The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-10-26
FINANCIAL AND COMMERCIAL.
Stocks Open FeVerieh, but
Close Stronger.
MONEY CLOSES AT 4.
Governments Firm, States and Railway
Bonds Generally Weaker
WALL STREET,


1t has been persistenty urged in this column that
check to the speculation which has been forcing
the prices of stocks preposterous and dangerous
height not only desirable but absolutely neces-
sary it were hoped to continue the advance move
ment freed from tho danger of a sudden and dlsas-
trous collapse. The halt. in the rse OF couple OF
weeks back and the recession of yesterday although
both were in mitigated shape. have helped IN
very considerable degree to harden the Market oy
winnowing out much OF the speculative cnan anu
transferring stocks into stronger hands. Inc
opinion that stocks better held to-day than they
have been for the last two weeks will be hardly
denied Granting the correctness of this theory,
there seems to be good to anticipate fresh
rise. reasonable enough at first. growing into
extravaganza as it proceeds and finally eliminating
in moro or less serious break. The first stage
thoroughly developed to-day in an almost complete
recovery from yesterdays depression and the preva
lence Of universally buoyant market. Iron
Mountain Union Pacific, Erie, Wabash Kansas and
Texas and the coal shares were prominent for
strength and activity. From 43ls yesterday Iron
Mountain to As to-day. 1t is reported on good
authority that the the control Of the
Texas and Pacific road with view to its extension
to the Pacific Ocean, have been tsactoriy settled.
and the grand scheme Of transcontinental line.
to be formed of such links as Pennsylvania Rail-
road Iron Mountain and Texas Pacific, is
beginning to assume definite shape. 1t was
also known after limited fashion that the
block of some $1,000 shares OF Iron Mountain
which has been held over the market in threaten
ing way has been placed in position where 1T can
do 70 harm. and this fact probably had as much to
do with the strength of the stock the negotiations
referred to. Erie to 42h. but closed at Al a.
The mystery as to its management still exists. AT
midday it seemed to be sure thing that Mr. Wander
blt had secured the control; later on, when the re-
port that 900 OF bonds had been registered in
his name began to be regarded 'fshy the traders
discovered that they were not sure at all. At any
rate shall probably get at solution from the re-
suits of the November election. in anticipation OF
which event the transfer books closed to-day. The
coal stocks were buoyant and largely dealt in espe
cally New Jersey Central which, from Sc per share
some two years ago, has climbed up to 70 to-day
Western Union advanced to 104, the highest price
reached since it has sold with the stock dividend off,
Money was easier to-day, per cent being the normal
rate with an occasional excrescence of 1-16 bonus
tackled on and in the final dealings 1t plentiful at
per cent. The bank statement was decidedly bad
the reserve being reduced some eighty odd thousand
dollars below the legal limit. Nevertheless. the
stock market snapped its fingers at the loss and
went bounding upward Us though tight money had
never existed and never was expected to exist again
Total sales at tho Board were 443.15S shares. The
following il an epitome of the days business:-