The New York herald., 1877-11-20
The Stock Market Dull and
Irregular.
g OLD 1o2 "a.
Government Bonds Steady, States Irregu.
lar and Railroads Higher.
HONEY ON CALL 5A6A4 PER CENT.
WALL STREET,

MONDAY, NOV. lib 4. M
Like the beverages which taught to believe
arc served out IN Western hosteries the market to-
day has been Of tangefoot nature, which has mud
died the minds OF both bulls and bears In point Of
tact some stocks have gone down. some up and the
remainder havo remained poised upon the uncertain
PIVOT OF an inactive market For the advance, Della
ware and Lackawanna and St. Paul preferred; for the
decline, Michigan Central and for steadiness, Western
Union, Lake Shore and the tag rag and bobtai which
make up The rest OF the list. OF tho stocks named
the Anthracite favorite the most active ranging
from 40 10 t0 and closing only shade oil from best
figures. The rise IN Delaware and Lackawanna Is con-
iessedy purely speculative there being nothing
Of Improvement either In the business OF tho
company its financial condition to warrant an
advance in the valuo OF ts stock. While the entire
speculative mind realizes tho fact that the rise is duo
to some subtle hocus-pocus II fails TO lx upon any
better for the movement than desire to twist
the interest Such short interest has been toll
erably well twisted already, and when apparent sue
cor came to-day in the shape Of offer by promi
nent broker (supposed TO be in Mr. Keenes neres,),
OF 600 shares at So was thought that the furry
was and the END OF the movement reached.
further push to 50A, however, removed any such
aattering uncton" from the souls OF confident bears
and lett them chained down with the bonds Of doubt
aud uncertainty Accompanying the rise in the An
tbracte fancy St. Paul preferred, but for othor
and more legitimate reasons This stock rose to 10
under good buying and closed firmly at these figures.
dividend Of 3h per cent, to be declared In day or
two and to be paid December, ID accepted a fixed
fact II Is stated that tho road has earned the
rst Of the year seven per cent upon its preferred
stock besides surplus OF about $500 600 Tho
cipated dividend together with that paid In October
last (Which, though earned, had tor prudential rea-
been held over from the regular April pay day..
up the per cent distribution to preferred
stockholders which is called for by the company's
charter. The surplus, with the net earnings, esti
mated for the rest OF the year. are confidently ex-
pected to DO sufficient TO furnish dividend OF three
to four per cent TO common stockholders spring.
Such 10 the belief OF we'll informed parties. and
give their expression ~ II comes 10 Lake Shore
ana Western Union werc among the staid and steady
speculaves of the day. opening and closing nearly at
the prices, and apparently conscious of the fact
that seed sown In the present fallow ground OF
speculation can produce nothing better than
satisfactory crop OF the widest OF oats BY "outward
and visible sgns Mr.. Gould is suggesting the advsa-
bilily OF selling Lake Snore-through his onward and
spiritual grace he is probably instructng his brokers
to buy On the other hand, friends OF the road chant
peans descriptive OF higher prices and assured dv-
dends Between Mr.. Gould singing dinsinuendo and
the latter warbling in cresccndo it becomes matter Of
faith IN which OF the two reliance shall be placed.
But, faith being the substance Of things hoped for,
the only practical test of the question seems TO be in
betting ones money upon one side or the other and
waiting for tho final result Western Union droncd
along to-day neglected and steady, and dull
the majority Of the points with which 1t essayed
10 prick up the drowsy market. Among these
the effect that the Pennsylvania Supreme Court
had time back, 10 matter analogous to the pre-
sent telegraph difficulty made q ruling which could bo
and would be advanced as precedent against the
isting combination. Whether this be not thore
appears to be pretty dispute impending between
federal and State authority the right OF way OF
telegraph companies ana the laws which govern tho
same Stock gamblers, of course, do jot as
which is in tho right long the dispute begets
that they directing their attention. Tho
latest prices Of the day better than the opon-
ing ones. except In OF the coal granger
shares market closed steady but without par
ticular feature.
OPENING PRICES.
The opening prices were:- Gold, l02I; Western
Union, 7sH Lake Shore, 67A; New York Central,
iO6; Rock Island, 1O05s Michigan Central, 64 Del
aware, Lackawanna and Western, 40; Delaware and
Hudson. bid, Az; Erie. 10jk; Ohios, 9J4; Wabash,
l6ss; ST. Paul, 341; do. preferred, 68h; Northwest
ern, 35A; do preferred, 65; Pacific bid, 22H;
Illinois Central, 73h; New Jersey Central, 1875; Iron
Mountain, Z; Kansas Pacific 4.
CLOSING QUOTATIONS.