The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-10-25
FINANCIAL and COMMERCIAL.
Tight Money and a Decline
in Stocks.
USURIOUS LOANS.
Governments Steady State and Railway
Bonds Irregular
WALL STREET,

T.. M
The stock market is in a chaotic condition. the
opinions of bulls and bears being so thoroughly
mixed up to its in the immediate future as
to stagger speculation both upon the long side and
the short side of the account Prices were buoyant
at the opening. became waterlogged before noon
and were pumped out to q floating condition before
the market closed. Briefly, prices were strong at
the opening. weak at meridian and irregularly rmer
ut the finish. Whether strong. weak or recuper-
alive, these changes were mostly due to the rates
for money. At no period of the day were loans on
call to be obtained at less than per
cent and for good part of it Il to q
per cent premium demanded and obtained.
As has been for many time previously expressed.
q pinch in money is the only motor which at the
present moment is powerful enough to depress
prices. When it comes, however, it is like the
whack of polceman's club on the head Of an I'M
offending taxpayer. and general succumbing fol-
lows q matter of course Tight money tapped
rampant speculation upon the head to-day and the
market tumbled over, 1t was perfectly natural it
should do. Consequently lower figures. ranging
from u to per cent, were made for every stock
that had any prominence whatever. Later on a
sharp rally set in. and although the lowest prices
Of the day not recovered from. closing quota
tions within hailing distance of the best
of the day. Although there good aud
sufficient to create sharp demand
for money at the legal rate there is abundant
to believe that the extra twist to the which
EFFORTS commission is entirely artificial. We
know Of one house at least that borrowed $4,000
at per cent when the rate was quoted at =
per cent bonus in the street, and had
eye witness Of liberal supply of funds being
Offered at per cent on Central and Hudson as
collateral when holders Of inferior securities were
clamoring for accommodation at per cent and in
terest. With this knowledge of the tricks of
the money market it is safe to say that tho rate for
call loans accepted securities is not above per
cent; that there is suficiency of funds to sup
ply demands at this rate. and that any greater
extortion is attributable either to the fact
that the securities offered Of doubtful value or
that there is effort to break prices by Of
artificial squeeze. While everybody knows that
"money makes the mare go" it is only stock specu-
lators who know that the want of it makes prices
Change go we'll. In spite Of tho decline there
were some things sthat held up. The New Central
Coal Company sold at A. as against 391 yesterday,
and the Iron Mountain securities were firm under
eumor that private transactions were being made to
large amount in anticipation Of an important rise
in the immediate future. At the Mining Board the
chief excitement in Tuscarora, which rose from
81 90. Leadvie active and stronger, and Gold
Placer firm, with private advices to favored parties
that fresh upward squirt might be expected.
Total sales at the Board were 244.074 shares. The
following Is an epitome Of the transactions