The New York herald., 1879-10-09
FINANCIAL and COMMERCIAL.
Speculation in Erie Still
Rampant.
MONEY LENDS AT 4.
A Firm Market for Governments, Railway
Bonds Active and Irregular.
WALL STREET. /
WrDNFsnAy Oct Sc u. M.


From the quasi depression of yesterday afternoon
the stock market commenced to with the
opening of business and continued to convalesce
until late in the day. In sympathetic way the
market was inclined to be sick we'll with the hu
nors of Erie when this avorite stock went the
rest of the list went up. and when it went down the
remainder OF the list went down also. In word.
the speculation in Erie to great degree determined
the general course of prices. 1t was feverish
speculation. however. at the best. and there was
sort of financial malariaism pervading the market.
which was suggestive OF "shakes" the day through.
From yesterdays close at 80 the price of Erie
mounted to 403S at midday and fell Off to
3Sk at the close. There wcrc good buyers by
the Germans at top prices (probably instigated by
the opportunity afforded to make turns" upon the
London prices and better sellers by the natives who
were inclined to turn paper profits into bank bal
ances. As it happened. the latter had the best of it,
with the result of depressing the stock to the
closing price of 3S3s. which the lowest of tho
day. There spectators ready to affirm that Mr.
Vanderbilt was himself seller. and there others
(who would fly into the face of Providence for
Bideration) that affirm that Mr.. Vanderbilt. beyond
having simple gambling "shy" at tho stock, has
had no interest in it at al AS secret. no stock
movement has been better kept than this Erie one.
Mr.. Vanderbilt, Mr.. Gould and the ''Loi poloi' Of
lesser spectators have each by turns been credited
with tho movement and at the present moment
nobody has any real information to what it
means to who the instigators OF it. "A re-
port published days since intimating that Mr..
Jewett of the Eric road would resign his presidency
in exchange for similar position in Western
Union-his former position to be occupied by
representative Of the Vanderbilt interest-gained
strength to-day by tho election Of the gentleman to
the Board of Western Union Directors. This body
met this morning. elected Mr.. Jewett director and
made a report of their business up to the 3Oth Of
June. For the year to this date they show surplus
OF $1.5OOoOO above all requirements for dividends.
interest and sinking fund. OF this sum $500. 900
added to the cash surplus at the commencement Of
created by the purchase of new properties ana the
Atlantic ana Pacific Telegraph stock. Tho net busi-
for the year. however, left about $3.50 surplus
In the treasury The statement is unquostionably
good one, but its publication faied to influence the
market price of the stock. Well informed traders,
SUCH at least. think they hold the key to the
combination" were exceedingly chirpy this morn
ing under the belief that an agreement among the
coal companies would be formed. Mr.. Packer is said
to have received the of his shippers and his
signature is expected to follow. Upon this report
the two Delawares and New Jersey Central were
active and higher and might have remained SO had
not the decline in Erie thrown cold water upon them
it did upon the rest Of the market. Mr.. Goulds
Kansas stocks were strong and higher and SO wore
the Northwesterns, in which o pool has been
formed. The rest OF the market watched Erie aud
took its cue to be strong weak from the move
ments of tho favorte. In the Mining Board specu-
lation was directed toward the Gold Placer prop
srty. which was largely dealt in at higher figures.
The following is an epitome of the days busi-