The New York herald., 1879-12-01
FINANCIAL and COMMERCIAL.
What Was Done on Change
Last Week.
THE PRESENT SITUATION.
WALL STREET.


SUNDAY, Nov. 80 1871
Last week started of under false appearances.
The street had pretty well made up its mind that'
although the storm of the previous week had oio"n
over had left behind it some disastrous enects.
had at least severely crippled the outside puoc ana
10 long this mainstay to prices remained hmping
there faint hopes Of revival OF the advance.
3d. like the good citizen in the might before Christ
mas" the street prepared itself for sumber in clear
anticipation of a long financial nap. But. as hap
pened In the poem. on Wednesday there ''rose such
= clatter' on the announcement OF the Wander
bilt New York Central transfer that the
utreet woke up with start to find the
prevailing dull market transformed into an
exceedingly lively one. The various details of this
transaction, with the comments which it ELECTED.
have been fully set forth in the public prints as
10 require no further notice here Its Immediate
effect upon the market was to set Mr. Vanderbiits
special railroads ana Mr.. Gould's late Western ac-
puisitions bounding. Thus Central ana Hudson
doomed up to 139 Lake Shore to l0s. Michigan Gen.
ral to 9S Wabash common to 80, Wabash preferred
10 IS, Union Pacific to 90ls. Kansas PACIFIC 10 w
md other Western roads or less implicated in
The socalcd wabash system" to various degrees
pf Improvement 1t did not seem to occur to the
huvers who were frantically outbiddiug each other
Mat in the case Of New York Central the dimi-
nutiop of Mr.. Vanderbt's interest had
neasurably lessened lis value invest
uent security, that tho sowing broad
tast of so large number of shares likely to give
n A spec ulatiye character from which it has been
Notably free and that in the of the Wabash sys
em the connections talked of may never be made.
Dr. being made. will scarcely possess greater cohe-
rive qualities than pertain to rope of sand. Some
weakening of this sort to have possessed the
market on Saturday, when a sudden reaction set in
and the market shorn of the greater part of its
yain. The weakness Of the market on Saturday was.
however partially due to other causes. Erie which
had gone up in most unaccountable manner when
IL was clearly upon the cards that it should have
rome down. suddenly reversed its action and tumbled
rom 44a1 to 40. The anthracites were notably
weak on a vague story that action would be taken by
Congress to reduce the duty on iron. and there
,uficient known of the views Of President Hayes
md Secretary Sherman to warrant the belief that
Congress would be strongly urged by those officials
10 take immediate steps for reduction of legal ten.
ders. Money remained easy during the week, rang
Ing from s to per cent. Gold continued to arrive
something over ST 900 900 having been received dur
ing the last eight days. The high price OF wheat
however, has checked its shipment. and the return
in the shape Of specie likely to be checked
also. The stock market closed weak. feverish and
undecided, and it bold speculator who
willing to back up his forecast OF next week s course
Of prices.
Transactions at the Board during tho week aggre-
xated Ill shares, against 3.410044 the previous
week, making the average taily sales for the past
,x days 490185 shares, against daily average Of
b6s $50 the previous week. Following is synopsis
Of the transactions for the week ending last even-
mQ:-