The New York herald., 1879-11-08
FINANCIAL and COMMERCIAL.
Stocks Continue Dull and
Heavy.
MONEY STILL STRINGENT
General Belief that the Loan Market
Is Manipulated.
WALL STREET. |


Ths stoch market TODAY has been comparatively
ouiet and neither In tho amount Of transactions
nor in the m after of fluctuations there ything
deserving of special notice. Money on call remained
as tight as ever and speculation succumoed TO the
pressure pretty much as does the inouensvec
to the tap of Captain Williams club. There was no
more reason why tho market should be dubbed by
tight money than the citizen should be dubbed
by the police official. but it was 80 nevertheless.
Pretty much everybody who asked for sccommoda-
tion early in the day the legal rates received
with bat upon the head and sent away Illuminated
When these mendicants penitently returned later
in the day and begged accommodation ut q
to u per cent and interest they were
received like Prodigal Sons and accommo-
dated with the best the market could afford.
In q word. money was stringent for the best part
of the day and only showed signs OF easing up ut
the Close when the rate fell OF to per cent.
As q matter of fact the real value OF money
on call loans has never yet exceeded per cent.
and in most instances borrowers OF prime credit
furnished with good securities. have sGpplied their
wants at this rate. Weaker brokers. however. who
gilt edged. either in the matter of credit or
collateral, but appeared borrowers with sort
of Dutch metal reputation. made to pay
shave that ranged anywhere between 1-32 and q
per cent As there were more OF the Dutch
metal than OF the gilt-edged borrowers wanting
accom- mediation the price OF money rose with
the demand. While the fair and square. real
and legitimate demand for capital warrants full
legal price for the of money it Is clear that any
rate beyond this is manufactured and artificial
That it has been made by certain speculative cap
italsts and by certain brokers' banks is the belief
of the street. The first have locked up money by
the process of holding back certified checks and the
second have given additional turn to the key by
demanding rates that are simply not usurous be-
some intermediate loan broker Is employed to
make the transaction at seven per cent and "a COM
mission" What disposition is made of the commits
sion nobody knows, but the general impression
il that the bank officials do not suffer by
its collection. Tho stringency in money has to
great extent stock matters to-day. Varia
tions in prices been limited and business has
been comparatively speaking. dull. Much store is
set upon the result Of Secretary Shermans bid for
3lOO 600 900 six per cent bonds which is to be de-
clared tomorrow. Opinions vary greatly as to the
amount which will be offered and as to the price
which Mr.. Sherman will feel it proper to pay. The
call is for six per cent bonds Of which there are in
round numbers 900 the 1ssOs and 2s3 900
Of 1876 As these securities mostly held by indi
vduals for investment, by savings banks, insurance
companies and trust companies it is fair to presume
that the holders will not part with them at less
price than will assure reinvestment without loss
in the four per cents, plus something Of profit on
the transaction. As the Secretary is hardly likely
to appear bull in governments by bidding much
above the marke. fear that the number OF bonds
offered at acceptable prices will fall below the
amount anticipated. However. Mr.. Sherman is
here this afternoon in proprd persona. and will un-
doubtedly consult the shining lights of finance rs
to what Is best to be done.
Total sales at the Board to-day 21s 752 shares.
against 23s. 1853 yesterday Following is epitome
Of the transactions