Year: 1877




Tho eminent French Marshal who pinned his faith
upon the superior virtues OF "paudacs Paudace tou-
jours paudacel" as a supreme inception success,
would have boon highly pleased Ind he how
thoroughly tho bull leaders have carried his pre-
cept During the entire week just passed Tho stock
market has been advanced with IN audacty that has
taken tho breath away from tho bears and astounded
even tho bulls themselves Not that anything new of
moment has occurred TO add to prevailing vauos but
that the continued earnings Of the railroads
are turning out to DO placer that will
stand vast deal OF working with proAta-
Bile results. Paganni never nddled on q single
string moro assiduously than have tho bulls upon
this topic OF crops, probably obtained
moro Aattsring return for his labors-on paper ut
least-ior In this shape just do the profits exist
the conversion into moro tangible and solid form
being problem for future solution. Howbeit, the
record of tho Is that Of schedule prices winch
has been improved added TO pushed upward until
the highest nguros OF tho remarkable havc
been reached Tho benefit has mostly attached to the
railway shares, the granger stock boing first to par
ticpato, with subsequently Michigan Central ana tho
Vanderbilt trunk lines. The enormous increase Of
business the Western roads, shown by tho
ceips or grain at Milwaukee, strongly stimulated tho
appetite for these shares and attracted buyers from
even that class Of malcontents which few
months back were bowling out their anath-
cma maranatha against the properties and
widely proclaimng that no possible good could como
out Of so rotten Nazareth. Tho most remarkable
feature OF tho week the support given to Central
and Hudson and Lake Shore during the last two days
II was suddenly discovered that the Western limos
were not alone tho vastness Of their earnings bus
that the Central had increased Its business nearly
half a million tor the week over the period OF
last year, and that Lake Shore simply suffering
do for
lating freight. An artul dodge the part OF sir.
Vanderbilt, which consisted in a timely advance of nvo
per cent 10 his employees and oxpected marking up
of charges Eastern bound freight tho result OF
the railroad conference, lent additional impetus
10 the movement The coal fancics scarcely
participated in tho hilarty which was running riot
among the railways Divided opinions to what
effect would be produced by return Of tho miners to
work checked dealings and doubts to tho probabl
ity OF a new combination kept prices irregular and
teverish. With all tho bull cliques piping morrily
It not remarkable that the light wasted fanclcs
should be set dancing ALSO SO Wabash. Erie, Ohios,
Quicksilver preferred, ct i'd omns genus, wero sent
whirling to the tune OF advancing figures. The de-
forrcd question who is to pay the piper was
considered but left to convenient season.
Such has been practically the history OF tho week,
ami II It rightly reflects revival Of prosperity
makes q page Of very pleasant reading: II Is
not altogether certain that this is the caso.
Upon tho Of natural and moderate recovery from
widespread depression enormous speculation In
tho market has been built up, which has outrun
every consideration OF prudence While long suffer-
ing holders OF stocks have regarded 1t as Godsond,
relieving them their burden, the great speculative
operators have been accum mulating mass Of shares
such as has never been concentrated In low hands
before Their ability to hold thom at present 0gures
depends loss upon their wealth than that the financial
atmosphere should remain cloudlcss. Any storm may
prccpate disaster In TACT, the speculative leaders
do not control the market Danger lies In the woak
moss VI the army Of bungers-on, which is prone to
take hight at tho FIRST intimaton OF danger.
A sudden scare and cry OF sSauye qui teuti"
would threaten disastrous break, which could only
bs stopped by tho willingness and ability Of the cIqucs
to take all stocks that offered for sale 1t would
become a matter OF such choice as Is said to have
fallen 10 the lot Of the unfortunate Hobson. The
stream would have to be slemmed or the swimmers
would necessarily 60 the cataract with it. The
ability 10 resist the rush would mostly depend upon
the length Of the bull purse but alas and alack day
how well we all know the practical breiness OF such
repositories!


TRANSACTIONS wERK.


The following table represents the opening highest
and lowest sales, regular way OF the principal stocks
during the past woek, together with the number Of