The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-10
FINANCIAL and COMMERCIAL.
A Glance at the Events Of
the Past Week.
EPlTOME OF THE TRANSACTIONS.
WALL STREET. |
SIrypAY Nov y. 1879. 1

SUNDAY Nov. y, 1872.
The chief event Of last week the continuance
of the battle between the money market and the
stock market. There cessation of the attacks
of the former. and no yielding of consequence upon
the part of the latter All tho usual tactics to pro-
duce financial stringency-such as calling in loans'
bidding up the rate when the market was full OF
needy borrowers, engaging large sums aud not
calling for them and withholding certified checks
from deposit-were resorted to, with only hniiteo
1t good deal easier to marx the price
of money up than to mark the values of stocks down.
and consequently happened that while the raseio
loans at times forced up to "a "a per cent anu
interest the share market stubbornly resisted any
decline of Importance There abundant evil
dence that the existing demand for capital for iegi
mate purposes was being artifcially heightened by
ways that were dark and by tricks that eventually
turned out to be vain In seeking FOR the animus
which this attempt to break the market 1t
was almost unanimously agreed that the desire was
not to inaugurate bear campaign but to force
prices to a profitable purchasing point preparatory
to fresh advance This very belief undoubtedly
helped to sustain the market and keep up
the pluck OF the victims who were suffer
ing under the thumbscrews OF the money
lenders, for it was apparent that their pains
and penalties were to be of short duration and
that there would be good time coming shortly.
The force which had the most power. however, in
breaking up the money conspiracy was the appear
ance OF tine government bidder for SIC. 900
OF six per cent bonds. The report Saturday that
Mr.. Sherman had obtained the entire lot and would
Immediately proceed to disburse account OF the
purchase, brushed away the fictitious ''commis-
sions" which had been extorted by lenders. reduced
the rate z then to per cent. and sent the price
Of shares sailing up. amid great excitement. After
ward it was discovered. but too near the close Of
vrAk
had reckoned without its host. and that Mr..
Sherman had taken bonds at all. Never
theless between three and four O'Clock, holders OF
bonds grew less rapacious in their demands on find
ing that the Secretary by Offering to buy at 1O6.
was the best bidder in the market after all,
and turned in to him trife $4,000 900 at the
quoted price. The bid for the remaining $4,000 600
still remains open and there Is every prospect that
it will be filled before Monday noon. Such. in brief.
is the history Of last weeks business on Change.
There a material falling of in stock transactions
and lessening OF excitement. The effect was, how
ever to harden the market and check for time the
dangerous pace at which things were going. It
proved in addition what many people doubted
the existence Of underlying strength that is
almost phenomenal TO account for 1t we must ac-
cept the theory true that stocks widely held
by strong parties either paid for out and out
liberal margins, and that the vanderbilts. Goulds.
Bages and Keenes have lost control of the market.
The total number OF shares dealt in during the
week WAS 1868. $685. Following is q synopsis Of the
Iales with the extreme ranges OF prices: