The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-28
FINANCIAL and COMMERCIAL.
The Stock Market Fairly Ac.
tive and Feverish.
GOLD 100 SO A 100 ga.
Government Bonds Higher. States Steady
and Railroads Strong.
HONEY ON CALL EASY AT 2 A 8 PER CENT.
WALL STREET,


THURSDAY, June 27-6P. ~
With the thermometer among the eighties and an
atmosphere the Board room that invited recoec-
tops OF tho Black Hole Of Calcutta remarkable
that dealings should have been as extended as they
turned out to be. III the early part the day busi
ness unquaIi1edly dufl, the inclination to wait
for the verdict which Rock Island and Lake shore
might render in respect their dividends creating
temporary pause In active operations Before the
session had finished the acts about the first were
known; before tho end OF tomorrow's session we are
promised the fucts about the second. Stripped OF
unnecessary detail. and the only fact which
Is OF interest to stockholders, tho Rock Island
road has constituted itself Tor the fu,uro
10 per cent dividend paying stock
It is not polite thing to look gilt horse In the
mouth, particularly when the animal will not bear
animation. aud for tho will be the part
Of prudence not 10 inquire TOO critically into the
sources from which the extra two per cent to be
obtained 1t Is supposed, however, 10 represent tho
yearly profits earned upon The companys surplus,
slough up the present timo these profits have been
rather apparent the "minds eye" OF tho directors
than visible actual figures. In a word, without
sircumiocuton or vcrbiage ROCK Island promises to
pay per cent upon its capital stock this is the
whole long and short Of the matter. Alter
two three hours OF great steadiness ana
with the price ruling at $50, Lake Shore
suddenly broke away, declined 10 SIX
b71S, and there rested at the close Of business.
Traders much exercised ever the amount
OF the divdepd expected TO be declared tomorrow.
beef prevailed that it would be passed enurely,
and this with Mr. Vanderbs letter, helped to lower
the quotation A general belief, however, Is
that will least prove to be u per cent and many
are sanguine enough to affirm that the net nings
Of the road will per the past half
year. II not ssured from his own ipse dizit
that MI. Vanderbilt eschewed speculation in aIl It's
phases his letter. published this morning. would load
to belief that stood the position of bear
upon the market There people rash enough TO
believe this spite OF .pse di1its aud prices we're
affected accordingly Mr.. Vanderbilt writes strongly
An favor OF strikes for higher prices by railroads
their corporate capacity, while he would undoubtedly
write quito as strongly against strikes among his
employees as individuals. There Is appreciation OF
the proverb concerning the for the goose beng
sauce for the gandcr although the circumstances in
each case are identcay tho same Combinations to
force prices contrary the laws OF commercial
economy wnen formed between corporations as they
when formed among indiv duals, aud must come
to the same disastrous end. surplus of railroads
waiting TO DO hired different from surplus Of
-four pork upon q gured market, and The price
for each viii be regulated by the in.xorabc laws Of
demand and supply. sharp upward turn
was made In Wabash and Pacihs Mail In the
first because it runorcd that the application
for receiver to BIO made to-day at Chicago, would DO
refused second because OF reports that tho
Panama and Pacific Mali companies had come TO an
amicable arrang emcnt as to their pending money
disputes In of these stocks, however, were The
prices of day retained ut the close, the decline
OF Lake Shore having inoculatcd the whole market
with a weakness which LETT prices barely steady at
the end r-
OPENING PRICES.
The opening prices OF stocks at the Board to-day
were as follows:-New York Central, 100; Erie, 15x
Lake Shore. $50; Wabash, TX; Norhwestern, Az;
do preferred, 72ss Rock Island, ll6 Milwaukee and
81 Paul, Six; do. preferred, So7s; Delaware, Lacka-
wanna and Western, 5s7s; New Jersey Central, SAX.
CLOSING QUOTATIONS.