The New York herald., 1879-07-27
FINANCIAL and COMMERCIAL
Highest Prices Of the Year
for "Grangers."
MONEY UP TO 5 PER CENT.
Railroad Bonds in Active De-
mand and Higher.
WALL STREET. /


As Mr.. Levy blows his cornet much to the sats-
faction of the public and possibly for this reason
in a manner entirely unsatisfactory to the envious
members Of his own band. did the grangers and
Lake Shore gather in whatever glory there was at
tached to todays stock dealings. while the rest OF
the list fddled along unnoticed and uncared for.
glance at tho tabulated stock transactions VIII show
that the stocks above cited almost engrossed tho
business Of the day. Tho committee OF stock job
bers sitting at Saratoga permaaece and OF which
Mr.. Vanderbilt is occupying the chair rs sort OF
perpetual Grand Master. is said to be as fun as
sponge of bullish sentiments. Submitted 10
durnal squeeze there out orders to
buy which are telegraphed to the market with
the natural result of lively business and higher
prices. Such orders to-day from Saratoga. and
they were supplemented by additional orders here.
with the result of forming a vigorous market and
higher quotations for both Lake Shore and the
grangers and securing strong prices for the rest OF
the list. Among the stocks which are being revived
by the prevailing bull feeling is the Chicago. st.
Louis and New Orleans Railroad, which, after burn
ing up for q time in speculative way like lime
light suddenly snuffed out like a CANDLE There
to be intention to fire 1t up again.
judging from the fact that from no
price bid at all IL was offered for the stock
to-day. The revival is based upon the rd brted
earnings of the road which for the first two weeks
in July show increase of $4,000 over the same
period Of last year. The c. G. and I. c. property,
which, after the "great cry preceding Judge Har-
lan's decision, and the very "little WOOL which was
gathered from it, fell into utter disrepute aud
apathy, is beginning to look up again. We gather
the following particulars of the present condition
Of the property from reliable sources The ad-
vance in the bonds and stock Of the c.. G. and
G. Railroad Company during the past week is pred
icated upon the expected judgment for tho back
amounting to over 80 per cent. The recent decision
of the Court to the effect that the lease is valid
and binding upon the Pennsylvania Railroad Com
pany. The c.. G. and l. c. Company were required to
comply with their part of the agreement by reduc-
ing the bonded debt to the amount specified in the
lease-vz., $15. 500, ,O00-which the bondhoders i'm
mediately complied with by placing over Ss,0Oo0oo
of bonds in the hands of the Union Trust Company
security that they will comply with the order Of
the Court. Considering the great reduction in the
the c.. @. and 1. @. road be operated at about
40 per cent Of its gross earnings. On this basis
the road is earning its interest its bonded debt
and a small dividend it's stock. 1t is not extrava-
CANT to suppose that the mortgage bones. being a
long time bond and bearing per cent interest,
should sell at least at par after the back interest is
paid.
The extreme fluctuations in leading stocks are
shown in the following table of prices