The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-12
The Stock Market Active and
Irregular.
GOLD QUIET AT 100 IS.
Government Bonds Dull, States Steady
and Railroads Strong
Money on Call Easy at 8 a 8 1-2
Per Cent
WALL STREET,
WEDNESDAY, Dec. 1T p. M.


With Messrs. Beden 4 Co. giving orders to brokers
70 buy certain stocks and directing other brokers to
sell the properties it is not extraordinary that
the street should have regarded todays speculation
from Oriental point OF view. have accepted the
''washee washee war cry of the imported Chinaman
the true expression of todays market. Up to mid
day, or even later stocks advanced throughout the
list. Afterward Mr.. Gould sold to Mr. Belden, and
Mr.. Belden sold to Mr.. Gould. AS matter Of fact lin
Board room parlance there was nothing done so
far actual transfers between these parties went,
but matters made to look sufficiently alarming
to out of the more timid of holders. and
prices responded to the effect created by lower
range OF prices. Toward the close however
the holder bulls reasserted their authority and rally
established, particularly in the coal shares
which recovered prices and caused them to finish
with considerable frmr SIS. Although the fuctua-
tons Of the day may be principally ascribed to the
battedoor and shuttlecock business played by Gould
and his satellites. there certain circumstances
which legitimately affected the market. Among
these the bill introduced into and subsequently
reported to have been passed by the House prevent
ing all discrimination by common carriers and pro-
hibiting pooling Of freights." This bill is apparently
directed at the railroads and might the of it's
becoming q law become of Importance were it not
for the fact that all efforts Of the railroads them
selves in this direction have proved lamentable
failure, and that there is really nothing to
legislste about. A second topic of legitimate
importance lay in the action of the Western Union
Telegraph Company The Executive Committee met,
advised dividend to be declared Of 4 per cent and
adjourned. With this adjournment departed all
hopes of q two per cent declaration, which many
stockholders had held to- and all expectations of
carving of the melon which still entertained
by some. The statement Of the company's business
f,.% &c
with surplus the LIST Of October Of ss5s.ss1 81.
they add thereto in net earnings for October and No
vembcr. and for December, estimated. the sum Of
$1,014.795 49, Out of these joint sums the company
has paid 600 for the purchase of bonds Atlantic
and Pacific stock and other items and 1925. 1856
for the dividend leaving surplus of S254, 141 40.
or enough to pay u per cent additional and some
thing the outstanding stock. The actual net
profits for the previous quarter with the addition OF
the surplus hand LIST Of july s1,505.662 so.
The profits for the present quarter December esti-
matcd) adding surplus hand LIST OF October, will
or will not be ST. 40. the estimate for De-
ccmber should prove correct the current quarter will
show net increase OF earnings previous quar-
ter of 1857 V4 co. Apropos of this subject Of teleg
raphy, it was rumorcd in the street after Board
hours that bill would be introduced into Congress
permitting railroad companies which have private
lines Of their own to accept public business and
stituting them vast corporate telegraph company.
This Is apparently modification of the bill which
was before Congress last year and may amount to
something nothing. In the early part Of the day
the coal stocks surprisingly strong, later
they grew weak and few minutes before the close
rallied with a bounce. The only to be OBJ
tanned for the sudden recovery rested in the report
that the combination not dead had been
thought, and that there strong possibilities
of rcsuscitation.
The opening. highest lowest and closing prices Of
stocks and gold at the New York Stock Exchange to-