Savannah morning news. [volume] (Savannah) 1868-1887, 1886-08-30
TIGHTNEss OF MONEY,
Stock Speculation Seriously Affect
ed-Business Decreasing.

STOCK speculation Seriously Affect
ed-Business Decreasing
NEW YORK, Aug. 2S.-The continued
tightness of the money market and the
steady contraction of stock loans by the
banks continue to seriously affect stock
speculation. The volume of daily busi-
ness is steadily decreasing, and whatever
there Is OF it is mainly confined TO the
room traders. At the same time, prices
are slowly declining, for almost all secu-
rites except one or two reorganized con-
Germs like the East Tennessee, Virginia
and Georgia and the Manhattan Elevated
stock, which after a considerable advance,
which 1t made about fortnight ago, sud
denly jumped up per cent. in
two days. The first advance was
aattributed to the manipulation OF
turned from Europe. But the second one.
can no longer be attributed to the same
cause, for ne Is away again, this time in
Canada, inspecting, 1t seems, the Cana
dian Pacific road at the request OF some
English capitalists interested In 1t. Mr.
Field, however, is not the only celebrity
who 10 just now inquiring into the re-
sources and prospects OF the new trans
continental road. The grand nephew of
the first Napoleon BonapRrte, Wise by
connected with the management OF the
elevated roads aver that the advance In
the price Of Manhattan has by no me ans
eliminated, and that $140 share, the
price at which IL is selling now. will soon
look very cheap, when the pro-
jected developments of the property
will become known and high dividends
declared on the strength of the steadily
increasing earnings. 1t would appear
Manhattan IA m
all the elevated roads Of New YORK. earns
this year an average Of $4,000
day more than last year
1t is more than likely that the reduc.
tion OF fares which has recently been
made on the Third avenue line will com
pei the surface roads to reduce their fares
too, and this, in its turn, will probably
lead to an attempt to cut the wages OF the
drivers and conductors. The present
strike on the Broadway and Belt lines.
has nothing to do with the question OF ro-
ducing fares. 1t was the consequence OF
an increase or the number OF trips which
the managers OF the roads tried to exact
from the employees. The nature OF the re-
lations between toe latter and the former
Is such that strikes and lockouts will
probably form q feature Of the New
York street traffic for some time 10
come. The temper OF the men working on
the street cars is pretty well illustrated
by little incident which occurred at the
close Of the last big strike, some four
months ago. The writer jumped on one
side of the front platform OF a Broadway
car, whilst an Irish wOrkingman jumped
on the other and addressed the driver:
''Well, Pat, I'm glad TO see that you have
fixed IL, and that after all you got the best
OF it," "Well," was the answer, swat a
while. Wen give them another whack
II they declare a fat dividend" II this
basis OF responding by "whacks" TO every
declaration Of a fat dividend 10 adhered
TO by the elevated road employees it would
be nothing surprising to see Mr.. Field
and bis associates of the Manhattan man.
agement compelled to reduce instead of
increase their dividends.