The New York herald., 1879-03-30
FINANCIAL And COMMERCIAL.
The Stock Market Active
and Strong.
Government Bonds Firm States Dull
and Railroads Strong.
THE BANK STATEMENT.
The BANK STATEMENT.
Monev on Call Z q 5 q z
Per Cent.
WALL STREET,
c .frrrxnAN- March 10 ID

SATURDAY, March 29--6 p Nj
Rates for money on call to-day are to be quoted as
ranging fairly and squarey at from six to seven per
cent. Final loans made plump up to the higher
figure and there was even some inquiry necessary
before they obtained at that. Younger Board
members. who. to speak, have not got beyond the
nursing bottle of finance trembled their pinafores
when they encountered this awful rate for money,
while their older brethren upon Change. who had
cut their eye teeth many years ago and well remem-
bered the times when money at seven per cent was
considered ''cheap" laughed in their sleeves at the
insensate which to great degree has infu-
enced values during the past two weeks AS in COM
parison with the easy sipshod money market of the
last two years. during which loanable funds were
obanable at next to nothing the present rates for ac
commodation are esteemed as something abnormal.
What in former years estimated as fair and
equitable rate for borrowed money is now counted
formidable squeeze, and prices of stocks are ex
peced to reflect the truth of this opinion by declin
ing to greater or less extent So far as to-day is
concerned this expectation has met with disappont-
ment. Prices, which under the pressure of active
money were expected to have gone down. have gone
up, and the rod which supposed to be held in
pickle over all spectators who bought on margins
has fallen lightly straw. Money continues
close and is likely to do for fortnight to come
but il no longer hangs over speculation after tine
an terrorem fashion which it assumed week ago.
During day since the beginning Of active
money have rates been closer than they
this morning, and during day of this period has
there been more spirited upward turn in stocks.
The buoyancy general throughout the list. The
Northwestern. the ST. Pauls and Michigan Central
at the head of the advance, while the rest Of
the list traed along in their wake. with less
activity. The humor seemed to be to sell nothing
but to buy everything. Spectators were quite
ready to buy Wabash ut 201l, with its lawsuits and
its debt of $21 100000 and its earnings not
cecding S330.000 per month, they to buy
Ohios at 111a. with debt of only $4,000 900 and
with earnings aggregating more than S440,000 per
month. Such the fact. however, and in it rests
of those inconceivable Inconsistencies with
which Wall street is fraught. Although the market
during the latter part of the day may be distn-
guished booming. there little of outside interest
TO affect it, The bank statement, although it showed
aloss of nearly $s0OoOOO in deposits, made better
sx ,ibit in of the other items-particularly in
tn II OF surplus reserve-than was expected and the
stock market took courage thereby. telegram
from Urbana, Ill., reports that the Court has refused
to appoint a receiver fer the Wabash road. The
Western Union people pooh-pooh the reported dis
coveries claimed by the American Rapid Telegraph
Company, and accordingly quotations of the old
company advanced sharply. The coal shares were
more than strong. and the remainder Of the market
inclined to hold its head up with the best Of the
actives.
The opening, highest. lowest and closing quota
tions of stocks at the New York Stock Exchange to-
dav were as follows.--