The New York herald., 1877-12-11
The Stock Market Heavy,
but More Active.
GOLD 1O2 ga A 1O3 1-Y.
Government Bonds Firm, States Irregular
and Railroads Quiet.
MONEY ON CALL 4 A 7 PER CENT.
WALL SrRksT,

MONDAY, Dec. l0-6P. n.
As the pendulum OF a clock stops midway oetweeB
its extreme oscillations, so did the market stop
to-day midway between It's highest and lowest points
The early swing in the direction OF lower prices;
the late toward higher ones. There was no
special reason why there should been swing
either one way or the other, since the market was
particularly Tree from outside influences and tho
moulding OF prices was lett pretty much to the
prentice hands OF the journeyman jobbers Of tha
Board. From q bull point OF view, they made bad
work early Ia the day, quotations dropping Oh
seriously enough to mark down Lake Shore to 5s1s,
Michigan Central to Ban, Western Union TO 76S and
the grangers to halt cent or so below opening prces
When things looked At the worst. however, Western
Union came 10 the like financial Fechter,
With the "Dukes Motto" gag OF Il am here" and
the backing OF dividend to sustain the assertion. II
is understood that the Executive Commit OF the
telegraph company met to-day and voted 10 recon-
mend the usual III per cent dividend. II is further
understood that small surplus will remain after this
distribution made, but tor the exact agurel
we are asked until the meeting OF directors on
Wednesday. The Immediate effect was to advance the
stock TX, and Its collateral effect to give tone 10
the whole market The Western stocks werc, of theiI
own strength, kept up to concert pitch without ex
traneous aid and the coal carriers II not exactly jub
ant were satisfactorily strong under the impression
that the dscord which has hitherto set the teeth o
their trade edge was about to be reduced
into the pleasing harmony OF now combination.
How nearly this expectation will be realized depends
upon the results OF Thursdays meeting. Meanwhile
we discern some sangune anticipatons Of favorable
ss ue in the fact that the Reading Railroad the Read
ing Coal and lron the Lehigh and WkesD and the
Delaware and Hudson companies have advanced their
schedule price coal from 40 to so cents per ton,
with declaration upon the part OF the last named
hiatt I haS aOida n a
present. Lake Shore, while being the most active,
was at the same time the langud stock upon the
list II confessed that business has been disappont
ing during the last month and that the previous talk
about dividend may be ''voS et prgtered nihl;' al
the same time there appears to be no good
reason Why the tratac, literally bemired at
present, should not reach the railroad under
the auspices OF colder skies and add this
much additional TO the earnings Of tho coming months.
The blackboard people, who have been regarded by
the Stock Exchange with about the Same feelings that
bull red rag. were subjected to-day 10 an on
saught on part tho latter marked by the idiocy
which usually charaeterixes their proceedings Hay.
Ing driven away the game IRON the board room by
the Increased commission law great indignation -
mani ested because bucket shop pot shots are trying
TO bring u down. 1t Is regarded IS shooting out o
bounds to be the worst sort Of poaohng and neces'
sariiy q nuisance TO be abated TO achieve this
orders issued 10 telegraph quotations from the
board room at intervals OF minutes only and In an
order which may be described rs butt end foremost
II most Ingenious plan TO trap dozen or SO OF
the blackboarders, but unfortunately II equally
trapped the thousand and one board members and
their clientele, not only at home but in every
other city where the wires of the gold and stock tel-
egraph reach. The Stock Exchange committee, in
order blow up a neghboring obstruction, have, a.
II were seated themselves upon keg Of gunpowder
within their own precincts aud touched of the con-
tents What be the result Of the explosion Is al
ready foresnadowed by the shower OF maledictions
which is beginning TO fly about the ears OF the COM
mittee. Much graunoaton was evnced to-day by the
admission OF Mr.. b. n. Smith 10 board membership.
Mr. smith returned thanks and evinced his gratihca
ton by responsive and liberal hbations TO the health
and good will Of his brother mombera
OPENING PRICES.
The opening prices were as stoiiows:-Wesern Union
Telegraph, 761; Pacific MAIL 81 New York Central,
lO6A; Eric. OK; Lake Shore, SOY; Union Pacific,
67x: Illinois Central, 72k; Northwestern, 34H;
DO preferred 65; Rock Island, loOk; St Paul. 35ki
do preferred, 70x; Ohios, Sx; Lackawanna, 6lHI
Morris and Essex, 7SA; Hannibal and 81 Joseph,
1lx; do preferred, 24X Michigan Central, s6,si
Delaware and Hudson, 61n Atlantic and Pacific, 23.
CLOSING QUOTATIONS..