The New York herald., 1879-08-28
FINANCIAL and COMMERCIAL.
Stocks Very Active and
Lower.
MONEY STILL STRINGENT.
Governments Steady, State Bonds Neglected and
Railroads Heavy.
WALL STREET.

WEDNESDAY. August 27-6 p. NJ
Stocks to-day have been under the harrow OF tight
money market Speculative agric culturists Of bear
ish proclivies have appeared in strong force with
the evident intention OF preparing the ground for
general decline in prices. In q measure they sue
ceeded. During the greater part Of tho day money
on call ruled ut per cent and stock quotations
yielded to the pressure. Toward tho end thore was
q freer supply OF loanable funds: borrowing rates
fell to aud per cent. and the market recog
nized the relief by general rally in prices Stock
brokers have been 30 long accustomed to ''dirt
cheap prices Tor money that any approximation to
the normal rates OF or per cent is regarded as
threatening financial catastrophe. it being forgot
ten that the fact OF capital going "a beg
gng" was tho worst possible proof OF
general stagnation in business. 1t is not assumed
that any sudden revival in trade has created q de-
mand for capital which would warrant advance
OF from to por cent in the rates OF interest but 1t
is assumed that more money is being required for
the legitimate purposes Of commerce; that the GUS
tomary flow at this of currency westward for
crop moving purposes q considerable "pull" upon
the banks and that the artificial tightening of money
engineered by stockjobbing speculntors) has been
tho greatest factor Of oil in producing the pinch of
the last few days. There signs. however. this
afternoon that the old Law of demand and supply
beginning to ITSELF and that tho how Of loan
able funds from outlying quarters (attraced by the
high rates of interest had begun to set in.
Whether q ''let up" in the rate of money
will be sufficient to place the very "groggy" stock
market of the day upon its legs again will de-
pend greatly upon the power of the very formid-
able bear influence which exists to it, Stocks
were weak ut the start and. with the exception of
struggle to got their heads above water toward the
close. they continued SO the day through special
and damaaing drive was made at Erie. The Saratoga
investigation is regarded eliciting testimony un
favorable to the road. Mr.. Jewett. however. does
regard it, for after being submitted to the air
pump Of Legislative examination. he turns up any
thing but exhausted 'recever." as tho following
telegram to Mr.. Keene "a trustee of the road) will
testify President Jewott telegraphs to Mr. Keene:-
81 can't imagine how the impression Il. e..
that Erie would not its interest)
was made. My statement was very distinct
that there was doubt Of the ability Of the COM
pany to pay all fixed charges and that in time it
would pay on its stock" Mr. Keene. it is said.
presses himself coincdng entirely with the views
of President Jewett he has parted with none Of his
stock and regards the prospects Of the road every
way encouraging. The Delaware and Lackawanns
Company sold 1000 tons of coal to-day at average
decline from last sale of 30h per ton. All talk
of o temporary cessation of mining Of new COM
bination has ceased. and apparently nothing is left
for the anthracite companies except to carry their
Goals to such Improbable Newcastles as limited
market affords. The Burlington and Cedar Rapids
speculation remained without change 1t is expected
that meeting Of directors on Friday will ratify
the lease with the Northwestern Company. Mean
while it is being anxiously inquired whether the
proposed per cent guarantee per annum is to be
made upon the entire capital stock of Sl00000O0
only upon the 81, 100000 which has thus far been
issued The grangers weak and lower. especially
St. Paul No statement has yet been made by the
latter of the amount Of earnings that should be
portionatey credited to the increased mileage. and
NO information given to whether the now acquis-
tions have entaied any fresh debt upon the COM
pany. Lake Shore remained steady and but moder-
ately active The ~gobemonches who believed in the
story that Mr.. Vanderbilt had promised to bid the
stock up in order to relieve the friends who had
trusted him mot wisely. but too well. have shut up
their mouths and pine disconsolate. Asswhole tho
market was dull, feverish and undecided. and spec
ulative prophets accordingly reticent In their
representations OF Its future.
Tho extreme fluctuations of the day in leading
shares ia shown in the following table of prices