union Telegraph
is one of the very few stocks that higher than
they closed last week. the gain being per cent 1t
sluggish carly in the week. and in fact the total
sales for the six days but AZ 1888 shares: butt
yesterday jumped from 91h to 93X the only up
parent for the rise being the report that the
American Union Company had found it impossible
to toeonstruct its lines through Now Jersey and had
in consequence suspended operations. The Dela-
ware and Lackawanna speculation pretty heavy.
13S,770 shares being dealt in. All the coal stocks
were strong early in the week reports
that mutual arrangement for the suspension
Of production was in progress. When it
nounced that the Lackawanna company would sell
$4,000 tons at auction next week the impression
produced that the arrangement had failed. and tho
stock thereupon declined. The most marked change
of the week occurred in Burlington and Cedar
Rapids stock. which went up 10x per cent Mt jump
when it got abroad that lease of the line to the
Northwestern probable. but it reacted per
cent under the that the negotiation had failed
As already stated in this column. the directors of
the Northwestern have decided in favor OF the lease,
and the directors of the other company will meet to
consider it Friday next. AS tho earnings Of the line
1t is proposed to lease have not heretofore been
sufficient to pay the interest on its bonds the pro-
posed contract has had depressing effect upon
Northwestern stock. 1t was also affected yesterday
by the reports that strong pool had boen formed to
Of bofb he OF
and st. Paul. The of six prominent firms
circulated being in this pool 1t is alleged
that they originally bulls and that having sold
out at what they thought the top
of the market. they have since been soil
ing short. Erie attracted good deal of
attention during the week and 6i 900 shares were
dealt in 1t fell OF per cont yesterday, prinoi-
pally because the refusal of President Jewett 10
answer the Railroad Investigating Committee in
gard to the receipts frightened weak holders into
selling. Government bonds were low early in tho
week. and advanced later but reacted again at the
close. State bonds wero scarcely touched In rail-
road bonds there was considerable business done.
but prices irregular in the extreme. Eric
bonds declined sharply with the drop in thestock-
Altogether although the events Of the week have not
been of very startling nature they have been such
generally unsctte the market and create feel
ing of uIieasiness Us to what may be coming.
Owing to tho small volume of stock speculation
early in the week, tho money market easy. Then
came the renewed activity in stocks tho calling in
of loans by banks which had bocomo timid
of the small held at the close Of last
week, and by the demand for legal tender to pay
into the Sub Treasury account of bonds and by
the continued shipments of moneyto the West and
South to move the crops. All of these
reelected in tho decrease of nearly $il.OOo.oOO
bank statement. About sl5.Oo0000 legal tenders
prc now withheld from circulation through tho
refundng operations. 1t is noteworthy that the
specie average of the banks is only $77900 notwith-
standing the heavy imports of precious metals from
Europe. For the week the imports amount to
ST. 900. nearly all OF which gold. This slight
in the bank average is accounted for tho
ground that great proportion of the gold came In
the form of bullion and has gono into the Assay
Once More than 81. 100000 have been shipped from
France alone this country during tho past twenty
days. and il IL estimated that the short crops in
Europe will create demand for fabulous quantity
of American brcadstufs. for which specie will be
sent here. Imports of merchandise are, however,
rapidly increasing here. and should thoy become
heavier they may render 1t unnecessary to. ship to
this country much gold ms is expected.
Tho following table shows the Anal changes for
the week. yesterdays closing prices being com pared
with the closing figures of tho previous Saturday
Aug 16. Aag %.
Lake shore orc................-........ S5h $50
Northwestern. rn....................... II 76A
Northwestern preferred. ............ 9sA Wh
~ paul ..................,.... G5 Is
ST. paul preferred ................ 95h %
Rock Island and Pacific 139 1891
Burlington and Quincy. ............. 1l7x ~l13H
Canada south acknowledgements. 59h 5Sk
o., c., @. and ACKNOWLEDGEMENTS. l. 81 5l4
Delaware and Hudson. .............. AK AN
Lackawanna and Western 6Is AN
Erie. .......................... 27h MA
Hannibal and st. Joseph. .......... 1914 ~
Hannibal and st. Joseph prctcrred.. - 4OA
Illinois Central. ACKNOWLEDGEMENTS. Sc HS6%
Michigan Central. .........."........ s2x s25s
"a.