The New York herald., 1878-12-04
The Stock Market Active
and Feverish.
GOLD SELLING AT 100 IA.
Government Bonds Firm, States Steady
and Railroads Strong.
MONEY ON CALL EASY AT 2 L2A 3 PER CENT.
WALL STREET.

At the opening of the Stock Exchange this morning
prices made faint response to the higher figures
which last nights strength called for. and almost
immediately afterward made an ignominious retreat
1t has been intimated that Mr.. Gould
sufinsed with military ardor-in fact the "Selover
episode in his would suggest the reverse-yet
his charge to-day upon the Northwestern worthy
of a financial Baiaklava. Matters gided along com.
fortably until midday, when the whole form of the
market was knocked into pi by the appearance OF
Gould's brokers free sellers Of the Northwestern
shares. couple OF hours later the same experiment
repeated with sufficient to demoraliza
the entire list and to reduce prices at the winding up
Of business to very nearly the lowest of the day.
OF course, with the prevalence of much sitting
smoke there must needs be existing Are, and this
latter shortly located in report that Mr. Gould
OF lis satraps had applied for an injunc
ton restraining the Northwest Company from pay
ing dividend upon their stock The application is
said to be based upon alleged intended and improper
diversion Of the companys surplus earnings from the
account of roads in process Of construction to
stockholders pockets. 1t is claimed that the
roads should be paid for first and the stockholders
afterwardaways provided there be anything left to
pay them with. Actuatod by this highly moral pur-
pose ard with the best interests of the shareholders
of whom he is director at servant and rus.
interests which. everybody knows. are ex
tcnsively upon the short side Mr.. Gould
has taken the legal step referred to to
protect the interests which he represents.
Badnage apart. Mr.. Gould is uncomfortably short Of
stock which he finds it difficult to break. and is put
to his trumps to crack nut which grows harder
every day. In proof Of this we print the items Of
earnings for the month of November which given
to us as official The increase Of earnings for the
fourth week $84 200; for the entire month,
$lC7 900; gross earnings for November. 1878,
$14O3 OOO for November 1877. 81 OOO This is tho
largest showing of earnings for any single month in
the history Of the road and would seem to fully
rant the expected dividends Of 31a per upon the
preferred and Of at least per cent upon the
stock While the decline this morning in the North
western clearly attributable to a slam bang at
tack from the Gould-sage quarter, there was
evidence that the bull contingent had or
inclined to lose their grip. It is
very pretty quarrel it stands between
the buu and bear forces and there is notable fighting
material upon both sides. Since the names of the.
combatants freely bruied in the street there
be indelicacy in repeating them here. consisting
OF Mcssrs Gould and Sage upon the one side and
Messrs. Osborn. Morgan, Osgood Perry Smith and
George Scott upon the other, with the ghost Of Mr..
Kcene hovering impalpably between the two SO
entirely was the market engrossed by the Northwest
speculation that little Of interest left for the
rest Of the list. The coal stocks improving Ut first.
saggcd of afterward and closed at q decline. The
Board OF Control will meet Thursday and ii is
pected that something definite will be done regards
the combination. The situation is in every respect
unchanged. The Lehigh Valley Company is not
averse to continuation OF the compact
but imperstively demands IN expansion Of
its quota. Unless this is yielded the CO..
partnership goes to the 'bow-wows." The tonnage
of the several companies for the past year ia pub
lshed to-day and while 1t appears that the majority
show decrease. the two Deawares show in.
crease Hence there has arisen wrangle and snarl
to the why and wherefore. and the happy fam.
lily Of coal carriers is further disturbed thereby.
Pacific Mail broke down two per cent to-day appa
rcntly from it's own weight. Twenty per cent pei
annuIn Of and tear attaches necessarily to
steamship company death and taxes to a million.
nare and 1t does not appear that this corporation il
likely to escape the penalty which is inseparable
from this sort Of property unless its business be Of
the most successful description Gold lowered about
1901. The Gould consprators renewed their buy.
ing and IL is estimated that they have far secured
from 900 to O0O The interesting ques-
ton to what they will do with II will be best an
swered when they attempt to sell out.
The opening. highest, lowest and closing prices OF
stocks and gold to-day at the New York Stock Ex.
change follows:-