Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1883-08-21
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Lancaster fntelligeacer.
TUESDAY EVENING. AUG. Al. 1888.
Western Ualen Stocks.
The president Of the Western Union
teleeraph company has just returned
from . visit to Europe and informs an
inquisitive reporter that he went there
entirely for his health's sake, and not ut
all to help the sale Of stock in his COM
pauy which Jay Gould sent his son
George over to negotiate. He admits,
however, that he informed London cap
italists, who inquired where they could
buy some Westsrn Union stock, that
Mr.. Gould would furnish them with
all they wanted, and declares that
their negotiations for its purchase failed
for the very good reason that they were
not willing to pay Mr.. GOuld's price.
Mr.. Gould has had . prolonged trouble
in persuading customers to bid him bis
price for this particular lot Of goods. His
willingness to sell has not been secret,
but his success has been by no means
proportionate to his desire. Mr.. Gould
has achieved Q high reputation for skill
in getting in and out Of stocks with
facility /; but Western Union clings to
him with great tenacity.
DR.. Green, the president of the COM
pany, seems to think that it isnot stock
that suits the English constitution. He
finds that they are conservative people
over there who like to get real value for
what they buy and who are disturbed by
violent fluctuations in the market value
of stock. It indicates to them a too
great uncertainty in its real value. The
London stock exchange requires that a
list of the real English owners of all
stocks shall be furnished it, aud
refuses to deal In q stock that is not
largely held by English holders. 1t wants
some guarantee at home Of the respecta-
bic value Of the things dealt in at its
board. Nor is there any dealing on mar
gins there. Stocks are bought and paid
for in cash. Evidently such severe
test of value is not one adapted to
Western Union certificates and Jay
Gould's operations. 1t is no wonder
that Mr.. Green took nothing by his trip,
but fine experience and an ocean sail.
He thinks that the strike which took
place in bis absence was we'll treated by
his substitute, General Eckert, and that
it would have come off all the same If he
had been home of which there is no
doubt, since Mr.. Gould would just as
we'll have had his way. He admits that
the company has lost good deal of
money by the strike, but says that Gen.
eral Eckert tells him that he will get
oDe-third moro work out of his force than
he got before and in that way will save
within six months all that was lost.
There is nothing like taking cheerful
view of things; when the strike was
going on the Western Union was not
losing anything, as we were told Now
that it is over we find that it was not
losing anything, because its present loss
was to be its future gain.
The business OF the New York stock
exchange is in very demoralized state
because the public have learned to know
that there is no assurance to be had from
the prices made there that there is an
approximate value behind the prices.
The rule prevails that the buyer must
beware. He gets no guarantee that the
fair looking creature offered him is
sound In any degree. 1t is fixed up to
sell, and If he buys he is more likely to
be cheated than il he dealt with the
most unscrupulous of proverbially
tricky horse dealers. With this knowledge
bought at high price, this generation of
men eschews Wall street. There is
abundance of money seeking investment
and willing to take any fair risk in spec
ulation /; but the day for playing against
loaded dice has gone for the present and
ii the New York stock exchange wants
to win its business back it needs to give
good assurance to investors that what it
offers to sell is intrinsically worth some.
thing like what is asked for 1t.
ONE of the obvious difficulties which
we forecast when the judicial apportion-
ment bill was under consideration. has
presented itself up In Mexican county.
That county, with the constitutional
population Of over 10000, was made by
this bill q separate district, and is enti-
tied to its own judge under the consti-
tuition. Nevertheless the Legislature
attached Potter county to it and under
took to say that Judge Olmstead, who
lives in Potter county, should be the
inf10o of the Mexican district. until his