New-York tribune., 1879-10-28

The eacerness TO buy, either real assumed, that
was witnessed at the opening of business was most
intense The announcement that there had been a
meeting Of bank presidents 70 consult upon the
practce OF 80 free certihcation of brokers checks
as is now common had the effect Of
checking considerably the ardor of opera
tors and prices suffered sudden de
cline. Bat this fan was quickly STOPPED, and
puces Went higherthan ever Later again. when
the motives If the ten gentlemen who met to-day
at the Merchants Bank were better understood, an
other decii'.e followed. ,ut not that safi-
cient to wipe out all OF the days gain. The object
of the meeting of the ter presidents understood
20 be % adopt some course by which the amount of
the transac ions Of the banks may be restricted
within reasonable bounds. One of the gentlemen
who was present said " We have too many
checks. and there has been just enough Of laying
down on the banks after o'clock 10 make NE
realize what may possibly happen. Making bank
accounts good by sort of forced loan securities
that few months ago were selling M ~ or 50 a
share, but now selling AZ SO 70 800 a share,
is not the kind Of banking I desire to do These
not the exact words of this gentleman WHO is
the president of prominent bank, but they
express his meaning The exchanges at the Clear
ing House to-day amounted 10 S172, ,646, 4s2,
or TO nearly three times the total capital Of
The labor and extraordinary expenses of this
immense business can only be appreciated 10y those
who have had experience therefore the movement
NAV be regarded as one Of more particular interest
to the BANKS than 10 the public.
The incentive totne early buying of stocks
report which was circulated tha. Mr. Vanderbilt
and Mr.. Gould had made "deal in Lake shore
and the stocks OF the Wabash combination. How
the story eot anoat - early in tne
day may be mystery. but 1t seemed
to most operators 10 receive confirmation, later in
the day, from report that Mr Rutter, of the Gem
trcl and iudsUn, and Mr.. Hopkins, OF the Wabash
in ltatOn. The meeting between these two
gentlemen for the purpose Of consider ing al ar
raugement flr running Or traffic connection be-
tween tLe TWO COMPANIES a- We believe 10 Dee
all tAat Der contemplated. Yet some people tank.
aud perhaps with reason. that Mr. Vanderbilt WAS a
buvrr OF fle stocks of the " ID sh combination
Cer.2inlE there was ,treng buying % carry The
prce Oh ~ Na".sl from b-IS SaIufua! ight 20 % >
to-day. tift II -. Louis. Kansas city ana North
rrn common from 30 20 ~. a.t that ut tine pre-
fcrred stock from o5ls 20 6>ls. The prices named
were the extreme figures; the ciO Ing prices were
567s. - and 613i respectively. Lake shore at
vance, f- ~ D ID 100 tell ro qelt rose 10 lOl =
fell 10 IOOas. anu closed at 1Olls Ne believe that
this - the ur-i day ma the history Of The company
when. with tLc present amount q the capital stock
0f the Lar shore Railroad, The shares ever sold as
high as 500 per share. Central and Hudson as'
Ia4V actiVc. and with lew sales rose
from l-o7s to l53, closing al 1919. These are tAe
sLlgh-sf Ag.lc, dt nIcl TINS stock ever sold.
Late l tlc GAY the utlIlL-s lu Tie coal >iO. >,
became pro4lucu. features. Delaware, Lacka-
wanna -rD Western, atitT e decline from 50 20 -.
is f-- io so. 1Ht closed at -7li against $50.
SlturCaE Delaware ard ftu i.0n touched 81 u anu
end.a Bal -Uls anu Nev-J=rsey Central, after selling
up to SOFA. ended a. 20
Iu. -.7..ra. SPECULATION was H. 1llor with that
in .... .s- already named, n.r lht advances wrl-
sAa d.. There were eXceplun5. however. EiIe
weak gII t.c fllIf. aud declined from
a l.r .- e open .ug to i~l- ana raIIeG io 41il
atU. llt Q. r rspilc stocks also were low r. ilin
ou saturday, Western tnon hr-i rising per cent
Go lO4lt a.N tleu falling g. 1923. Pacific Mail
due ua ell n-twreu 3i = and 3U. ending 90 5J-4. tI
prcs- ..u,.. w.Ic oull ..nd t shade easier.
Tie -.... s., closed -l .r .ud unse lied.
hlA.E ur t.. -Iu,N HA.eal
A. 4r.lo-.,f ,l Pee cold sIors 1scJrIoh ConDqcv