The New York herald., 1879-11-07
FINANCIAL and COMMERCIAL
Stocks Dull and Depressed
by Tight Money.
CALL LOANS AT 3-S COMMISSION.
Quiet Market for Government. State and
Railway Bonds.
WALL STREET.
THURSDAY, Nov. G-6 ]

THURSDAY, Now &c p. III.
Tho financial condition which has existed for the
last ten days remains unchanged. Prices OF stocks
advance and recede the rate OF money grows
easier moro stringent. When there is let mp in
the loan arket prices go up: when there is pinch
they 60 down. They have done both this morning.
In tho early part of the day quotations higher.
for therc were indices of more copious supply of
the neeofu during the latter part OF the day quota
tions were lower, when there practical demon
strations OF pinch Briefly speaking. stocks were
comparatively strong in the morning. in pivoting
condition toward noon and undeniaby weak at the
close. The November disbursements were regarded
as certain to yiold relief to the money market
by this time. but far relief has come.
Something has unexpectedly choked up the cur
rency discharge pipes and tho stock jobbng element
is all agog discover from whence the obstruction
comes. Money on call ranged anywhere to-day be-
tween the seven per rate of simple interest and
the additional welter weights of thirty second to
three hs per cent commission Undoubtedly the
hrst rate legitimate one aud with equal cer-
tainty the latter was an artificsl one. There
underlined grounds for suspicion yesterday that the
rates for money were being artiAcially squeezed.
and there very certain for believing that
they have been 30 to-day. It would not do to say
that the banks have had hand in this. for it is
torious their laws limited to per cent.
dal," they sometimes have friend in the
city. an uncomfortable dog who will
commodate borrower pinch. and
be ready to plunge into usury . duck is into
water. Without bothering about whether money
made either naturally or artifciay tight.
the fact remains that 1t So and the share
ket was influenced thereby. There large trans
sctions in Erie and the st. Paul shares. A firm
which is supposed to represent the Vanderbilt in
terest large buyer OF tho former, and after
'slump" in the early part of the day almost every
body bought the latter 1t is being discovered that,
Is in comparison with the Northwesterns. tho st.
Paul shares are selling many points low, and the
hoist made to-day toward restoring the equilib-
rum. Apropos of Erie, it is rumored that Mr..
Newell. the efficient superintendent OF the Lake
Shore road is to be made the managing man.
md something Of to-day's strength may be traced
this report we'll to the decided squint which
In thereby afforded toward belief in Yandcrbilt's
control of the property. The action of the Govern
ing Committee Of the Stock Exchange in recon-
mending the salc OF some forty seats not less
than $4,000 each for the purpose Of providing funds
for the purchase Of the adjacent property getting
the Board into hot water. The scheme meets with
little favor, and the few Board mon who are not
church members inclined to indulge in courses
not loud. but Deep" 1t is urged that the present
value of scats will be greatly deprecated thereby
that the action will be mauifesty unfair to recent
purchasers at high figures who Joined under the be-
lief there would be further extension Of men,
bership. and that the admissions will be avaied
pf by certain speculative outsiders. who now
paying large commissions into the Board but who
are doing so simply because they have hitherto
been unsuccessful in their application for member
ship. call has been issued for . meeting Mon
day at three O'Clock when this very grave matter
will be brought up for discussion. Taken in COM
parative way the market dull transactions foot
Ing up 23s shares to-day against 425 shares
yesterday.
Following is . synos.!s OF the days transac-
hons:-