The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-05
The Stock Market Active and
Generally Steady.
A DECLINE N THE COAL STOCKS.
Government Bonds Firm, States Weak and.
Railroads Quiet.
Money on Call Active at z
Per Cent.

FRIDAY. Jan. DO +.
Although no ono has devised system OF storm sg'
nails for the Stock Exchange there certain indces
OF bad financial weather which quickly detected
by the experienced broker Such signs were eppa'
rent in tho cloudy appearance OF prices last night,
and ther significance borne out In the weak and
declining condition OF the market to-day. The bad
weather CUB Of doors re1cc by the bad weather
indoors, and tho Stock Board ball passed as uncom-
Portable day In his speculative pasui age did his
unhoused brother OF the fields. And all because Mr..
Packer president OF tho Lehigh Valley-road ignor-
ing tho customary and natural means OF To-
comoton, bus chosen to walk oil his ear,
thereby leaving the coal combination in the urch
and himself out in tho cold. Plainly, speculation to-
day has been at the beck and call Of the coal stocks
and the coal stocks have the beck and call Of
Mr.. Packer The impression held early the day
was that the Lehiglis Valley Company would decline
absolutely to accept the terms OF apportionment
recommended at the last meeting Of coal company
managers, and, later on, the feeling was confirmed.
although nothing definite was known as to the result
OF tho palaver hold by the aforesaid company at
Bethlehem this morning. The effect produced by this
doubt as 10 the practicabiity Of combination was
plainly demonstrated In the sieady decline
OF anthracite shares, which showed i'm
portant falling Off from opening prices and
closed at the lowest points OF the day.
.
remain depressed for any length OF time. 1t iss
curious anomaly that the coal shares remain strong
and even advance, because the bulk oil Spectators
deem them worthless nearly The solution Of
this apparent contradiction lies in tho fact that this
very depreciation In values induces short sales
unwarranted extent, creates lively demand Tor Dor.
rowed stock and affords opportunity for sharp
upward twist by daring ana observant bulls. Tho
decline to-day, however, met with no such resistance,
but the contrary communicated its depressing In
fuence to the OF the list This most marked
In the case OF Lake Shore and Michigan
Central, while the grangers although loss af-
fectod, were not FREQ from the baleful example.
New Jersey Central proved exception by gaining at
time two points and selling to sixteen, although
about one point was lost before tho day was over.
Some matters Of difference with the Lehigh and Wilkes
barre Company which stood IN tho way OF u Ttorean-
zation said TO have been settled, and hence the
Improvement light business in Panama Railroad,
which sold ut 120in the morning and was offered ut
la in the afternoon, and which, probably, had somo
thing to do with the Bonner loans, outside and
nearly unnoticed feature Of the day. In this
ton it may be remarked that some few hundred add
tona shares were closed out 'under the rule - Tor
account OF John Bonner e. Co., but beyond this the
late lasco has more importance than any other
days' wonder stringcncy still Continues in tho
money market, Iates ruling from per cent 10 49,
and interes: general borrowers, although there Is
no lack OF accommodation .vw high standing
at the minimum figure.
OPENING
The opening prices of stocks in the Board today
were as follows-New York Central, 1861 Harlem,
al Erie, 81; Lake Shore, 6l1s; Wabash 16h; North
western. IS; Northwestern preferred, 62sS Roch
Island, 99A; Milwaukee and ST. Paul. S6%; Mil.
waukec ST Paul preferred, 72da; Delaware, Lack
awanna and Western, so; New Jersey Central, ISL
Delaware and Hudson Canal, 50H; Morris and Essex,
747S; Michigan Central, COZ; Illinois Central, al
Union Pacific, 647s Chicago, Burlington and Quincy,
1929; Chicago and Alton, 1915 Hannibal and ST.
Joseph, Tx; Hannibal and ST. Joseph preferred 231s
Ohio and Mississippi, 50; Panama, 1907 Western
Union, Tx; Atlantic and Pacific Telegraph, 2O%;
Pacific Mail, 221s