The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-10-16
The Stock Market Fairly Active
and Excited.
COLD 100 SIS A 100 IL A 100 IS A 100 IL.
Government Bonds Lower, States Dull
and Railroads Weak.
Money on Call Active at 3 a g
Per Cent.
WALL STREET,

TUESDAY, Oct. l5-6 ~
Ths active and excited market OF yesterday was
followed NJ the opening this morning By higher
prteea During the first half nour, however prices
fell or owing the depressing influence OF tho de-
spatcnes from London. At this juncture Msssrs.
Haar Co. letter to the Board stating their
inability their obligations, and large blocks OF
stecks werc bought sold from that time until the
cioss OF the market for their account The total
amount which had been dealt In 'under the ruie'
aggregated sec0 shares, OF which by TAR the greater
part bought In The failure caused good deal
OF excitement most OF the sales had been made by
small brokers, who had not givon up Haar Co. as
their principals, ana we're consequently 'stuck" Tor
the various losses 1t has often been subject tor
wonder how brokers' IN The noise and scufie OF Board
transactions and tho exceedingly loose manner OF an
nouncing their transactions aierward. are not more
often implicated in the failures OF their principals,
and there was general feeling this afternoon that
some change ought to ba made, so that some
memorandum or ticket should DO delivered Tor
acceptance before The close Of business. The
consequence Of this rather reckless way of
doing business very severely ielt to- day, for
numbers OF the No brokers sought to throw their
responsibility upon Belden Co., Tor whom Haar
had aons q large business. Mr.. Belden thereupon
wrote q letter TO the Stock Exchange-of which iuu
particulars will be found In another column-dis-
actions and stating that he had suffered by that
Arm TO . considerable amount As there was large
buying "unoer tho rule' stocks naturally
strengthened and general advance ensued, which
lasted until the demand satisfied, when the
market became weak and closed at nsary the lowest
prices OF the day. The decline enhanced by the
alarming nature OF the dispatches from Europe,
which report another large failure, panic In the
glasgow ket and heavy tall in prices in the
ParM Bourse. Tomorrow Is the fortnghtly settling
day on Change, and It Is feared that several firms
will be unable to tide There also rumors OF
difficulties the Manchester cotton market, and sim
lister reports prevalent to large financial In
st.tution here which just been invest-
gated by the Bank Examiners. Under these
eombined influences the market dropped quickly
the close, the principal sufferers being
Lake Shore Western Union, the granger and coal
stocks. Rumors again rife as TO disruption OF
the combination, but IL Is almost certain that
the meeting 10 BIO held will be harmonious
in their pact for the remainder OF the
prssent year Whether 1t will Inst until the LIST Of
April depends upon the Lchish folks and upon the
willingness OF The others to make concessions to
them Secretary Snerman's action yesterday con-
tinues TO depress god but foreign excha was ad
vanced Today above specie importing point, and
II 10 not unlikely the Bank OF England directors
will advance their rate again to meet any further
drain for New York account
stocks at New York Stock Exchange to-day were