The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-08-16
FINANCIAL and COMMERCIAL.
Less Active but
Firmer.
MONEY HARD AT Z PER CENT
Government Bonds StrOnger--State and Bail
way Mortgages Neglected.
WALL STREET.

FRIDAY. August l5-G p NJ.
The situation OF the stock market, described yes
terday has not been scnsiby altered by the events
Of to-day After the storm there naturally some
what of calm and financial equilibrium was
brought about by n more general distribution of
shares. The dealings nearly $4,000 shares short
of yesterdays business and cautious spirit WINS
manifested generally; but much better tone per-
vaded the market and the closing sales showed
marked advance for the day in Western Union,
gain of u in Lake shore and appreciation
OF and y in Delaware and Hudson and Lackawanna
respectively Outside of these stocks the list closed
at decline of point two from tho figures
OF last evening. Mr.. william r. IAvermore. for
whom large block of Lake Shore was sold under
the rule mentioned in this column yesterday.
notified the Exchange to-day that he could not meet
his contracts and there is impression that others
pulling the devil by the tail" The market in
the early dealings was dull and prices ran down
rapidly. Lake Shore sold as low S3H, Northwest
at 731S and ST. Paul at Ga. There widespread
opinion that the large expenditure authorized by
the Lake shore directors to retain control OF the
Canada Southern road would come out of the net
earnings and this. together with the high rate for
money and q report that the coal companies had not
really advanced their rates. had depressing effect
upon the speculation. About noon good many
shares were bought to short sales. and the
Market ralLeu Ior Cime, out SOON Droke uoWHs duu
continued weak and dull until the afternoon. when
money became easier and there general recov-
cry which lasted until the close. Money in the
early hours firm at per cent, and in most cases
a commission was paid in addition. On government
bonds loans could not be obtained for less than
cent, When the market became easier, as remarked
above. loans Stock Exchange collateral were made
at and and in some cases as low as per cent.
and in the last quarter of hour money was offered
below two per cent. The adjustment Of the various
loans shifted by the immense business Of yesterday
woald naturally make the market easier, but would
not account for such sudden and marked decline
in tho rate actually occurred. Aside from the
parties who bought to cover short sales there was
evidence OF bull element in the market. particu-
larry in Lake Shore, and the movements of certain
persons in offering loans at and " per centafter
ascertaining that everybody was supplied-gives
rise to the suspicion that thcy were rig
ging" the money market In other words,
that they man9uvrng to produce the
impression that money much easier than it
really for the purpose of aiding the bull move
ment in stocks Complaints were made to the OFF,
of the Exchange to-day that profanity was be-
coming too fragrant among the members. This was
brokers who had put their faith in the reports of
Lake Shore lease. and who devoted their time this
morning to pacing up and down the floor uttering
big big "Ds in connection with the phrase ''chip
Of the old block"
The extreme fluctuations Of the day in leading
stocks are shown in the following table of prices