The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-10-04
FINANCIAL and COMMERCIAL.
Stocks Duller and
Lower.
MONEY VERY STRINGENT.
Governments Steady-Other Securities
All Lower.
Duller
Lower.
Stocks
and
VERY STRINGENT
WALL STREET.

.
We have no information through police circles
that Bedlam has broken loose, do we learn from
the Commissioners of Charities and Correction that
the mad houses Blackwells Island have vomited
their inmates into Wall street. but that something
akin to this has occurred evidenced by the frantic
crowd which rushed in to buy stocks at tho close
yesterday and equally frantic to sell them this
morning. The excitement. which WAS something
unprecedented at the end of yesterdays market got
beyond bounds ut the opening to-day. For the hrst
few minutes the clamor to buy anything and every
thing. without regard to values or figures. made the
welkin Tor. moro properly speaking. the Board
room) ring it has seldom rung before. Della
ware and Lackawanns taken at IS. Pacific
Mail at SO, New Jersey Central at &C.. while
Erie the 'acie psinceps' of the market being
bought on one side of the ''crowd" at 81. while
brokers less fortunately placed on the other side
were paying SO for the same article. This upward
burst however. short lived as it violent.
Almost immediately downward turn set in and
prices fell rs rapidly they had risen. Delaware
and Lackawanna dropped to 70, Pacific Mail to 29A.
New Jersey Central to u and Erie 35x. This
pretty serious blow delivered between the eyes of
the bull speculation staggered the market for the
whole day and at time did 1t get steady upon its
logs again. though 1t rallied more than once and
avon advanced. until the tight money at the end
doored it pretty completely at about the lowest
figures OF the session. Buyers OF the coal
shares. pinning their faith upon q combine
ton. began to think they had reckoncd without
their hostile host being Mr.. Packer. who inhos-
pitably keeps aloof from the arrangement-snd were
inclined to sell out. Pretty much everybody else. in
m initiative way. inclined 70 do the same thing
and sudden and serious drop was the conseq
Whether Mr. Packer will join in the compact or not
Is known only to himself. but up to the present
writ wa 1ear hat ha has not d0na A 1 "
rate the probability Of combination has been
thoroughly discounted that further rise in the
thracite shares is improbable although in the prod
net itself advance of % cents per ton has been
made by the Reading Lehigh Valley. and Delaware
and Lackawanna companies. There . sharp adj
vance in st. Paul common stock for brief period.
on the handsome increase-amounting to $4,000
FOR the fourth week in September. but it sub
Sequently lost under the pressure of money. North
srn Pacific. although comparatively quiet. had its
ups and downs with the rest of the market. We
notice this property to add some additional par
tcuars to those published few days back. The
company expects to complete its Oregon and Mis-
souri, division in November. when it will be pos
sessed of 100 miles Of road and be entitled to land
grant Of Of especially adapted to the
raising OF wheat. The bonded debt will not exceed
$4.v000o0. while. by the sales Of land. the
preferred stock has been reduced from
5000. 900 to abont $3O.000 .000 There is no
telling what sort OF aeronautics the market might
have INDUCED in to-day had not sharp pinch in
money suddenly let the gas out. From being COM
fortably Arm at Z per cent during the morning.
money frightened up to u and 4 per cont in tho
afternoon. The effect upon the stock market
depressing. and the whole list the end quota
BILE at lower prices.
II the bank reserve tomorrow should show an i'm
portant shrinkage, many believe will BIO tho case.
. stn further decline is not improbable even in
market like the present. which defeats all attempts
ct . satisfactory diagnosis
Total sales Of the board to-day AGA sos shares
Following il synopsis Of the market for the day.