The New York herald., 1877-08-24
The Stock Market Very Ac-
tive and Strong.
GOLD l04 l-2 A l04 IA A l04 3-S.
Government Bonds Weak-States Steady
and Railroads Irregular
MONEY on CALL EASY At 2 1-2 A 3 PEE CENT.
THURSDAY, August 23-6 Y. "
WALL STREET,

THURSDAY, August 23-6 Y. N.
There was less snap to the market TO day particu-
larry after meridian, although the volume OF business
great that OF yesterday, and prices 10 some
were higher. Lake Shore continued 10 be the
lavorite, at a discount OF nearly aity per cent In
amount OF transactions as compared with Yesterday,
although there supplemented 10 the story Of tho
lease the further information that of the
common stock was be retired and bonds TO the
extent issued In their place. That the swap
ping OF bonds for stock, about even terms, would
be advantageous to the holders OF tho latter rests In
tho exchange of non guaranteed for guaranteed
security, but bow the company per SC Is to bcnent By
further addition to its yearly interest when It has al
ready showed its ncapablity OF paying current divi-
dends not evident. Howbeit the hand 10 mouth pro-
which procures little money in bank at the cx
pense OF OF bonded debt seems to obtain as
the proper thing in the finance of the day, and Lake
Shore stock started up u per cent III response 10
tho correctness Of the theory.
Despite the handsome advance which has marked
tho progress OF the stock during the last few days. and
the -coored promises made for its future, tncre
exists a suspicious il-tempered element which, II not
bold enough 10 sell Short at least makes itself busy by
asserting that the whole movement has better basis
than stock jobbipg manipulation which s likely 10
tumble to pieces at any moment
Premoni,ory symptoms of collapse xously
watched for corresponding Indications IN tmor
cholera times, ana every weakness is taken to be
he beginning OF the seizure. Thus tho dminution
In dealings tho evident desire to realize
shel part of largo holders and the decline.
1t the close, of per cent received by the rump
Of the bear party (Which is all that exists with
dent satisfaction.
1t Is by no means sure, however, that this chronic
action is cheating itself into the belief OF result
which is still remoteand deceivng themselves, strong
temperance folk do when they innocently parake of
The seductive branded peach and the palatable ponce
la Romatne Western Union fell OF greatly in pop
lar interest. that the nut has been cracked and
The kernel extracted while railroad miscellaneous
shares general thing, were irregular and pivot
hing about the strong point which tney have lately
attained to-
Pacific Mail woke up with ono Of its periodical
starts and 25 for particular cause as could be
learned, except Its own eccentricty. and, like the
sluggard the nursery rhyme, will probably 'sum.
ber again" TO- morrow.
TODAY
The gales Of active stocks to-day aggregated 214 731
shares which were distributed folIows:-New York
Central, 1895; Erie 300; Lake Shore, 5474s;
Wabash, lO,s50; Chicago and Northwestern, Is 225 !;
DO. preferred. 1920; Rock Island 1oe4o; Milwaukee
md ST. Paul. 4.7Oo; do preferred, 400; Delaware,
Lackawanna and Western. 3,77s New Jersey Central,
l.925; Delaware and Hudson Canal, 1ao; Morris and
Essex. 1,4OO; Michigan Central, 29950; Illinois Gen.
tra 75o; Union Pacihc $3.50; Columbus Chicago and
Indiana Central, ,45O; Hannibal and St Josoph sOO
do. preferred, 1000; Ohio and Mississippi, 100;
Western Union IL, $780, Atlantic and Pacific Telegraph,
s0O Pacific Mail, $3.50; Quicksilver, 100; DO. pre-
ierred, $780,
HIGHEST LOWEST.