The New York herald., 1879-10-01
FINANCIAL AND COMMERCIAL.
The Stock Market Still
Booming.
MONEY STIFF AT n.
Governments Stonger-Railroad Bonds
Generally Higher. \
NEY STIFF AT q.
WALL STREET. u

TUESDAY Sept. 3s-6 6P M
The railroad speed with which speculation Y '-'
stock market has been sent driving nneao ~
tinued to-day The bulls have started 80 -
palace cars and the whole community 'A' ~
have taken passage in them. That tney -. to''-
bly, turn out. before the end OF tho 1ourA' W 10 -
aJuagernautic description and run over SOMEBODY
rohody .aon. ~ anprebend snd nobody seems
to care. That the breakneck speed with which things
are now moving may fetch up in catastrophe ls
recocnixed by experienced spectators. though IL
nust he confessed that clearer track to make last
time on has not been seen for many q year.
possible severe pinch in money Is about the only
obstacle formidable enough to upset prices. and this
may come naturally 1t may be manufactured
Whether 1t como ono way or the other tho effect
would be depressing Ito describe it mildly to tho
least valuable stocks and the reverse of pleasant to
the most valuable ones. revulsion in the present
speculation (which is undoubtedly founded upon
the soundest of reasons) would simply result from
an insane OVERRIDING of rise which only requires to
he pushed slowly to bc pushed well. check, there
FORE upon the headlonG speed of the market would
seem to be only tho part of prudence. Conceding
that severe pinch in money would be exceedingly
distasteful at The present time. it may be regarded
az fortunate for tho market that the sharp de-
mand for loans call which set in lato in the
afternoon did not make its appearance early in the
morning Money. which had been in good demand
at per cent. frightened up to per cent plus
bonus of 16 toward the close of bank hours but too
late in the day to affect the price of shares 1t is i'm
probable however, that this stringency can be moro
than momentary arising it does from that shift
ing renewal of which naturally attaches to
the advent Of month. There is nothing par
ticularly to bc said OF tho stock market there
q further advance In most things, but this is
only the monotonous repetition Of an old story.
Still there some shifting Of speculation. Eric.
which ragged like lion yesterday, roared gently
% q sucking dove to-day. There was diminution
both in interest in transactions and in price, New
ertheless. all tho points are given in favor Of
higher prices. although tho why and tho wherefore
romans mystery. curious explicaton Of tho
aame was current after Board hours and took the
shape of story which made Mr. Cornelius Wander
bit the prospective president Of the company. vico
Mr. Jewett transferred to tho presidency of Western
Union Something Of Eries dulness to-day may be
Ascrbed to the fact that the certificates Of stock
In circulation cease to be good delivery tomorrow
and require to be transferred into certificates.
upon which the voting power is restricted to so per
cent of the number Of shares represented. There
has been good do Of delay ct the transfer Office in
making this change Of new certificates for old, and
the circumstance has checked dealings in
the stock. Tho coal sharcs. Pacific Mail
huO AA0SaS anu 1cxdS Wero Ill btrOnRs
higher and excited, the latter stock in particular
being whirled up some two per cont. apparently
without rhyme reason. At the end quotations
throughout the market were depressed under the
shadow of tight money. With the new month thero
comes the ammo uncement Of several new firms upon
the Stock Exchange. Among them We notice that
Of Eiske & Robinson. Mr.. Oliver Fske the
senior partner. is we'll known o former United
States marshal. whilc the name Of Mr. Beverly
Robinson, the junior member Of tho house. is as
familiar to Board members . "household word"
The Manhattan Banking Company has also made .
change in Its presiding officer. Mr.. Morrison having
retired from the position which no has held for
many years with honor and credit both to himself
and tho bank Mr.. John 8. Harberger. tho cashier.
has boon elected to succeed him. Tho appointment
is received with much favor by the street. Mr.. Har
berger having been for some thirty-eght years
tdentined with the fortunes of the bank.
Total sales tho Board to-day 421 1888 shares
Tho number Of telegrapho dispatches referring to
stock transactions received at tho Exchange to-day
from oil parts Of tho country larger than any
day the history of tho institution. with the pos
sible exception OF yesterday. Following is an cpl.
tome OF tho days business-