The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-15
The Stock Market Dull, but
Higher.
GOLD JOB 1-S A 1O2 rs.
Government Bonds Higher, States Lower
and Railroads Quiet
MONEY ON CALL EASY AT S A 6 PER CENT
WALL STREET.

L Speculation, which for the most OF yesterday ran
Oearward, suddenly, aud with good deal OF deter-
,nination, Topped over to the bull side this morning.
ne small traders, who HAD been busy spattering
values with the mud OF dsparagement were quite as
busy to-day in cleaning away the stain with the
pouge OF laudation Their attention particularly
addressed to Lake Shore, being susceptible
treatment, while tho modus operandi conducted
under what is known in tho patois the street as
'bob-tail" pool For tho benefit Of tho un ,nitiated
y Il may be explained that this term has reference
combination made up the spur OF
he moment participated in by limited num-
Der and intended TO be OF brief duration
Its derivation is, however not clear, but possibly
owes its origin to iancied analogy between the
pity Of It's existence and the fate of tho ailess but
stored bull whose misfortunes in ''6y tme' as
familiar IN the mouth as household words The con-
ception and application OF the movement this M orn-
ing was particularly happy very consderab Bile
short interest existed among the small Try, who
cumb 10 very few turns OF the screw, and there
collateral circumstances which favored advance
day as strongly ycste; days events favored decline
Among these was an idea that Messrs Chase 4
Atkins, who are to certain extent financial agents
OF Lake Shore in this city, large buyers of the
Estock, and by implication it was conceived that Mr.
auderblt, who sold the other day for investment
ght be buying back lor investment, ana the prices
opening figures Next came a statement Of increased
receipts OF gram at Chicago and Milwaukee. which
timated better business for the railroads. and with
reports that the country roads at the West dry
irg rapidly under the unexampled fine weather. To
CAP the climax there was cabed or pretended to be
ca.led, despatch 10 the effect that Lord Derby
Withdrawn the British Consul from Erzeroum, and
that the act regarded by the Turks FORE
Bhadowing a British declaration OF war against
IT,. ot.,IIo
IN ambassadoral mountain when tho FIRST report was
l.aended so to read "Britsh MInister' for "Con.
sui" and sConstantinope" for ''Erzeroum.' The
shorts TOO busy getting out OF the scrape they
In and the longs too knowing to expose the alb
surdity OF q report which working to their ad-
bvsntaae, the market mounted step by stop
Until the highest prices of tho day made. II
ucedless say that among well informed people no
sredence whatever givon to the story $50 far
Is suggestive OF hostile intention the part OF Eng
iand) aud the whole matter is dismissed beng at
snce irregular and undplomatic- Wnilo the .bob-
hail" pooers busy with Lake Shore the bow
window people adhered rigidy 10 their bearish
tpinons, not "scaring worth cent? of our fathers,
. but sticking manfuy to the prognostications OF 2
er cent dividend and future decline of the stock
10. Central and Hudson remained strong in view
pf the closing OF the books tomorrow previous to
The per cent dividend, and Wabash las an example
Of descent from the sublime 10 tho ridiculous)
became weak because per cent dividend Is TO be
paid from stockholders pockets INTO the company
Instead OF out Of II. This is due
January /, and completes the assessment
up TO $40 per share. The grangers were dealt in
moderately, but to advancing figures, in sympathy
with Lake Shore and Western Union, after declining
airacon under the old story (which seemed TO have
been orgotten) OF the formation OF rival company,
closed better than II had opened. At the end prices
were all somewhat lower the Lake Shore pool having
sold freely Of the stock between tho points OF 60 and
59X, there being nevertheless gam q ono point
upon the opening figures
The opening prices to-day were as follows:-Gol old,
1885,; Western Union, II; Lake Shore. 5sai; New
York Central, 1o7; Michigan Central, 56k; Rock
Island, l01; Delaware, Lackawanna aud Western,
49k; Delaware and Hudson, SOY; Hannibal and St.
Joseph preferred. &c; ST Paul. 35x; do. preferred,
71L; Northwestern. 3I1s do. preferred, 65A; Pacific
Nail, 2lil ohios So; WABASH, Ii ST Louis N, ~;
DO preferred, 221; New Jersey Central, l3h.
CLOSING QUOTATIONS..