New-York tribune., 1878-03-01

changes laG clOSeU. Inere1Ore III was
upon to-days markets What the effect may be
tomorrow depends too much upon the action of
interested spectators to make it safe to hazard
a prediction. But beyond Tomorrow there will be
other days. new element of disturbance has been
injected into the commercial and financial situation.
The value of the dollar unit las not only been
changed, but it has been converted into an ever
fuctuating standard, when compared with the
standards of the countries with which the United
States hold the most intimate commercial and
financial relations. The price of sterling
change will be regulated by the price Of silver
III the London market, which may he manipulated
at all times by syndicate of foreign bankers.
When orr producers are shipping their cotton and
grain. thus making exchange, it may be expected
that silver in London will be high. When our
merchants are buying exchange with which to pay
for their mportatiOns, silver in London Will be heavy
and slow of sale. The bill has been considered by
some persons imitation measure. 1t probably VIII
be found quite as difficult hereafter to procure
412lo grains of silver with zone dollar" stamped
upon 1t, az heretofore it has been to procure that
quantity of silver without the stamp. These few
remarks are made without reference to what may
be the immediate effect of possibly large and
rapid return from abroad of all kinds of American
securities.
With still further improvement i'll the amount
OF reported transactions in the stock market there
is positively nothing new to relate. The principal
feature of the day was the comparatively large trad
ing and the frequent fluctuations IN Morris and
Essex stock. The opening price coli the lowest
G73s and the last G72i. As there alwavs must be
some cause for an exceptional movement OF
tins kind, the idea started that it was
proposed to reduce the dividend guaranteed
by the Delaware, Lackawanna and Western Com
pany 10 or ! per cent. But ~ the lease of the
Morris and Essex to the D., l.. and ". Company was
specially ratified by Legislative enactment nothing
of the kind can be done without the consent of the
lessor For the Delaware. Lackawauua and Western
Company TO propose such a thing upon the ground
that il cannot comply with the present terms oi the
lease, would he al admission of Insolvency. Whch
would render its Own stock worthless.
Another feature of the market was the continG-
ance Of the sustaining of Delaware and Hudson at
1864 when it was evident that much greater
quantity of stock could be purchased if the price
were permitted TO sympathze with that Of the other
coal stocks Delaware, Lackawanna and West
ern sold at 41a47lsaf6a47. and Central
Of New-JcIsey at 15'2Q155s. The dealings
in Lake Shore exhibited nothing Of interest
except a determined resistance to break
below I'll. although in an unguarded moment the
price touched G03i Michigan Central sold 400
at 593l, Eric at Sls. and Central and Hudson a.
10l3ia1ui1s. The Western stocks We're luctuailug
and irregular, Chicago, Darlington, AID QuiIcy
G7ll, Rock Island az 9Hii gs34a99. {. {. {.
ana Indianapolis at 2S2ia27ai a2sa.. Illinois
Ceutral 1T 7;il. a. 7:;ts, Hannibal and st. Joseph
preferred at 81 %, ANA IIttsbuTg A. 6IaG6.
The Northwestern ana -. Paul stocks fuciuatcd
WITHIN narrow range, but closed the best prices
oi the day. probably because tile receipts at wheat
al Chicago and Milwaukee 10 day were unusslly
light. Western Union frHcT light hu>-
ness NJ - G7Gli and the express stocks not
rs stiff III price of late The market closed
feyeTish and unsettled.