The New York herald., 1879-11-09
FINANCIAL and COMMERCIAL
Stocks Make an Advance, but
Lose 1t at the Close.
MONEY ON CALL EASIER
Effect Of Secretary Sher.
mans Action.
WALL STREET.

SATURDAY. Nov. SIP. M.
We do not enjoy the condolences Of Mr.. Secretar,
Sherman aud consequently in the dark as to hia
intimacy with that Elusive but seductive game oi
"draw poker which His Exceency General
Schenck late Minister Plenipotentary to the Court
OF St. james, so successfully introduced into the
court circles of England He seems to have had
pretty good notion. however. Of its tenets and rules
and may possibly have been guided by them when
he refused to see the bluff offers that were made to
sell him ten millions worth of six per cent bonds at
extravagant prices. According to agreement the
proposals to sell the above amount OF bonds to the
government opened to-day and were FOUND 70
range from about LOG to 10. Mr.. sherman. at hrse
very peremptorily declined to accept any OF the
offers. but subsequently yielded to the extent
of expressing willingness to pay LOG for any
amount of bonds up to the sum OF ten millions
This at least was the information held by the Sub
Treasury the banks and the street late in the after
noon. and the report was further supplemented BY
the statement that something like S5.0O0.0OO had
been offered to and accepted by the Secretary ut the
above rate Prices of stocks danced attendance. SO
to speak upon the probable action Of the Secretary
1t felt that il bonds were offered at reasonable
rates they would be purchased and the money mar.
ket be sepsiby relieved by the disbursement to fol-
low 1t equally felt that If the purchase should
bo declined the opportunity for squeezing money
artifcially might continue. Fortunately for the
stock market. it became noised abroad shortly
after MONDAY that the government had accepted
al the bonds offered. The consequence was
. brisk rise. with higher prices for stocks
and lower prices for money By this fact two thngi
seem to be proven-frst. that stock values tend te
Av inward when released from the thraldom OF tight
money and. second, that the loan market hM
been made artfcially stringent. This latter point
was sufacieutly demonstrated to-day by the fact
that under the apprehension of the govern.
ment disbursement, money was sufficiently sbun'
dant at Der cent, and readily obtainable at
per cent before the close Of bank hours. There IL
reason to believe too that the conspiracy to lock up
currency has come to end. particularly If there
be any significance in tho fact that nearly 0O0
of certified checks. drawn two or three days ago.
were passed through the Clearing House this morn
ing As remarked above, values In the share
market quickly responded to the ease in money
and higher prices prevailed throughout the list.
ment that all bonds offered for redemption had been
refused dampened the bull ardor. and there was .
fractional decline. The subsequent intelligence
that the government successfully purchasing at
LOG came after Board hours and too late to affect
prices It is hardly to be doubted. however. that
the favorable effect will be witnessed on Monday
morning in an increased activity and an advancing
market.
Total sales at the Board to-day 242175 shares.
against 2l8,752 yesterday. Following Is asynopsis
OF the days business:-