The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-31
FINANCIAL and COMMERCIAL.
a Duller Stock Market and
Lower Prices.
THE BOON" OF THE FUTURE.
To-Day's Decline Caused by Spectators Long
Of Shares and Short Of Money.
WALL STREET,


The hoist In yesterdays Stock Exchange prices
was followed by a considerable letdown to-day. II
the bulls had any notion of "vaulting ambition"
nrected toward making prices permanently strong
there was to be found pretty conclusive evidence
hat they had o'erleaped themselves in the retro
rrade movement which set in this morning. Before
meridian pretty much all Of yesterdays strength
had hzzled out. The whole list grew weak. shrunk
In values and closed at about the lowest prices Of
the day. For the most prominent stocks there may
be noted . fair average decline of from one to two
per cent. This the case with New Jersey
Central. Erie. Kansas and Texas. Lake Shore.
Michigan Central. c. G. and l. @. the two
Delswares. Western Union. Iron Mountain. and.
in . word, with pretty much every stock upon
the list that has any speculative prominence
In point of fact the prepayment OF tho government
interest, which it was supposed would ease the
money market has proved to be disappointment
Less than So 100000 called for yesterday. and
up to noon to-day the payments did not exceed
5000 600 additional. Why the balance amounting
to some 600 900. has not been called for when SO
great demand for money at stringent rates exists.
can only be accounted for by the presumption that
s'stringent rates. pay better to money lenders-who
sre government oreditors-than the cheap ones
which would ensue were the interest collected and
put In circulation. At any rate there was little OF
tho government money to be had to-day and very
little of that Of anybody else. Consequently the
price for loans close the day through. the rate
being strong at seven per cent, and occasionally az
high s2 and 116 cent and interest As we have
had occasion previously to remark holders of stocks
in default of more formidable obstacles. entertain
the same disaste for tight money market that his
Satanic majesty is reputed to have for holy water
and quick to escape from the embarrassing pre-
dicament Of being long Of shares and short Of
10 krrb
to-day upon this very account, and the decline
which ensued came o q matter Of course. There Is
every reason believe that these tful rsings and
fallinRs Is stock values will be of frequent
renee until permanent in money shall be
established shortly after the opening Of the new
year. Meanwhile, there Is no lessening Of belief in
the boom" Of the future. 1t would seem to be the
part of prudence. however. to avoid mistaking an
ephemera rise for tho real thing lest the prcsumpve
..boom should suddenly '.jibe" to tie serious
injury OF those who have taken passage the long
side Of the account. There was more life in
the Mining Board to-day. with higher prices
and greater transactions the rule Those were in
measure due revived animation in Great Eastern.
on reports of new body Of ore having been struck;
upon this the price advanced from 80 yesterday to
81 to-day. The following Is from Philadelphia
mr. William Euclid Young. old and esteemed
member of the Stock Exchange and Mr.. William
McGibbon of St. John. N. B.. we'll known in the
Dominion of Canada, have formed copartnerxrip
for the purpose OF dealing in all board and mining
securities strictly commission. The market
opened with full head of steam. and with IN aver
ago advance of half per cent but the boom was
of short duration. Prices generally receded during
the day under sales to realize. showing de-
cline from the highest prices OF about two
per cent The market closed steady but irregular"
The total sales at the Board 261 ,67O shares.
against SOC, 964 yesterday. Following ia an epitome
of the day transactions:-