Year: 1878




From the Bureau of Statistics, at Washington we
learn that for the months previous to the 3ls OF
October the money value Of exports from this country
has exceeded that Of imports by no less sum than
S237OO0OOO. This is simply to say that the country
has grown richer to this amount and that every man,
woman and child is directly indirectly being bene
dted by it. With capacity to purchase there natu-
rally ensues increase of demand and decrease Of
supply. and a natural consequence higher price
for all commodities that offered for sale. There
may be certain instances it is true in which overpro-
ducton for the time being depresses values but these
are exceptions and rather go prove the rule which
governs the relations of demand and supply than to
disprove it. The simple fact is patent that
some forty millions Of people have S237 900 600 more
TO spend than they had ten months ago. 1t is
reasonable to suppose that the major part OF this
enormous sum is seeking investment somewhere.
and it is utterly unreasonable to suppose las the
bears would have beeve) that fair proportion OF
1t should not seek investment in such securities as
the better class of railroads Offer On the contrary,
there is reason to believe that very considerable
portion Of the surplus wealth OF the country is taking
This direction and that this fact may account in a
great for the persistent strength Of the stock
market At the opening Of business this morning
prices tended downward, it apparent would
be the from the weak closing of yester-
days market. After midday the whole aspect
changed and values were made as strong they had
previously been made weak. Among the quickest to
respond were Lake Shore and the Northwesterns.
The street is pretty well convinced now that per
cent dividend is to be expected from the first named
and something of a disappointment would ensue If
to "a per cent are not divided among the common
stockholders Of the second named If credence can
be given to reports there should be possibility OF
disappointment for the earnings stated to be suf
Acent to pay 81 per cent upon the preferred and to
leave surplus equal to to per cent upon the
stock. Apropos Of earnings, we are told that
the increase for the first two days in the
ourth week in November over last year,
amount to $4,000. The coal stocks during
sarly hours were excessively weak The Delaware
and Lackawanna coal sale not success, the
$4,000 tons sold bringing from % to As cents per ton
according to description) less than the October
prices The meeting of the Lehigh interest at Beth
ehem was also disturbing factor opinions being
about equally divided to whether the conclusions
arrived at in regard to the combination would be pro
or con- Western Union equally weak the price fall
ing off nearly per cent between opening and closing.
There stories of njunctons upon stock dividends
and tales of damages for infrnged patents, potent
enough to effect prices, perhaps but too fimsy to de-
mand particular notice here. Money on call re-
NAMED at to per cent There is less disposition
the part of banks to lend money time: that is
to say beyond the end of the year. There is, how
ever. increase, far in rate Of interest though
Mr.. Gould made second attempt in that direction by
bidding up gold few minutes before the Board
closed. The attention of Mr.. Secretary Sherman is
respectfully invited to the fact.


The opening. highest. lowest and closing prices of
stocks and gold ut the New York Stock Exchange
were as fOows.-