The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-08-19
FINANCIAL And COMMERCIAL
Stocks Dull and Prices Still
Lower.
MONEY CONTINUES TIGHT
Governments Firmer, State and Railway
Bonds Neglected
WALL STREET.


Long faces, small Dealings lower prices and
such were the features of the Stock Exchange
operations to-day. No dsintercsted observer
could fail to reach the conclusion that
great deal Of long stock of the grangcrs
and the Lake Shore roads was being disposed
of. 1t carefully distributed and adroitly
sold not to a break. but II was unloaded
all the same Under the pressure of these sales.
eunningly they made. the market declined
slowly but steadily from the opening. There was
not rally until the final sales. when slight re-
covery Of two or three points was made.
The days dealings resulted in decline OF
az in ST. Paul, IL in Northwestern and Lake
Shore respectively; ia in Western Union and
Michigan Central respectively; IL in Wabash, Il
in the coal stocks and the same in Erie. general
impression prevails the street that before stocks
shall go much lower a movement to put them
up again will be inaugurated. As is well
known the Vanderbilt family never spec
uate, but they have been known occasionally
to "let co. in order to get better hold. Somebody
Enthusiastically 'et GO last week. and it is thought
that the market come down pretty
well within reach, that good hold or
it can be obtained The stringency in the
money market was but little relaxed to-day and
10 that cause may be ascribed in slight degree
the weakness OF the stock speculation. All kinds OF
stories about the operations OF the Treasury and
their probable effect the rate OF interest are
set afoat. 1t il said that Secretary Sherman has
extended until October the time for the payment
by the banks of the amounts due for outstanding
bonds It has also been published that the banks
still the Treasury s45,0o0o0o. Neither Of these
statements is quite correct. The Secretary has not
so far be learned. officially extended the
time. although 1T is understood that he will
he hanE TO
they are actually needed by the government.
despatch received from Washington this evening
reports Mr. Sherman stating that the operations
Of the Treasury will probably not have any effect
upon the money market hereafter. and that all the
called bonds will have been presented cy Oc-
tober l. AS to the $45000.0OO story, it is
emi-oicialy stated that while that amount appears
on the books OF the department it includes about
$25.O000o0 of five per cent called bonds held as col
lateral. The actual settlements to be made will
not exceed s2oooO,OoO. and of this amount
The cash payments will be less than
pne-half, the remainder being called bonds
which will be credited cash. As . matter Of fact
the Treasury last retained less than 1000 900
OF the currency received that to the increase in
the volume of general business throughout the
country the heavy stocks speculauons and
the demand for funds to the crops
rather than tho Treasury operations must be at
trbuted the recent hardness of money. The rate CT
foreign exchange is so low as to encourage the i'm
portation of specie which in considerable quantities
is already beginning arrive. There is
no why Eng and should object to heavy
expectations OF it at this time, and invoice of
specie is a direct addition to our circulating medium
Altogether the prospect for fairly easy money
market is good. Meanwhile under the extension Of
time granted by the Secretary the banks will prob
ably have the OF the public moneys without
charge for some time to como.
The extreme fluctuations of the day in leading
stocks shown in the following table Of prices