Year: 1878

The Stock Exchange to-day has been a house d.
vided against ITSELF and with elements repeant to
each other as the positive and negative poles of an
electric battery The proof Of this lies in the fact
that while the active railways notably strong
the coal carriers undeniably weak. Between the
two hovered Western Union. in state Of uncertainty
akin to that OF the party who almost persuaded
to be Christian temporizing midway between the
policy of turning to the good OF higher prices 60
ing to the bad of lower The days history of the
telegraph fancy may be briefly recounted and quickly
dismissed. Opening at 944. 1t advanced to 95h and
closed at OAK. At times prices were influenced by
such orders to buy sell nstigated by good
or bad opinions OF the value OF tho stock itself When
these were absent quotations were at standstiu
or only responded in sluggish way to the
prevailing tone of the market. There was no
strength impaired by anticipations of speedy
melon cutting-for this project seems to have been
deferred to more convenient season--and par
hcular weakness induced by the adverse decision Of
che judiciary in the matter Of infrnged patents for
the matter is Of great moment anyway, and can
be fought out in the appellate courts until disgust
with the whole business will bring about satisfac
lory compromise. The telegraph fancy being dis
posed Of it remains to treat of the railway specula
hon upon the side and that of the coal speculation
upon the other With the exception of frac-
honal recession from opening prices at one time, the
prominent railways--which may be cited tho
grangers and Lake Shore-were strongly held
the day through. and with Northwest COM
mon showing the way. closed shade bet
ter than they had opened. The chief interest
OF the morning centred in the granger referred to-
The whole bull interest salaing before this stock
it were divinity that would beyond peradventure


shape Its ends in the direction of plcthorc profits
The extraordinary daily returns Of earnings and the
at fha at
next week. will do the proper thing in the way OF
dividends are the confessed nstigators Of this devo
ton. 1t is reported that the comparative earnngsfor
the third day of the fourth week Of November show
an increase OF $13,50O. Adding this to those
previously reported and we have pilng up of earn
ings that shames the old story Of Pelion aud Ossa
really seems IL the Northwestern road was doing
too much MISUNDERSTANDING its strength as it
were. and that too. just prior to dividend
day. Why crowd all the freightage into one
week and hurry up shipments. as elevated
railroad conductors do with passengers in late
trains? Can anybody tell? AS usually happens Lake
Shore. arriving at the quotation Of TO- received
customary 'cropper and tumbled off 69a at which
1t closed The coal carriers did nothing but tumble
the day through. Delaware and Iackawanna de-
clned Ia per cent and Delaware and Hudson per
cent. the latter having been at time Off by
an additional point Coal matters lugubrious.
The decline in prices at the sale yesterday was bad
enough, but affairs were made worse to-day by
the publication Of the Pennsylvania Company 8
schedule for Decenber. which marks down the rates
for steamer crate And egg coal from 10 to
ton. Moreover. the reports from the meeting Of the
Lehgh people yesterday anything but
propitious for a continuance Of the combination
The Lehigh Valley Company have evidently had
enough Of carrying two three bankrupt concerns
upon their shoulders. and say politely. Il not d.
recy. They assert tnat the allotment for last year
was unsatisfactory. and propose to avoid u recur-
renee of the difficulty by proposing dscontinuance
OF the present arrangement ut the end OF the year.
They are open to new DEAL" however, and if they
are served with good hand will "go inf not, not
The combination construction, therefore, possessing
stability than house of cards. trade being
bad and likely to be worse and the future us black
pits mouth, it is no wonder that values fell Off
to-day to the extent which they did.


The opening. highest. lowest and closing prices of
stocks and gold at the New York Stock Exchange to-
day were as follows:-