The New York herald., 1879-03-28
FINANCIAL and COMMERCIAL.
The Stock Market Fairly Ac-
tive and Steady.
Government Bonds Firm, States Dull
end Railroads Higher.
Nonsy On Call 1-32 Of I Per Cent
Per Diem Per Cent
WALL.SrRExT,

THURSDAY, March T-6 p. NJ.
Between the conviction sedulously expressed by
Tho bears that future pinch In the money market
must inevitably occur and tho equally well founded
opinion of the bulls that pinch will occur at all
prices of stocks remained to-day in state of equi
brio similar to that ascribed in tho Koran to
Mohsmmed's coffin. which is populsrly sup
posed by good Moslems to float midway
between the heaven Of rise and the hades of fall.
In fractional way there more of rise than Of
fall to this mornings market, prices in most in
stances holding their own, and in the case of such
stocks as Northwestern common and Delaware and
Laekawanna even advancing. The rate for money
however 'srules tho roast in the Board room
IS thoroughly as did the turnspit rule
tina abaron of beef In medieval kitchens. and upon
the fact whether the demand for loanable funds is
overdone undardone depends the appetite of buy
sellers of stocks. Bulls were more hungry
than bears to-day for the simple that circum
stances favored cheaper money and acted like
chablis and oysters in whetting their appetite for
the long side of the account. These circumstances
derivablo partially from the recognition of the
fact that the apprehension of tight money has been
greatly exaggerated. but mainly from the assurances
conveyed in the following letter from Secretary Sher
man. received to-day
TREASURY DEPARTMENT. |
WASHINGTON. March 26, 1879.
JAMES GuFIIL.AN, Esq, Treasurer United States:-
S1n-As II is Desirable to make payment Of called
fbonds in the mode that viii least disturb the
ket, you will draw from the depository banks the
proceeds Of four per cent bonds only when re-
QUired to make payment OF called bonds and in pro-
portion from the several repositories to the
amounts held by them a. near as may be. in sums
Of $1,000.
Money In the Treasury received for four per cent
bonds should be applied to the payment Of called
bonds before such drafts made.
When practicable drafts upon depository banks,
for tra1afers deposits account of proceeds of
-four per cent bonds may be so drawn as to be pay
able, Ut the option OF the bank, through the New
York Clearing House.
Drafts on depository banks in cities other than
New York should be drawn q sufficient time In ad-
vance TO meet payments there
Payment by called bonds should be treated as
payment in money as OF the date when 1t would.
under the order be required. Very respectfully,
JOHN SHERMAN, Secretary.
With this expression Of q desire upon the part of
the Treasurer to keep money easy and the manifest
probable that any continued stringoncy is likely to
occur The stock market remained dull and strong.
but without interest comparative gain of SIS 900
is reported In Northwestern for the current week,
and Washington dispatches announce the passage
through the House committA Of che whole
OF the rider to the Army bill permitting railroads
to transact public telegraph busness. Az o matter
of fact the report Of earnings was moro powerful
than the report of the bi for although the North
Westerns went up Western Union refused to go down.
it decentiy should have done. under the adverse
Legislation.
The opening. highest lowest and closing prices OF
stocks st the New York stock Exchange to-day were
"A fbllova.-