The New York herald., 1879-08-27
FINANCIAL And COMMERCIAL.
Stocks Dull and Prices
Lower.
M 0 N e Y FIRM AT Z.
Dull anC
Lower.
Governments lnastive---State Bonds Neglected--r
Railroads "Ragged"
WALL STREET.

+. M.
'Afoney makes the mare co." says the adage and
everybody knows that money makes the stock mar.
ket go also and that any check to free supply Of
the ready is fatal to financial progress it is
to an equine one. OF the truth of this there was
plentiful proof in the heaviness of to-day's stock
list Almost without exception the rate for call loans
has ranged ut per cent and stocks which in early
hours were inclined to offer bold front to any
bearish influence forced to yield later to the
malign pressure of pinch in money. Even allow
ing that there is strong currency current setting
westward which is indispensable for crop
floating purposes, it will not be denied
that great reservoir OF capital Is still
left undrawn upon in this financial centre.
Why the rate for accommodation should have been
SO sharp to-day is therefore. unaccounable unless
reason sought for in the strong probability that
artificial had recourse to to make it so.
Indeed there was than one straw floating about
the market which showed that the wind blew in
this direction. At least one house which has been
free lender shut of its supplies to-day, although 1t
heavy seller OF stocks. and must have conse-
quently been sin funds to o more than ordinary
extent. Furthermore, 1t Is stated that check was
drawn upon a prominent bank for $1,300.000 and
that the voucher duly certified. is reposng at this
writing the vaults Of safe deposit company. The
active demand for money. partly real and partly
artificial, was thoroughly sufficient to snub
any rising tendency which the stock market had IN
inclination TO exhibit and which it did exhibit at the
opening Of BUSINESS consequently there ensued
general decline which lasted to the end and finished
up prices at about the lowest figures of the day.
There is still considerable gossip about the increase
in the st. Paul earnings. and an inclination is mani
tested to discover about how many miles of road 1t
has taken to produce them. The following memo
randa which are obtained from source deemed
entirely reliable, may prove of interest:-Up to
August, 1878, the st. Paul road consisted Of 148l
miles Of rail- Since then 531 miles have been added.
the addition consisting Of Lacrosse extension,
40 miles; Iowa and Dakota. 123 miles; Hastings
and Dakota. 50 miles, Wabash SO miles. and Western
Union 2l3 miles. making the entire property under
control the st. Paul company equal to 2012 miles
Of road. No denial has been made by the company
that portion Of tho published earnings has been
derived from these new sources. Among the secure
ties which q revival in speculation has recently
brought into prominence is the Frankfort and
Kokoma Railroad. 1t is small enough to put in ones
pocket. being only twenty miles long, but is nons
the less valuable that reason judging by the fol-
lowing data respecting t:-The capital stock consists
of $4,000 shares at $50 EACH There 100000 Of
first mortgage bonds at per cent. upon which
the interest has always been faithfully pad.
There is no floating debt whatever. The road has
earned, has on hand and will pay dividend Of 11<
per cent on the stock October l. and will follow
the same up by further quarterly payments. Ar
rangements are completed, and will soon be made
public which it is expected will ada threefold to the
present earnings. The net earnings for the seven
months ending July 81 were $12.2s9 as against
S7,1G2 for the same period Of last year.
The extreme fluctuations for the day in leading
shares are shown in the following table of prces:-