The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-04
FINANCIAL and COMMERCIAL.
The Stock Market More
Steady and Higher.
GOLD QUIET AT 1o2 ga.
Government Bonds Strong, States Higher
and Railroads Irregular.
MONEY ON CALL EASY AT S A6 PER CENT.
WALL STREET. I
MONDAY, Dec. SO T. II. (


MONDAY. Dec. SO r. II.
In the argot OF the street 1t would appear that the
ooys have sold too many stocks" and are conse-
quently suffering from their rashncss AT least IL
would 80 appear from the eagerness with which they
have buyers against short contracts to-day.
Possessed OF a vaulting ambition the bears nave as
usual sso'ereaped'' themselves and finished with
unexpected and demoralizing s'cropper This, from
the sharp upward in Lake Shore and the coal
stocks, which has for the time being reversed the
back action Of last week and sont prices
upon the upward turn. 1t is not apparent that any
moro pow erful influence than snap at the shorts
has produced this result though IL has been sutIi-
cisnty effective to materially advance the two
prime specuaticns OF the day. Thus Lake Shore,
from It's lowest point OF 611S to 631S,
and so closed, and Delaware ana Lackawanna ana
Delaware and HUDSON gained respectively two and
three points upon tho days business Like Quintus
Curtius, the bears apt rush opening with
out judging the depth OF the ial, and IL is not
prising that they came out Of to-day's experiment:
With bones. We had reason to intimate Sat-
urday the pressure sell Lake Shore about
over the bears had rdison dc plus, to think that 1t
not, and confidently predicted sixty bottom
figures Bruin Is inclined credit the prescience OF
the ewspaper but is the less because he did
not take the hint 1t pretty plain that dur
Ing the part Of the week stocks tho coal
carriers and Lake Shore we're being seriously
sold. Heavy. sales OF long stock were being made
and equally heavy sales Of short stock
panied Thorn, and whoh the first ceased
the latter placed In the voc&tive.
That 10, there loud call to cover and upon
this hue and cry was based the active demand for
shares which marked today's proceedings Beyond
set up job to twist the bears there ia nothing TO
todays reaction, except that the prevailing
cold snap expected TO close navigation and thereby
tavor the railroads py corresponding transfer Of
freight. Railroad bulls ike 10 have tho lakes and
canals, as they do their champagne, frappee, and
watch the declining mercury IN the thermometer
with as much interest as they would one OF Demon-
ico's ice buckets The reaction In Lake Shore and
the coal stocks only partially sympathized In by
the rest of market, though Northwest preferred
bad extra lift IN the shape OF az per cent divi-
dend, declared to-day, as we'll respectable show
Ing In the way OF q surplus. Beyond the stocks
lioned the list remained dull but with upward
tendency, though nothing OF specific nature was
brought to bear either pro or con.
OPENING PRICES
The opening prices to-day were as follows Gold.
102A Western Union 7715; Lake Shore, Ga; Mich
igan Central 5s1s; New York Central log; Delaware,
Lackawanna and Western 49,; Delaware and Hudson,
t5h; Morris and Essex, rs; Erie. 1915 ohios, 81;
Wabash, 1871; c., c., and l., 35; 81. Paul, 36k
preferred, 607S; Northwestern, 341S do preferred.
Bs; Illinois Central, 70; Kansas Pacific, s. St Louis
Northern, SIX; Pacific Mail, FIX; Chicago and Alton,
y6 @ Nh