The New York herald., 1877-07-24
The Stock Market Unset
tied and Lower.
GOLD STRONG AT lO5 81 A los IS.
Government Bonds Quiet t-Rail-
road Bonds Lower.
MONEY ON CALL 3 70 A 3 PER CENT.
WALL STREET,

II 10 almost needless to remark that prices upon the
stock boards to-day entirely governed, as were
transactions regulated, by the exciting topic OF the
railway riots AS may bc supposed, there was de-
cline IN the one case and considerable accession Of
volume in the other Yet in neither case did the dis
parity between this and ordinary days warrant the
apprehensions INDUCED in before the opening OF bust
ness The of prices may be briefly sketched as
follows:-
AT tho opening strong pressure to sell devcl-
oped, which for u time verged upon panic, and was
serious enough to carry values down from n to per
cent many OF the leading stocks having opened at "a
~ per cent below tho closing prices OF Saturday.
The chief damage was in Rock Island, tho Granger
stocks and in New York Central and Lake Shore,
and they suffered in the order named, though,
curiously enough, thero was news at
tbat time OF any disturbance along their lines Be-
lore noon had been rally and fresh decline
aud this state Of things like the Stock Exchange his
tory OF many past day, repeated itself moro than
prco until closing prices reached under rather
notable degrce OF Armness That the result had not
been general smash up and q fall Of 10 10 per
all around surprised some people, but there IS
s'divinity which shapes ends' even though they
be the contemplate Of stock gambling and to-day
II appeared In the recently constructed bull party,
which hold tho market In a strong grip despite the
weight which rested II is fortunate for the
their ways when they did and experienced conver-
sion policy and pef the long sde OF the account
before to-day's events or the story would have
had a different and calamitous telling As II
has turned out, their pluck saved the market
from dsastoE Thoir brethren Of the Philadelphia
Stock Exchange seemed TO have lacked this commenda
bic in toto for they turned their back In igno-
minous Of threatened DANGER by pulling down the
blinds OF their board room and literally shutting up
shop for the day. Consequently, we have nothing
but street quotations OF Pennsylvania Railroad which
dropped to 26 IS per share below Saturdays prices,
and subsequently, rallied to 274 further support to
the market grew OF the fact that with the tcgvcr
sation Of tho old and successful bear party all short
interest as power ceased. Such shorts remain
only tho unimportant diecta menlbro which sloughed
of the process OF transfer and have moro ability
TO soize upon the situation than have tho claws OF
sheddor crab. In fact, a combination therc exists
no such thing as a bear party. and the market was
sold down to-day by such stray auerras as had pluck
enough TO be predatory, and by the camp followers OF
tho bull organization, who took fright from ignorance
OF their leaders, intentions
In the afternoon prices stencd up and closed under
rally OF TO TX per cont from the lowest points.
This was messuraby duo to kilograms which
ported restoration Law and order In Pittsburg and
tho absence OF any fresh outbreak OF serious
ture.
It was further helped by reports that the Central
and Union Pacific had cancelled the per
reduction in wages lately made and that the Pan Han
die line had yielded tho demand Of the strikers.
II true this seems about the features Of
tho whole business for 1t virtually acknowledges tho
supremacy mob law the law OF the courts,
eedcs employers have right TO judge what is
proper to pay for labor, compels
sultation with their employees as to the
Httest manner and means of conducting their
business. and. worse than ALL offers premium for
further and frequent demonstrations on the part OF
the disaectod, whenever pay privileges are not 10
their mind TO show how tempting such state Of
things is likoly to be TO tho investment OF capital ro
qu,rcs no homly to bo preached In this column.
THE sALEs TODAY
The transactions at the Stock Exchange aggregated
19i, 965 sharcs:-- York Central 1850: Eric,
l,730; Lake Shore 4O15O; Wabash, 200; Northwest
orn, 1900; do preferred 1o625 Rock Island l., 200;
Fort Wayne, 1s0; Milwaukee and St Paul. 5,40O;
do preferred, 90 $50; Doawarc Lackawanna and West
ern 21, ,62O; New Jersey Central, 1,00o Delaware and
Hudson Canal, 34oO; Morris and Essex, 740O; Mchi-
gan Central, $780, Illinois Central, 500; Union Pa
cnc 10O Hannibal and St Joseph 800; do. preferred
500; Ohio ana Mississippi 100; Western Union,
80, 700; Pacific Mail, 1.6O0.
HIGHEST LOWEST.
The following were tho highest and lowest prices Of