The New York herald., 1878-03-01
The Stock Market More Ac-
tive and Weak.
GOLD l0l rs A 1Ol 3-4 A 1Ol rs.
Government Bonds Stronger. States Dull
and Railroads Higher.
HONEY ON CALL EASY AT "A PER CENT.
WALL STREET,

THURSDAY, FeO. Zo-o I. M.
II turns out that there more backbone In yes
terday's activity than most people gave credit for.
Business has for SO many weeks dragged along in a
parsytc shape that spectators have doubted whether
Il had any vertebra irmer than that Of an oyster;
conscqu entity the sudden showing OF spinal column
expressed by revival OF activity, has At graf
tied and bewildered them. Moreover, this newborn
activity continued to-day, and was particularly
noticeable In the prominent speculative stocks or
these Lake Shore and the anhracites were the most
Conspicuous Tor amount Of transactions, II not tor
changes Of values The first was bought and sold TO
. less extent than usual, but by tho samc parties ap
parently hereby suggesting soap and water), and ut
prices which did not vary materially from
the standard 81, which Dgures, IN that
they practically mark "hard pam" seem
10 be gifted magic attributes Tho second
arc moro perplexlng. There is an Inconsistency be-
tween tho market strength OF the coal shares and
their Intrinsic value; there Is good deal In the first
and nothing in inc second, or else Stock Exchange
opinion is at fault Both the Delawares held their
own to-day with commendabIo frmness; the Dela-
and Hudson property being held up by the POOL
who 10 day have resisted decline below 46S and the
Delaware and Lackawanna because an mmoderate
short Interest is producing the result The par
Rsitical Morris and Essex, however, was less happy
nnce 1t suffered iurthcr decline OF two per cent as
Tho result OF free tender of long stock In fact It
was tho weak stock in the market Spectators
re asking why, anu not getting very satisfactory re-
Jponses, are Obliged to put up with the rather
Wild street gossip that the Delaware and
Lackawanna concern, becoming nauseated with
Tho lease and the cntailed loss OF 5000. 900 to
10 $SoO,oOo per annum thereby engendered, are
lnxious to get rid OF the same. Supposing this to
be their intention, it is not easy to how this
lease bo effected In oil the ron-clad stpula-
lions with which the lease is known to be bound. A
recourse to receivership might loosen the chains
or foreclosure such part of the $4,000 ocO mort
gage as lin the Impressions of some peOple) Is now
held by friends OF the road Offset to the assump
ton of the floating debt, might disrupt the contract
altogether. In accounting for the decline Of hve per
cent In Morris and Essox during the past two days
street gossip has taken this shape and give it
part OF the history of the hour. Central and Hudson
presented another weak spot, though it was not
marked by large dimensions, while the Western
roads, the contrary, rather moro than held their
own and strong 10 moderate transactions.
PRICES.
The opening prces Of stocks at the Board to-day
were as follows:-New York Central, 104H; Harlem,
142; Erie, OK; Lake Shore, 61; Wabash, 15H; North
western 34x; do. preferred, 6lz; Rock Island 9S1s
Milwaukee and St. Paul, 37H; do preferred, 70;
Ptttsburg O.; Delaware, Lackawanna and Western,
At; New Jersey Central, 15H; Delaware and Hudson
Canal 46X; Morris and Essex, 69A; Michigan Gen.
trail 59%; Illinois Central, 73I Chicago, Burlington
apd Quincy, 99X; Chicago and Alton, 6Sk Hannibal
and St. Joseph 10; do. preferred 2ls4; ohio and Mis-
sissippL TX; Western Union, 70; Pacific Mail, 22%.
HIGHEST LOWEST.
Tho Following tho highest and lowest prices Of