The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-08-13
FINANCIAL And COMMERCIAL.
Immense Dealings in the
Stock Market.
MONEY. STIFF AT Z PER CENT.
A Decline in Governments I'm
der Heavy Sales.
WALL STREET,

TUESDAY, August 12-6 p M.
Before the hour for opening business at the Stock
Exchange this morning fully three-fourths of the
brokers massed themselves about the Lake Shore
group and waited motionless. with their eyes fixed
upon the clock. The that followed
the fall Of the Presidents gavel sug-
gestive OFT the old legends wherein the enchanters
spell which had in the midst OF battle turned into
stone horse and rider, knight and squire. is sud-
denly dissolved and the field is like fash
transformed into a OF tumultuous strife. The
silent. eager crowd seemed transformed into mad
men and swayed to and fro. gesticuating and yelling
at the top Of their voices. So many were the
orders and great the confusion that while one
person in the crowd was buying Lake Shore at sa&.
another selling at %. The speculative rage
seemed to be high it was before the
panic, and orders to buy stocks poured in
from ali parts of the country. When the
market closed the records of the Exchange showed
that All 900 shares had been dealt in. and the actv
ity was undiminshed to the last minute Great
buoyancy marked the first hour, and although re-
action was produced by heavy sales for realization
about noon a general recovery followed. Money.
however, became harder. and the reflection of this
together with the heavy sales, caused decline
ranging from a to Q per cent at the close. Lake
Shore and the grangers continue the pivots on
which. the market turns. rather the lever by
which it is moved up and down. An advance to 93
made in the first named stock in the early deal
ings but it closed at set back of ~ per cent
The reports about leasing the road to the New
York Central were numerous as they have been
for days past 1t asserted that the directors
of both roads to meet at Saratoga Thursday.
These stories said to find their way here from
Saratoga and Notwithstanding their vague character
the recent steady rise in the stock leads many to be.
lieve that they have foundation in fact. The re-
Il ,r;tb x,kvoI
is to be made One has it that the entire stock OK
the Lake Shore is to be replaced with bonds bearing
six per cent to be guaranteed by the Central another
that the transaction is to take the form of lease to
the latter road; third that W. H. Vanderbilt Is to
turn controlling interest in the Lake Shore road
to the Central. and receive IN equivalent in
bonds. All these reports bear tag to the effect that
the matter will be concluded this week. The
general impression is that Mr. Vanderbilt is
anxious to release in way another
the large amount he now has locked up
to maintain control Of Lake Shore. Whatever may
be the facts, the street is not likely to be informed
of them until the matter is settled. As to the gran
gers, st Paul closed per cent lower for the day
Northwest, IL; Michigan Central q. and West
Union Ia. The gossips Of the street
had it that the decline in the leaders
Of the present movement was only temporary.
and for the purpose OF encouraging the short
interest. The grcatest strength Of the day was dis
played by the coal stocks. Delaware and Hudson
rising 4 and closing at an advance or and Lacks-
wanna advancing and retaining per cent OF it
despite the 'slump" at the close. Their strength
was due to the report that a strong pool has
been formed to put them up. The heavy balances
at the sub-Treasury. which will in the ordinary
course of business be paid out in few days. will IL
is thought. render the money market easier-atleast
until the moving Of the crops makes draft upon It,
The extreme fluctuations OF the day in leading
shares shown in the following table Of prices