Year: 1879




1t would be difficult to sum up in single sentence
the results Of to-days campaign in "the street. To
nse hgure. whose age might well exempt it from
eurther SERVICE speculation ut the opening went up
like rocket. but soon came down like it's stick. and
she market closed in feverish and uncertain way.
which largely increased the number Of those who
think the top has been reached. The Vanderbilt
specialtes alone stand forth the list at q
marked advance the opening prices. NORTH
west common closed 4 below the initial figures
for the common and 4 lower for the preferred,
while st. Paul common recorded decline Of q be-
low the opening price, although the preferred. oddly
enough. marked an advance Of u for the day. There
were not few who shook their heads in knowing
way and expressed their opinion that the leaders'
In the speculative advance had gone as far whip
and spur could force them. and that the end was
reached. while others confidently asserted that the
reaction but the natural and temporary result OF
the astonishing rise. The first sales at the Board
displayed an almost unprecedented buoyancy. and it
was reported that enormous purchases were made
by prominent house Lake Shore went from 81 .
to S6}z almost at bound. Western Union and
Michigan Central seemed moved by the same i'm
petus. and it was evident that Mr. vanderbilt's
friends were briskly circulating points to buy
those stocks The remarkable strength Of Lake
Shore is in great attributed to the report
that the road was to be leased to the New
York Central. which to guarantees six
per cent dividends. The reaction which set in
alter the opening hour was accompanied with the
whispered statement that prominent operator.
who has been under the twist for some time, had
covered his short contracts. This being the it
was argued that element Of strength lost
tho bull movement. As the market fell of money
advanced to four per cent on demand loans.
snd this rate maintained notwithstand-
Offar
per cent lower. The rate advanced to six
per cent for brief period. but declined at
the close to about the opening figures. c.. c. and
l. c. advanced from Sx to Ga. but on the report
being circulated that the long expected decision
would be unfavorable it dropped to 7x. The actual
Eecision. which will be found in another column
was not announced until after the market
had closed. and meanwhile the stock had
recovered TO Sss. Among the stocks which
closed very strong that Of the st. Louis and San
Francisco Railway The officials of the road an
aounced that the earnings for July show q
substantial increase and declared their intention
publish the earnings regularly hereafter. The Kan
sas extension of this road from Oswseo ana Wichita
IL being rapidly pushed. Some amusement was fur
nished by the circular Of the Louisville and Nash
vile company announcing dividend payable ON the
10th inst. As that date is set down Sunday in the
calendar it inferred that either they don't mean
TO keep Sunday in Kentucky they do mean to keep
the dividend.


There is some trouble in connection with the issue
Of the new certificates OF the New York. Lake Erie
and Western Railway Company. Under the amended
scheme Of reconsrruction one-half OF the shares
whether preference ordinary. issued IN the
names Of sets OF trustees. called voting


trustees. who hold the for the purpose of exer-
eising the voting power thereon until the dividend
shall be paid on the preference shares for three
consecutive years. certificates being issued for the
which shall entitle the holders to receive from
the trustees all dividends declared in respect of the
shares held in trust. stockholier exchanging 100
shares gets only hfty certificates, which he has
absolute control. and fifty beneAciary certificates
If he sells his 100 shares in the Stock Board the
buyer will not accept these beneficiary shares as "a
good delivery" Hence the difficulty 1t is said
that several prominent shareholders are devisina
means of relief.


The extreme fluctuations of the day in leading
shares is shown in the following table Of prices: