The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-10
The Stock Market Active
but Weak.
GOLD 100 l-S A 100 IA A 100 Is.
Government Bonds Dull, States Steady
and Railroads Lower.
Money on Call Easy at 2 1-2 a
8 1-2 Per Cent.
WALL STREET

The weather to-day being particularly congenia to
the habits of the familiar water fowl it highly
appropriate that the bearish element should proceed
to make ducks and brakes" of the money which
whilom credulous bulls had invested in the coal
stocks. This they did.by slashng at the anthracite
fancies after a manner that at one time created
difference of per cent in Delaware and Lackawanna
and of TX per cent in Morris and Essex between the
highest and lowest points of the day. At the close
the latter stock had recovered one-hah per cent,
while the Delaware fancy left in the IDOL
drums" of no recovery ut all. The main inter-
est of to-day's market impinged, as 1t were, upon
these two securities. In the early hours the
price of Delaware and Lackawanna advanced IL
per cent. while Morris and Essex declined about
the same amount; in later hours the tables were
turned-Delaware stock fell and Morris and Essex
There reasons for this see-sawing, which
we proceed briefly to give Reports were early in
circulation that the Delaware and Lsckawanna COM
pany taking legal to disembarrass thom
selves of the disastrous lease which they had made
with the Morris and Essex line. and which last year
had cost them in the shape Of dead loss the round
sum Of 81 250,000. The very anticipation Of such
release. at the cost of breach of contract.
brought in buyers and the price advanced Unfor-
tunatey for themselves these credulous spectators
lost sight Of the fact that the whole report
hash of an old story which was made to do yeoman
service some two years ago. About that time the
dtions of the lease referred to critically
smined by legal experts and the opinion arrived
at that the document having not only received the
consent of the two companies but the ratification Of the
Now Jersey Legislature was. so to speak, iron bound
and copper fastened and beyond any possibility of
rupture at the hands Of the Delaware company. If
we remember rightly legal opinions also given
at the time that the ten million mortgage being
launched that the lien Of the Morris and Essex road
upon the coal companies property held priority TO
the contemplated mortgage itself. and that the Nor
rs and Essex company could enter into possession of
The lessees road the conditions Of the lease failed
to be carried out. The memory Of operators being
brushed up to these particulars change Of opin-
Ion set In to the value Of both stocks and the day
ended with Morris and Essex recovering about
per cent Of its loss and Delaware and Lackawanna
selling at the lowest point Of the day. Railroad
shares less animated and changes in quotations
trivial. The Northwesterns were firmly held,
losing but fraction. although it reported that
the Exchange court athlete had given fresh exhibit
sion Of his pedestrian powers by skipping out Of
some ten twelve thousand shares. Lake Shore
ended where it began. though. from tho deal Of wash
ing done, traders in 1t must have left IL with clean
hands. Western Union lost one per cent and closed
weak. Spectators upon q two per cent divi-
dend beginning to think that they have reckoned
without their host or more correctly. without the
certainty OF any aid from the Executive Committee.
which meets Wednesday. AL hopes Of q cantclope
cutting for the present abandoned. Wabash
gained one per cent upon the days work. responsive
to the scheme which points to connection with the
Grand Trunk of Canada and through route to
Montreal and the rest Of the market remained with
out feature. Mr.. Secretary Sherman makes his
seventy fourth call for $5,000.000 Of hve-tYenty
bonds of 1865 coupons and registered. the interest
upon which March g. 1879; and other kilograms
from Washington notify that the currency tnkers
In Congress busly engaged in suggesting repairs
to the existing financial policy Of tho government by
The introduction Of new bills.
The opening highest, lowest and closing prices of
stocks and gold the New York Stock Exchange to-
foil