The New York herald., 1879-09-24
FINANCIAL AND COMMERCIAL.
A Decline in the Prices
for STOCKS.
MONEY UP TO 7 PER CENT.
Government Bonds Firm Railways Ir-
regular States Dull.
WALL STREET.

TUESDAY, Sept. 23-6 z. M.
Speculative thews and sinews having been ex-
tended to their utmost limits by yesterdays extraor-
dinary business it was wonder that the stock
market to-day stopped to take breath. 1t was tho
most natural thing possible therefore, that there
should occur q very notable shrinkage both in tho
amount of transactions and in the extent Of huctua
tions. There was moderate shrnkage in prices as
well, for with few individual exceptions stocks
closed 4 to per cent lower than they had done the
night before. The market was steady and strong,
but there was loss of the "snap" which had char
Acterzed 1t yesterday and some suspicion that the
financial Sisyphus who has been so merriy rolling
up prices might require ptyalistc lubrica-
tion of the palms before showing them up further.
At least there was halt. If great decline. and
prices remained steady if they did no worse. There
some exceptions. however. Erie was both
lctive and higher. and, to employ popular pedes-
trian simile might aptly be regarded as the
"Rowel" of the market It certainly led the list in
he matter Of popular interest, and what is more it
Kept the lead being Of the very few stocks that
accomplished rise and retained it. There was q
iull advance of one per cent in the common stock
md of twice that in the preferred and it will be no
!ault OF the point mongers If this gain is not
doubled again tomorrow. The street to-day was full
Of information to the for the rise and the
Information was of the most contradictory descrip-
hon. At frst 1t reported that Mr..
Sidney Dillon was to be made president Of
the road, and from his connection with
Union Pacific the conclusion was at jumped at
that Erie had been secured by Mr. Gould the east
ern end of his transcontnental line Next it was
asserted that Governor Morgan was to assume the
position, ana second conclusion was jumped at
that the shares being bought in the interest of
Mr. Vanderbilt. Last of ALL the stock jobbing quid
nuncs. who had been hunting about all day for the
true solution of the mystery, gave up in despair.
content to believe that change to be made
In the direction of the road that would benefit
prices, while they remained ignorant of its nature.
In this latter theory they probably correct. as
will be seon in day or two. The St. Paul common
stock active early in the day. and advanced under
brisk covering of shorts. It is pretty gen.
orally believed that "a per cent div
idend will be declared the arrival Of
Mr.. Mitchell. who is expected to-day. and who will
probably call his directors together for this pur-
pose tomorrow Pacific Mail was higher on large
transactions; Illinois Central on small ones.
and few others of tho more retiring stocks.
There are reports Of movement being contemplated
in Minneapolis and ST. Paul. based it is conjectured.
upon its increased earnings and the strong proba-
bty that 1t will eventually be leased by either the
Milwaukee and st. Paul or the Northwestern road.
There was life also in the Chicago, st. Louis
tnd new orleans hallroad. the price rising at one
lime to 20i4 on reported improved receipts and the
general favorable outlook. A sudden sharpening up
Of money call during the afternoon to per cent
had something of a wet blanket influence upon the
share market and there was general though unin-
portant shrinkage in prices. Although per cent
was the ruling rate in the public money market.
good borrowers. with good collaterals. found no
difficulty in supplying their wants, in quiet way,
ct to per cent.
The following table shows the fluctuations in the