The New York herald., 1879-09-19
FINANCIAL and COMMERCIAL.
Stocks Fitful, but Close
Strcng.
MONEY OH E AP E r..
Governments Finm-Raroad Bonds Dull
and Weaker
Fitful,
Strong.
-ONEY CHEAP E r.
WALL STREET,

Z.
For the first hour so this morning prices were
coy so to speak. and it was only by the irresistible
wooing of the bulls that they induced to
emerge from the bashfulness of declining prices
into the forwardness Of advancing ones. 1t Is not
to bo denied that they took to the change very
kindly for it simply required q sharp demand for
tho shares of two or three specalties to turn the
whole market from inclination bearward to an in
clination bullward This transition was almost
entirely duo to the active speculation which set in
In Northern Pacific. Iron Mountain and New Jersey
Central advance guard, and in Delaware and
Lackawanna and Lake Shore. which brought
up the rear. The first named property
was by all odds the head and front of
the days speculation. First of ALL it received very
decided lift from widely prevalent report (stouty
affirmed by some parties and as stoutly denied by
others) that Mr.. Vanderbilt was and had been ac-
qulring shares for the purpose Of establishing .
transcontinental limo in opposition to the projected
of Jay Gould, and secondly. it obtained support
from the belief that although neglected hitherto.
there was good deal of real merit in the property.
In this connection the following facts may be Of in
terest The company is chartered by act of Congress
"to construct. and operate a railroad and tele-
graph line from Lake Superior to Puget Sound, on
the Pacific ooast." There have been SO far COM
pleted $50 miles of road and the COM
ates 100 miles more of connecting lines.
There is land grant from Congress of twenty Sec
tons per mile in the States and Of forty sections in
tho Territories which becomes available the road
progresses. Up to July is the total lands acquired
by the company amounted to 0570 200 acrcs ana of
these 2312.2 200 acres have been sold. The work Of
construction is rapidly progressing on the Missouri
division, which extends to tho Yellowstone River, o
distance OF about 2O5 miles. The cost is provided
for by the issue Of bonds and preferred stock The
capital stock consists of 1000 900 shares. divided
into preferred utock. $4,000 shares. and common
stock. 100000 shares. The preferred stock 10 re-
peivabe at par for the companys lands and of this
there have been received and cancelled 1000 shares
OF the 400 900 shares OF common stock there
titled to be issued 299,526 shares. and the above
date 283 S44 shares had been issued and the remain
der will be issued required The activity in Iron
Mountain continues, and the strength of the market
would to insure still further advance. 1t is
M open secret that effort IL being made to con-
troll the Texas Pacific road. with which Iron Noun
tain connects and to extend it westward to Ell Paso
upon the Mexican frontier. thus opening country
(at present almost terra ,co0na) richly productive
Of cotton and cereals 1t Is understood that meeting
between parties largely interested in Iron Mountain
and Mr.. Tom Scott, of the Pennsylvania road. with
the object OF forwarding this extension. was held
The consummation of this scheme would greatly ben
eat the Iron Mountain property. and the probability
of its being effected would to warrant the aten-
ton which its stock is receiving ut the hands Of buy
ers There smart rise in New Jersey Central not
that anything has been accomplished in the way of
Q coal combination. but because q noted operator.
who has recently sailed the ocean blue signalizcd
his arrival by plunging into the stock to
siderable depth. As matter of course Delaware and
Lackawanns sympathizcd and rose to above CO..
There was squirt. too. in Canton. on reports that
the Union Railroad ut last paying something and
that the tunnel was bidding fair to be something
better than the "horrid bore which it has SO long
been to the company. There was some talk of an
spue of silver certificates by the government to the
extent of 50O00.0O0 so, which was regarded as
meaning imitation Of the currency to that extent;
but rs in tho absence of any official notification
from Mr.. Sherman nobody seemed to know much
about it. no effect was produced on the market.
Tho extreme fluctuations of the day in leading
shares are shown In tho following tablet