The New York herald., 1878-01-11
FINANCIAL AND COMMERCIAL.
The Stock Market Feverish,
but Strong.
GOLD 1O2 la A 1O2 5-8.
Government Bonds Firm, States Steady and
Railroads Higher.
Money on Call Easy at 9 a z
Per Cent.
WALL STREET.

THURSDAY, Jan. 10--6P. MI
1t is the custom Of all well regulated families to
get their washing out of tho way early In the week
not with the heads Of the Stock Exchange, who.
in tho present instance at least, havo put II off until
nearly the end. They made up for lost time, how
ever, to-day, by assiduous attention to their lava.
torial duties, and supplemented the by extra
turn to the mangle which forced prices up
toward tho end In word. tho business Of to-day
has been tho offspring Of crossed orders there being
outside influence In the shape OF either facts or
fubles brought to bear upon prices while the Rumor
Committee, exhausted by their efforts Of yesterday,
were apparently incapable OF any Inventions
The tally OF tho work done, far as the prominent
fancies concerned, was TO advance prices
at the opening dcprcss them at midday and
restore the equilibrium during the closing hour.
The most noticeable changes were in Lake Shore,
which moved from 62h TO 63ta and back again to 62s
nj the end, and in Central and HUDSON, which, from
lO794, fell of to lo7 which tho opening price,
while tho Wisconsin wabbled irregularly within
limits OF per cent with the St. Paul preferred stock
selling ex-dividend OF ~ per cent after two O'Clock.
For most of tho day the Two Dsawares exhibited
marked strength gaining at one timc about per
cent but ultimately losing nearly half OF the advance
The impression prevails that something In the shape
Of an agreement will be yet cooked up out Of the
mixed ingredients, though 1t is not likely to result in
d
present resembles somewhat the modus operandi Of
a donation party, by which each Of the companies In
ierested is expected to give one-sxth of it's alot
ment as a sop to the Lehgh Valley Cerberus.
The additions the science Of finance intro
duceo by Messrs Meter and Bonner. beginning to
attract the attention OF money borrowers as to the
nature and degree OF security which attaches TO their
coliaterais when in thu hsnds OF money lenders. A
prominent firm upon 'Changc has obtained tho opn-
OF counsel the matter aud we print the salient
points for the benefit Of Interested partes-to wit,
tho duty of the pledgce to exercise due and
diligence in guarding the property conlded to him.
Lut beyond this no Is probably not responsble that
is say that in OF safe being broken open by
burglars and the hypothecated securities carried Off
the PLEDGE would not be obliged to return the same
but the ary would have legal claim against
the pledger Tor the sum OF money loaned to him.
The suits against inc Ocean Bank for the recovery
OF coliatorals stolen by burglars were, some
cases, held by tho Court 10 DO without
ground Of action, and ruling made In
with the above principles 10 guard against this dam
ger as we'll that OF rchypothccation, the firm IN
question will hereafter require receipt tor tho prop
erty pledged by which the oancr engages to hold til
colaerals at "his risk" the "same TO tho
borrower at the expiration OF tho contract While this
device may desired protection 1t is pain
fully suggestive OF the lower standard OF integrity
which marks the steps OF modern finance, while II at
the same timo shows In untavorable contrast with the
ways OF the good old times, when the word OF a man
Gu 'Chauge was good his bond, and the bost OF
security Was a word OF honor.
PRICES.
The opening prices OF stocks to-day were as fol-
lows:-Now York Central, 107A Harlem, 14lis Erie,
81; Lake Shore, GA; Wabash, 16,4; Northwestern,
G6sa, do. preferred 63h; Rock Island, 9o5s; Mil
waukee ana ST. Paul, IS; do. preferred 7S&; Pitts
burg 70; Delaware, Lackawanna and Western, 49k !;
New Jersey Central, 15It; Delaware and Hudson
Canal, As; Morris and Essex, IA; Michigan Central.
6lA Illinois Central, ~ Union Pacific, 6S1S; G., G.
and / c. 3I Hannibal and st. Joseph preferred,
AZ; OHIO and Mississippi 81; Western Union, 771s;
Pacific Mail, 2214.
CLOSING ovOr ATIOys