The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-06-29

Ton the morning of Nay f23s, OoO, represent.
ing the Anglo American Brush company's paid
up capital, was apparently worth In the market
fl I'll 100 yet such is the ilckleness of the mar
ket that up to yesterday afternoon the same
capital had lost 100000 of that market value.
Equally striking Is the record of the Hammond
undertaking-a company of about two months
standing. In this case the pald.up capital 10
fti0tU, and whereas the market price on May
l6 represented f3S7O00 II was yesterday f2l0
O0o But, after ALL 1t should not be forgotten
that to a large extent these have been fancy
prices which could never have been obtained
for considerable amount Of capital The rage
for these securities has been enhanced by some
considerable 'cornering operations, and the
moment has been seized TO flood the market
with host of ohshoots, respecting which only
this can be said That the vendors have shown
themselves most ready to transfer their interests
1.-THE electric light is very probably great
invention and for the sake of argument, let us
take it for granted that It's future development
will be vast But this, unhappily, cannot be
urged as reason why the pioneer companies
should be prosperous. The history OF our com
pany manias has always proved the contrary
The greatest invention Of the century resulted
In the railway mania in lSl5-i6, and few were
bold enough then to say II was not justified. In
August, 1916, London & Northwestern stock was
selling at 235 North British at lA5; Eastern
Counties (now Great EASTERN at l6O and Mr.
Hudson was king; yet for years afterward even
the best of our railways were NJ serious dis
count, while many became bankrupt, and never
since, prosperous as our railways have latterly
been, have such high prices been touched
Later, we have witnessed the Introduction OF
submarine telegraphy, and there can be no
doubt that here again was legitimate neld Tor
enterprise. Yet Anglo American stock has not
maintained its high premium; nor looking TO
other and perhaps less well-grounded,
manias are such concerns .as asphalt. or
or sewage companies quoted as they were
in 1871. We might extend this list TO
any length, and always with the same result
one striking fact remains: that however great
revolution may possibly be in store for us, the
inevitable competition among the rival electric
systems will eliectually prevent the sharehold-
ers from becoming millionaries, though that
role may possibly be played by the vendors.
Yet competition has generally been TO the pub
lie advantage, and will doubtless be so In the
instance before u.s.
ANDERSON. "a. C.) Intelligencer: Mr., 7. ..
Crayton IT,, sold q Northumberland Confed'
crate note last week for $50. II was the only
note OF thai denomination issued by the Conied-
crate government In 1861.
After the internal revenue bill ID disposed Of
In the house the naval appropriation bill Will bt
taken Np. The aggregate amount approprlaled
than the estimates. l
n. Y Buying. Selling Buying Selling
Chic. Ex. Ha5xParG9S st. Louis h@k ParGal'
Chicago. .H@xPargk N. o.. k@kPar@s
Galveston y Pnr@A Houston..h PareDA
Exchange, all points n toSdiscount Sterling
Sight "a IS Francs, sos 10. Marks, %.
Trade dollars. .Decis Mexican dollars. SOC
Mexican halves. .40ctg Mexican Quarters lbc