The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-04
FINANCIAL AND COMMERCIAL.
The Stock Market More Ac-
tvs and Steady.
GOLD lO2 Sd A 1O2 SO.
Government Bonds Fcverish, States Dull and
Railroads Strong
MONEY ON CALL 7 PER CENT.
WALL STREET,

THURSDAY, Jan. 3--6 L. n.
II the stock market is anordIng niggardly living
ITO brokers the way OF commissions II at least
plexes well surprises everybody by tho strength
which 1t exhibits. The proverbia tlmdity which ia
supposed to be characteristic OF the lower animals
seems no longer the composition OF Stock
Exchange bulls, judging by the equanimity with
which they have received the occurrence OF financial
fraud disaster rlfe during the last thirty days.
Ordinarily these events would have been followed by
stampede and panic; at present they rather in
cite The bulls to fresh efforts One thing al least is
clear, that thore is latent power OF prodgious
strength which supports the market against all
assaults, and by advancing prices shows its capa-
by of returning blows with interest This
force may DO exerted with possibility
Of choice than fell lot of the unfortunate Hob
son. and may be as unpleasant burden TO bear
Old Man OF the Sea to Sinbad tho Sailor, but
II borne nevertheless to the satisfaction OF those
who hold stocks upon margins and possibly 10 the
prevention widespread disaster Although but
faint attempt was made 10 advance prices Today and
d very successful that, still the market may
be quoted as extraordinarily firm This quality
particularly conspicuous in Lake Shore and the Vest
shares, the friends Of these properties arguing,
that the cold weather has SGT In, movement
VIII be given to cereals and produce. They further
that, consequence OF the mud embargo at
That the financial Of Western ctics will
not admit OF the handling of interest
relief only DO found by shipments TO the
board tho railroads In question. The highest
prices to-day shortly after meridian, and
held firm and inactive until late in the afternoon,
whom new element appeared, which created u weak
scarcely warranted by the importance OF the
event itself This was simply closing out ''under
the rule" by order OF Messrs Beden & Co., OF several
hundred shares of various stocks which had been
hypo,hecated with them by John Bonner L. Co. The
matter of consequence in ITSELF but
theless served to breed a timldty strong enough
to lower prices from 4 to x per cent and to
close tho market ieverishly and the lowest
quotations Of tho day. II anything there was
moro excitement in the money market than In
the share Market from the unusual demand and the
difficulty OF obtaining mmodaton other than
stringent rates. Nothing was done under per cent,
but active business transacted at 1882 ana in
terost about 10 per cent per Distrust aris
ing out of the recent frauds, shifting OF loans on
of Messrs. Meter and Bonner's financial lido
syncraccs, and That perennial upas tree, tho Usury
law, did the business The daily dsbursemen ts how
ever by banks and other institutions. will be felt
upon the Market ana, with the return OF currency
from tho West and South, relief must soon follow
PRICES
Tho opening prices Of stocks at the Board to day
werc:-Gold, 1o2X; Western Union, 7ss; Lake
Shore 6lss; New York Central, log; Rock Island,
lOOh; Michigan Central so; Delaware, Lackuwanna
and Western, i9N Delaware and Hudson, SO; Morris
and Essex, 10; ST. Paul. a6A Northwestern, s5A;
Northwestern preferred, OK Pacific ALL 22%; Erie
So; Wabash, IA Union Pacific 65; PIttsburg. 774;
Kansas Pacific, IN; Chicago, Burlington and Quincy,
1o2h; Ontario Mining Company, 3o1S
QUOTATIONS.