The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-01
The Stock Market Dull. but
Strong.
GOLD lO2 1-8 A 1Ol 7-S.
Government Bonds Lower, States Weaker and
Railroads Irregular.
Money on Call Easy at 8 a g
a 4 Per Gent.
WALL STREET, I

THURSDAY, Jan. 31-6P. M
The railroad managers having passed between them
the kiss OF peace participated In love least and
orally reconstructed themselves into happy family.
have adjourned until ircsh chickering's break out and
the whole comedy has to be played over again.
The entire matter OF combinations monopolies
trades call them by what you will
Is entirely antagonstio to The age in which live,
radically opposed TO the fundamental law OF demand
supply, and usually Intellectual at forcing prices
(which tho root Of the whole business that the re
Quent attempts form them regarded by the pub
lie waste Of Just much valuable time aud labor.
The history Of trades unions. Whenever these
cet,es have attempted to interfere with the law of
demand and supply has been history or disappoint-
ment and disaster, and whom the
has been pursued by such upper crust
institutions the railways. the coal
panies and the Stock Exchange. the result mas
boon the Yet the. effort to arthciay control
the memorable laws of trade still continues the coal
companies have patched up alliance, the railroads.
in the matter OF rate cutting have promised never,
never TO do SO any more-or in any event not until
timc-and the Stock Exchange has simply
passed its business over to outside parties who
willing 10 work cheaper. and is gradually drying up
into desccatcd, amorphous and altogether useless
FOSSIL Although spectators quito alivo 10 the
fact that treaties broken they are still
uew and it was probably for this that up
ward turn gwen the railroad speculation this
morning. The re-ostablishment OF the railroad CON-
bnaton Is regarded good tor the time being; 1t is
as tight as pair OF new boots now, but will 1t
and remain proof to moisture when it has to
the competing waters Of lakes and canals in
the spring? Nevertheless brokers. trading upon
the precept that sufficient for the day Is the
evil thereof (and generally good deal moro sou
brisk bidders Tor Lake Shore and the Western stocks
with the result of advancing figures from u per
cent The highest prices wero reached, however,
early in the day, and during the afternoon hours dull
prevailed with fractional tho close
Sopc foreign "cablos'' Of highly spicod stockjob-
bng flavor were used to stimulate the and gold
markets; but thoy were found too shot i the mouth'
10 be easily swallowed, particularly the action OF
the Bank Of England reducing the rate of interest
to per cent and the irmness Of consos were
directly contradictory. On the other hand, re.
ceIpts OF grain az tho lake ports are con-
sderabiy less to-day, and tho report comes
that the Of tho Silver bill having penetrated
the agricultural solitudes OF the West the farmers
are holding back thoir crops for the high prices
which they expect to obtain when the measure be-
comes a law. Although the coal shares were not
especially affected by any OF these things they bene-
fted by being in such gcnseel society Lake Shore
and the grangers. and improved accordingly, with
moderate amount Of business. In fact, everything
connected with tho days business was moderate
transactions, fluctuations, points profits There
theeusua amount Of piping, but lew 10 dance
since the major part of board have already
wallzed from the pureus of the Stock Exchange into
the hosptable OF the bucket shoppers.
PRICES
The opening prices OF stocks at the Board to-day
were follows New York Central, 1859; Erie,
9M; Lake Shore, 6l56: Wabash, 16k; Northwestern,
351s; 40. preferred, 81; Rock Island, 995s; Mwau.
and ST. Paul, 37a<; do preferred 6Sx Pittsburg
70; Delaware. Lackawanna and Western, 50a; New
Jersey Central, 1914; Delaware and Hudson, 49k;
Morris and Essex, 7424; Michigan Central ca Illinois
Central. rs; Union Pacific, 67N; Hannibal and ST
Joseph preferred U.s. ONO and Mississippi, 7k West
ern Union, TN Pacific Mail, 20; Chicago Burling-
ton and Quincy, 1885