Year: 1879

oCNDAY, NOV. 70, lSIS.)


The news columns OF the HERALD have so fully
spread before the reader the story OF last weeks
dongs in Wall street as to render the usual review
almost q work of supererogaton. As every one
knows, a sudden revulsion took place in stock
values, which ranged from to. 80 points,, That &C
was sure to come. sooner later. was generally
conceded by the brokerage fraternity. but it was
hardly expected to be so severe. and certainly
not expected to do SO little damage So far it has
developed no signs of disaster. and II there have
been private hurts they have not been severe
enough to compel exposure Indeed. quite
traordinary as the stampede itself was the rmness
with which the Stock Exchange withstood the
shock. Nothing could testify strongly to
the prudence. ability and foresight with which the
commission brokers have conducted their business
during tho pressure of an insane speculation. when
orders were literally forced upon them to buy. and
refusal to do ut the risk Of giving mortal
offence than the fact that they have of the
FIRE nearly unscathed. II is feared, however, that
that great army of martyrs. the public with more
or less thoroughness of incineration. has been
burned at the stake. Whether such OF them sur
viye will be sufficiently imbued with that whole
dread Of which is said to pervade the minds
burned children to keep away from further danger
remains to be seen. From all Wall street experience
We fear they will not. While we commiserate the
unfortunate victims and hurl anathemas at the
wicked leaders--who. after all. only fred off panic
which they fotind ready loaded to hand-we cannot
regard the downfall in values other than
fruitful OF future good. The market had
grown apoplectic, little blood letting of SER
vice. and the bistoury was inserted none too soon.
In special way. too the decline was Of benefit, in
that it tended fix the relative values Of stock, as
founded. not upon market prices but uron real


<oI~1, okt.vo, ,,;co
for the week will show that while the valuations in
such stocks as Harlem Rock Island, Burlington and
Quincy the preferred grangers. Lake Shore and New
York Central ranged, in the order named, from
nought to per cent the purely speculative fancies
and "stocks Of the future" were tumbling helter
skelter down hill at pace which could be scored
anywhere between 10 and 80 per cent further
extraordinary feature Of this extraordinary
week was the sudden rebound in prices
at the very close and the drmness with which it was
sustained. The shaking out of the vast horde of
small dealers and the concentration Of blocks Of
stocks in the hands of great operators is unques.
tionably an clement of strength at present though
it is menace to the market in the future. One
must needs be Q prophet in somebody elses coun-
try to venture to predict in these anomalous times
what is to happen next. Sanguine spectators re-
nard the outpour of last week as but passing
shower and predict that the serene atmosphere Of
higher prices than yet attained will be speedily
reached We incline to the moro conservative view,
which anticipates dull and irregular market for
some time to come. to be followed by slower and
safer march upward than that which characterized
the last movement. lA a.nai. Il. i..-.s ii io -


The business of the week amounts to the aston
ishing sum Of 3447 259 shares. This Is the aggre-
gate Of the sales reported at the Board but in the
that prevailed at times it Is certain that
q great many transactions were not recorded. and
the sales Of the week probably approximate
4,O0OoOo shares. Reported sales the previous week
aggregated 100000 shares. and those Of ihe six
days preceding that amounted to 1858 033.


Following is synopsis Of the past weeks busi-