The New York herald., 1879-10-28
FINANCIAL And COMMERCIAL.
Stocks Active, but Remark
ably Ragged"
MONEY ON CALL EASIER.
Bonds of All Classes in
Fair Demand.
WALL STREET
MONDAY, Oct. 27-6 p. N.

The stock market passed through fever ana
agueish stage to-day. being hot at the commence
ment and decidedly chilly afterward. There was
bounce in prices in the morning and reaction III
the afternoon. Stocks that were booming before
meridian lost the .hurrah" of the early hours and
sank to the prosaic inactivity inseparable from
declining market. In word, the tearing bull mar
ket of the morning naturally resulted in ragged
condition Of things in the afternoon At the start
prices all better with Erie, Iron Mountain
and the grangers leading the list. Atterward they
were all worse. the stocks named. with some
others, leading the fall. Had they had their
own way there would probably have been
no fall ut all, but intermeddling reports OF
what the. banks were going to do and the very
pronounced weakness of Erie impaired tremor to
the stock market which shook out many long hold
ers of shares. Some nine or ten bank presidents
met to day TO consider the policy OF reducing loans
upon the stocks aud of restricting the line
heretofore extended to the certihcation OF brokers'
checks. 1t is not learned that anything was con-
clusivey decided upon in regard to these two meas
ures but it was ascertained that committee OF
three bank presidents had been named to confer
with the Stock Exchange in regard to tho feasibility
Of establishing a clearing house for stocks. With
the multtudinous properties upon the list at the
present time it would seem to be almost hopeless
experiment. The Bankers and Brokers' Associa-
ton several years ago. when tower stocks
were dealt in than now. set themselves up
as q clearing house and failed lamentably
No doubts the advantage of such a scheme, but
at tho same time one acknowledges its practica
bility If possible OF execution however. it would
add tenfold to the security Of the brokerage bus-
ness diminish by tithe brokers' expenses and
increase the present speculation wild,as it is by
hundred per cent. The meeting of the bank man
ayers being taken to indicate scrutinizng of loans
and restriction of credits gave rise to a bearish
feeling in the stock market which reflected by
q lower range of prices. An unexpected weakness
in Eric helped to make things worse. Where it
came from nobody knows, but the report-sutfi-
ciently accredited to depress tho prce-was preva-
lont that Mr.. Vanderbilt had abandoned the stock
and left the control to Mr.. Could There Is
reason to believe that this rumor is canard
OF the most extreme canvasback description.
and that while Mr.. Vanderbilt controls Erie
Mr.. Gould is in perfect accord with him. thereby
constituting an entente cordale that may develop in
some curious results before the year is out. There
was sharp advance in Lake Shore, in Central and
Hudson and in some of the other dividend paying
stocks With the dealings in the fancies hampered.
and in many cases shut of by the reluctance Of
money lenders to advance upon them, it would not
be surprising to a return Of speculation to the
better class of securities, which have becn in q
measure neglected. but which gifted with bor-
rowing powers that tho soda water fancies not
possessed Of. At the close there was general inn
provement, and prices closed with considerable
strength. but without the excitement Of the early
hours.
Total sales at the Board to-day $685. 020 shares
Tho following table presents resume Of the busi-
ness:-