Savannah morning news. [volume] (Savannah) 1868-1887, 1886-10-03
WALL STREET AFFAIRS.
Review of Business for the Week

Review of Business for the Week.
NEW YORK, Oct. 2, p. M.-rhe week
began with a sensational move in the
stock of the Western Union Telegraph.
All sorts of rumors OF consolidation and
combination between that company and
the Baltimore and Ohio were Tying
around with the natural result OF ln-
ducing purchases OF the stock on the part
OF petty spectators. who always buy on
nearsay and always lose money. Inc
stock opened on Monday at. IA and was
down TO II in about halt an hour. Since
then It became steadier again upon toll
era0ly we'll authenticated reports that
Jay Gould was buying the stock. he
seems to have sold considerable amount
of Missouri Pacific, and invested the pro-
ceeds in telegraph stock. Some OF the
financial writer's OF the daily press
treated this report as absurd, say
ing that Gould was not man to
sell per cent. dividend payer and to
put the proceeds into stock which pays
nothing. The report, nevertheless, seems
to be true. The Missouri Pacific stock
which he sold was surplus scrip stock
which he had recently received and
which added nothing TO his power OF abb
solute control. He sold at an average OF
o"Nob AA3 buS budIGS lOl NulSh hC pau
par but few weeks ago. and bought
with this money Western Union stock at
about 10 and n, thus getting nearly two
shares of Western Union for one of Mis-
souri, Pacific. If be sees the chance OF ad-
Vancing the price of the stock and of the
company resumIng the payment OF dlVl-
dends, he has certainly done neat little
trade. That some deal is going on in tele-
graph matters cannot be doubted. But
what it Is nobody seems to be able to tell
yet. Bob Garrett, the President OF the Bal
tlmore and Ohio, who just returned from
Europe as plump and trisky as young
partridge, and who left all the bilious tint
OF mis- face at the German watering places,
denies that there is anything going on be-
tween the Baltimore and Ohio and the
| western Union, except the old night OF
rates, which will be continued and inten-
sified by the further extension of the ex-
listing lines. Another rumor was that the
Baltimore and Ohio was to be forced into
submission by the Western Union buying
the hackey- Beneficial In fact, some
! mysterious kilograms appeared in the
street stating that this purchase had al
ready been oonsummaCed. But this was
officially denied, and was probably Orlgi-
mated from the fact that the headings
| and illusions to the "Mackey-Ben-
nett Cable" have been dropped
out of the New Y0rk Herald for the last
two or three days. All credit for COM
munication is now given by the Herald to
the Commercial Cable, thus suggesting
the Idea that Mackey and Bennett have
parted company in the ownership OF the
cable. This would not be surprising, as
| it was reported long before that there were
some financial disputes between the CO.
! prOprietors. The Bonanza King refuses
! To talk on the subject, but says that nobody
Will ever obtain the control Of the Com
mercial Gable, and shows his determine
ton to go deeper aud deeper into the
| telegraph business by vigorous extern
sion of his Postal Telegraph lines all over
! the Pacific coast.
Whatever be the present condition of
all these complications and combinations,
1 their ultimate issue is of paramount i'm
I portance to the people of this country and
| deserves thorough study and watching
on the part of the press. The interests at
| stake are not only those of rates, but oil
secrecy and ownership OF matters sent
! over the wires. RIGOLO.