Year: 1879

There was further ..boom" in the stock market
this morning. Speculation was as wild as ever
and neither the warnings of experienced operators
nor the cautions of the press have avaiied TO check
1t. To-day transactions at the Exchange foot up
459 $40 shares against 360627 yesterday and ooOooo
Monday. So far every suggestion or the possi-
bility of danger has been received with the same
contempt that mob receives discharge OF blank
cartridges having been hurt thus far it is
rashly believed that nobody will be. The whole
country is speculatively mad, and the clamor for
stocks is like the cry the old Romans for their
..panem ct crcenses." The fear that bank action
might be taken to curb speculation was apparently
lost sight of to-day. probably because these nstitu
tions have made further sign of their Intention
either to contract the certifcation Of checks or
to discriminate as to collaterals. To do either
is for the banks ungraeful business. now
that brokers' balances have fattened up and round
seven per cent and sometimes an additional shave
can be earned by lending them. These balances are
convenient things, too, 'to have in the house.
should speculative director incline to take
..fyer in the market, official that lays up ten
thousand year out of five thousand dollar salary
be inclined to place few hundreds where they Will
do the most good Lending other people money is
comparatively safe business for the banks and is
pretty much always profitable one, even IL they
should be subjected, some of them were last
week, to the necessity Of carrying box full of
Indifferent stocks in place Of the cash which they
were entitled to receive in return for their
certihcation of checks forced loan may
pass muster as measure but in
times of peace VIC submit that it is more
congenial to the atmosphere of Mexico than
to that of Wall street. Prices all higher be-
ten o'clock and MONDAY, with the chief ad
in Erie Northwest common. Michigan Gen.
tral. st. Paul and Hannibal and st. Joseph. OF
course there "why and wherefore" attached
to each; but the reasons for the advance were
apocryphal at the BEST it is hardly worth while to
recapitulate them here Toward the end OF the day
there were returning symptoms of fresh stringency
In money the general rate for the morning Of
per cent being pinched up to per cent, plus
eighth commission. AS usual the share market took
alarm at the stringency dropped and sold at prices
which were lower and continued to be lower to the
close. The coal properties to-day were quiet, but
strong. 1t is stated that the anthracites
finding n ready market for their product at
advance old prices of about so
cents per ton. Bituminous Goals have risen
than 81 per ton during the last thirty days, and
learn from the best authority that the market is abb
solutely bare of this description of fuel. AS the
shares of the best bituminous companies selling
for considerably less than half the price of the
thractes. 1t would appear that the first quoted
very much too cheap that the latter very much
too dear. There was a sharp rise in the Hannibal
and st. Joseph shares, it being reported that the
pool holders Of the stock had handed over their
proxies TO Jay Gould; also much strength in Iron
Mountain stock and bonds Qarge transactions hav-
ing been made at private sale on reports of "new
DEAL. and in Missouri. Kansas and Texas on
the old story of the prospective opening of the
Indian Territory and the much per-
tinent fact that 10000 shares of the stock
have been recently taken for Amsterdam account.
Large blocks OF various stocks were bought and
sold by prominent houses to-day. To itemize,
Messrs. Hatch Foot and Prince x Whitley bought
some 900 shares of Erie between them; Osborn
was large buyer of Northwest at prices which
the highest yet reached; Boocock bid Michigan
Central up to 942l ana Prince Il Whitley were not
much behind in their appreciation of Lake Shore.
As though to restore the equilibrium. however, the
latter found sellers at the hands Of Messrs
Davis l. 1ileston and Van Emburgh Co.. and con-
sequently the price remained without noteworthy
change the day through. We notice that Messrs
Prince < Whitley have opened a branch department
for transactions in mining stocks exclusively. This
bureau will be under the management of Colonel H.
c. Logan, we'll known in California former vice
president of the San Francisco Stock Exchange an
one of the originators of the same.


The following Is resume of the days transactions
with the extreme range of fuctuations:-