The New York herald., 1879-09-20
FINANCIAL and COMMERCIAL.
Stock Market
Booming.
EVERYTHING GOING UP.
Governments Strong-Railway Bonds Ac-
tive and Higher
WALL STREET,
FRIDAY, Sept. 1876 2. N.

FRIDAY, Sept. 1876 p. MI
The stock market. which was no better than SIM
mering one ut the opening and even betrayed some
thing of disposition to cool off. brought mp 10
the boiling point before the day closed If the very
top-no:ch Of prices not held up to the end
the improvement Of the day nearly secured
that any fractional set proved of minor impor
tance In the matter of figures there was hardly
stock upon the list that did not beneft by some
degree of fattening up during the day. The amount
OF improvement was, however, very irregular.
Although fractionally better. there was nothing
startling about the rise in the grangers. albeit the
Osborn party were large buyers Of Northwest. and
the friends of the st. Paul road who behind
the scenes. or think they were quiet takers Of
the stock at ruling prices. AS matter OF fact these
stocks were neglected, having been SO thoroughly
hacked to death during the last that speculation
is seeking out something fresher and more promis-
ing of profits. Among the latter the Houston and
Texas property flashed to-day upon the market
like memory of the past Few knew anything
good bad, about the road, and fewer cared to- It
sufficient to know that it had been placed upon
the market at 40 that it bounced up to ASK. that
1t sold at the close at about A and that every astute
operator who had bought in and sold out between
the opening and closing prices had made
money. As the property is likely to attain
some speculative prominence the following par
ticulars in regard to it may be of interest -
The capital stock amounts 722. .90O the funded
debt amounts to S14,586 500. There is land grant
to the company of 5.24OOoO acres, valued at 81 per
acre. The net earnings for the year ending April
30. 1S79-tho disposition Of which is not publicly
known-amounted to 81 326, ,906 OF. The best sup
ported stock in today's business Iron Mountain.
Opening at 40c.. it advanced with scarcely reac-
tion to Az. and then closed. 1t very evident
that there were some strong hands at the bellows
who to blow higher before they blow lower;
snd 1t is possible that some energy given to the
work by runors that tho earnings OF the road for
the third week In September would exceed those of
last year by something close to $4,000.
The various securities Of the Northern Pacific
road showed moderate improvement this morning.
We have authority for intimatng that Lord
Beaconsfeld is bull in the stock, but from his
recent speech. strongly recommending an enigra-
tion to the outlying Northwest provinces it quite
possible that he has taken quiet "hyer" IN some
Broad street Office. 1t has been in the air for
days past that movement might be expected in
Erie. The impression might have grown out Of the
foreknowledge OF what whispered to be fact
this afternoon-namely. that the Central and Hud
son Company had withdrawn its litgious opposition
to Eries use OF the Hoosac tunnel. AS fair way to
Boston and its environs would thus be permitted
and the Albany and Susquehanna line would neces-
The fact, if it be one, should result not only to
The advantage OF Erie, but to the Delaware and Hud
son Canal Company. which controls the Albany and
Busauehanna road. The coal stocks were again
moderately higher to-day. New Jersey Central was
bought by the same operator that gave the swing to
It yesterday. and Delaware aud Lackawanna by par
lies Of old show window" proclivlties, who beheve
In rise. and by numerous shorts who disap-
pointed that the stock does not fall Meanwhile the
company announce sale OF 100 900 tons of coal for
Wednesday next Business to-day was of the most
active description. II the market not intoxi-
Gated good many of the conservative sort un-
der the impression that it had taken ga drop too
much" However greatly the signs of the times
warrant brisk and advancing market it is osslble
10 overdo things. 1t is hardly desirable that with
Ill the stocks weekly placed upon the list
should also nave to be made for company organ
ized to provide 'Strait Jackets for Insane Bulls"
Tho extreme fluctuations of the day in leading
shares shown in the following tablet