The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-07-19
The Stock Market Heavy
and Lower.
GOLD WEAK AT lO5 3-s A los l-2.
Government Bonds Generally Lower
Railroad Bonds Firm

WALL srsxxr,

d
WEDNESDAY, July ls--6 r. ~
Small spectators who tako their big
onos. endcavor TO do So find it hard work Just
TO got ''hang' Of the market Tho strength OF
day reapses into weakness the next and
itself the third II Is easy to DO wrong to be
rightapd easier Hence there very great eager
ness 20 operate just now, and transactions run slim
and trade lansushes AS happens upon
sions OF duncss aud doubt the popular Interrogation
OF ''what do you think OF them ?" constantly put
such reference Is made to the stocks which constitute
the market and not to the constructors, from whom
little information be cxpoctcd-of whom little
good gan be said. An answer may be returned, how
over not necessarily satisfactory to both bull and
bear Tor that entails imposslbty, but acceptable
10 unbiased readers ireo from prejudice The
matter Is in a nutshell, and not an overgrown
at that The bow window bears, who had
figured many BASH bazouks IN raiding the coal
stocks anu bad retired with their plumber, thought
they saw opening for whrl the long sido OF the
market at the time camo Of immnent hostili-
ties between Russia and Turkey Acting upon this
idea they quickly covered their short lines coiled
up corresponding number OF long ones. Uniortu-
natoy for thor theory tho general European has
not taken place, nor does It seem likely to do so, aud
meantime they remain tied up with their stocks pretty
much as LAGOON was by the serpenls. Not with
much imminent danger, however, for with the exist
Ing cheapness OF money their shares carried with
put difficulty and the borrowing demand IS sufficiently
large TO absorb such floating stock may be held
In the shape OF loans. This latter fact however, is
apt to be misunderstood. Because stocks arc
readily borrowed it by no means implies consider
able interest On the contrary tho short Interest
has been reduced 70 the smallest proportions
and the desire TO lend is simply diminished by the
that the holdings OF the bull party have been lodged
coa,eras for loans aud that the low borrowing
render II undesirable disturb thom. The situation
thus be that the bulls acquired stocks
for which they obtain market, since their best
customers, the bears, have all been killed of, tho
public is myth and relief from an European war
problemacal. In their favor they have tho prospects
o! moro than average CROP increased railway
lngs natural result and temporary speculation in
cereals, which will promote shipments TO European
ports. Speculation to-day was sluggish with prices
rather tending ward aud bringing up tho close
about the lowest figures This particularly
noticeable In the 81 Paul and coal carrier
shares, the first weakening under q reported
decreaso Of earnings for the second wcck
Of July Of $6s,392 and the second by reason OF
another sale to DO held on Wednesday next by the
Delaware and Lackawanna Company 1856 900 tons Of
coal Tho Delaware and Hudson Company's directors
mot to-day, but Is stated adjourned without taking
any definite action In relation to the contemplated
$4,000 900 mortgage. The market wassalso adversely
Affected by reports prejudicial to Of the
city banks in connection with the st. Louis troubles
but they inquiry to have better basis than
mere street talk.
WI SALES
Tho transactions At the Stock Exchange to-day ag-
grcgaled 155 900 shares New York Central IL 825;
Ere, 500; Lake Shore, 26s00; Wabash, 500; North
western. $500; Northwestern preferred, l6 o0O Rock
Island, 900; Milwaukee and st. Paul. 800; Milwsu-
o.,1 Nat.
nwanna and Western, "a 900; New Jersey Central 400;
Delaware and Hudson Canal, 4,120; Morris Essex,
1900; Michigan Central 200; Illinois Central, 800
HIunEsr AND LOWEST PRICES