The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-04

FINANCIAL and COMMERCIAL.
The Stock Market Active
and Weak.
Another Serious Decline
in Prices.
GOLD l07 l-S A LOG 7-8 A lO7.
Government and Railroad Bonds
Firm.
Money on Call Easy at 2 a
2 1-2 Per Cent.


THURSDAY. May 80 r. "
The stock market appears 10 nave toppled over
Like the vautng ambition" which tho poe. sings Of
It has o'erleaped itself and 'sfaen tho other sds'
videiice the bear side.
Tho strain Of over stimulated market was too
much for IT, and prices broke under the tension. Par
siay because the string long bow drawn Dy tho
show window" party. snapped when II discovered
that they had humbugged the street about going long
Of the market, and partially because the buyers OF
stocks had been snufed out with tho bears thereof
With shorts covered and public absent became
Of zen nth,Io aihI it, " and that Is about what the
bulls mado out OF their efforts to-day The long party
In endeavoring do too much risk the mputaton OF
having done too little though they may point back to
the fact that prices essentially higher than they
days since, and that the reaction is natural
result OF realization And this il what It appears to be-.
The market has every disposition to thrive under ju-
dicious treatment II will tako stocks moderately
retain Thorn, bnt ike the bsbo OF the dramatist,
"mewling and pukng in the nurses arms, It's stomach
turns at over dose.
II so turned this morning at the offer OF stocks
than had appetite for, and the refusal abb
Sorb them suffered decline which extended from the
egg to the apple Of the DAY and from the A TO the
lizard Of the list Nevertheless tho decline was not
very serious one the chief changes being Ia the coal
stocks, Western Union and Lake Shore Nothing par
ticular urged against any OF them, though there
loose talk concerning decision In The
adverse TO the Western Union Company in tho matter
pf the Automatic suit with the rival line and
,ome effort to mako bear capital out OF
The Lake Shore report. Tho simple truth Of
me matter is that prices were whirled up
ant they had their balance, and tho bears being
wiped there counter balance In the market
to restore It. II by means follows, however, that
prices again to SINK back into q slough OF despond
There is no rising market without us set back any
than there royal road TO learning Tho sport
ing gardener cries Ware thorns when you finger his
roses. and you can't pluck General Jacqueminot
without taking the chances Of scratch. Nor can you
acquire hundred shares Of stock without equal
chance but In the present depressed state Of things
and the hopeful future before the risk TO be
q promising In this connection call attention
70 a despatch from Washington as to the amount OF
Exports and imports for the nine months end
ug March 81. The imports OF gold and sil-
yer exceed exports by $63Sl.307 our
exports Of merchandise exceed our imports by
tl65, 230.S52 The gross imports Of precious metals
have been at least three times the amount stated
above. from England alone. during the period named
and the difference may be placed to the account OF
dcmptions OF government bonds railroad bonds and
stocks aud miscellaneous securities, with the result Of
i've and one quarter millions In our favor.
favor and the benefits which assuredly will grow
Of a European war, should such evcntuate II is not
unreasonable to anticipate an improved condition Of
thogs which will be reflected not only In the channels
OF trade. but upon the stock market ITSELF
THE SALES TO-DAY.
The sales OF active stocks to-day aggregated 2o 900
shares, which distributed as follows:-New YORK
Central 8,O47; Harlem, ITO; Erie, s00 Lake Shore,
es21o; Wabash, 100; Northwestern. $50; do Preferred
1850: Rock Island. 400; Fort Wayne, ITO; Milwau
koe and St Paul 0oO do preferred. l225o; Pttsburg.
22O; Delaware Lackawanna and Western, A. sos; New
Jersey Central 1885, Delaware and Hudson Canal $500;
Morris and Essex, 4soo Michigan Central s.7oo: I'M
nos Central 625 Union Pacific 100; hannibal and st.
Joseph, 1100 do preferred, 500; Ohio and Mississippi
200; Panama. $50; Western Union, 64e2o; Atlantic
and Pacific Telegraph, 100; Pacific Mail, 6.24o
OPENING, HIGHEST AND LOWEST.
The following table shows the opening. highest and