The New York herald., 1879-08-24
FINANCIAL and COMMERCIAL.
Stocks Very Active and
Prices Higher.
MONEY EASY AT 6 A Z.
Government and State Bonds Railway
Mortgages Active and Irregular.
WALL STREET,

SATURDAY, August 23-6 p. NJ.
In the street vocabulary ragged describes to-
days stock market and perhaps the word "rgged'
would also apply well to certain features. At tho
opening the speculation was feeble and a decline
ranging from a to per cent recorded. Erie lead
ing the way. President Jewetts refusal to answer
the commission regarding the earnings of
the road being regarded unfavorable
indication Lake Shore. however. came to the
rcscuethe old story of lease to the New York Gen.
tral more furbished up and circulated.
purchases made to corroborate them. and the
stock went ballooning and more. From s6ls it went
up heavy transactions to ss76, was active at the
latter figure for some time and fell OIL - IN
the final dealings. Northwestern declined ys
with the general depression in the morning.
but recovered and closed at advance of q
for the day Concerning the rumors Of lease by this
road of the Chicago. Burlington and Cedar Rapids
line such contract will probably be consummated.
At an adjourned meeting to-day the directors of the
Northwestern Company decided to tlke the lease,
guaranteeing three per cent upon the stock OF the
Burlington and Cedar Rapids for five years,
and i've per cent thereafter. They will also guaran
tee the bonds. but the leased road is to assume
all lawsuits pending against it. AS the Burlington
road cannot hold meeting without five days notice.
it has fixed upon Friday next for the consideration
of the proposal and a meeting has been called for
that day. Directors OF this road express the opinion
that the lease will be made They believe
that it will benefit their own company. but
will be a heavy drag the Northwestern
for the first year Lake shore leading the way with
marked advance natural that the other stocks
of the same ''set' should also appreciate. Western
Union for the day made advance of 25s per cent.
and Michigan Central a. while Wabash was only
steady st. Paul alone of these stocks showed weak
ness. and closed point below the opening prices.
The failure OF its officials to contradict the state
ment that the published earnings of the road in
clude receipts from about six hundred miles moro
hne than were embraced in the earnings for last
year had depressing effect upon the
stock. This increase OF mileage is said to
include the Western Union road (212 miles, the
Southern Minnesota n67). and the Davenport and
Northwestern Q75) making 554 miles additional. To
the report that the average yield Of wheat in Iowa
and Minnesota will not exceed twelve bushels per
acre must also be ascrbed in part the weakness of
the St. Paul shares. Delaware. Lackawanna and West
ern recorded advance OF "a for the day. while
Delaware and Hudson closed 4 below the opening
figures Considerable activity displayed by
Pacific Mail. which advanced q the days opera
tions. The bank statement-a synopsis Of which
will be found below-shows some important changes
in the averages for the week, and is worthy of at
tentive perusal.
The extreme fluctuations of the day in leading
stocks Ia shown in the following table of prices:-