The New York herald., 1879-09-08
FINANCIAL and COMMERCIAL
Wall Street Doings Last
Week.
4 GLANCE AT THE COURSE OF THE MARKET.
4 Bright Prospect for the "Bulls' and
Blue One for the "Bears."
WALL STREET,

WALL STREET, |
SUNDAY, Sept. Z, 1879.
With the exception of heavy spot two last
weeks stock market was buoyant from commence
ment to end. The bears we're disposed carly in the
week TO try the effect Of pulling long faces aud
broakng dismally about the imitation of prices. but
the attempt to discourage the bulls by any such
methods lamentably failed. Perhaps the bulls.
however. gained extra courage from the
fact that the financial events of the week were
almost entirely shaped In their favor. The most
important of these was the relief to the money
ket. From per cent and sharp demand the rate
tempered down to and 9. with plenty of supply
at the price. 1t not. however. SO much in the
saving of interest that the relief was felt as in the
feeling that underlined danger which might have
developed very serious results among the class Of
operators who carry stocks upon margins had
passed away This change for she better directly
traceable to the large arrivals OF foreign gold and to
the guarantee OF future afforded by the large
amounts adoat and expected. The drafts upon the
banks for crop moving purposes have been greatly
relieved by this inflow. and it could not have come
ut more opportune moment. The inflow of Jay
Could per White Star steamer. also Of material
consequence IN giving FLIP to the market. for pe
lost time in stirring up the particular fsncies
identified with his name which had been slumber-
ing in his absence aud giving them
lively upward turn. Among these Kansas Pacific,
Kansas and Northern and Wabash were the most
prominent. while Erie. like Jill in the nursery
rhyme ''Came following AFTER Although 1t is un-
aerstood that Mr.. Gould repudiates any Intentions
10 tske up with the fortunes of this company. the
speculative public will have it otherwise. and have
planned out, to their satisfaction at least that
Erie is to be the Eastern terminal line Of tho pro-
posed transcontinentsl route. So determined were
they upon this that they had Mr.. Keene's interest
sold out and Mr.. Gould bought in. in his place. be-
fore either Of these gentlemen could have said
"Jack Robinson" The practical result, however,
was to create very animated market and higher
prices for both the stocks and junior mortgages.
further help to the bullish speculation emanated
from the vigorous efforts Of tho coal managers to-
ward inducing long pull. strong pull and pull
altogether in favor of new combination. Having
got themselves into bad scrape by the purchase OF
coal lands ut ridiculousy inflated prices, and made
ducks and brakes Of their stockholders' money in
ruinous leases they seek to escape the penalty
Of their own folly by shifting these burdens upon
tho backs Of the public in the shape Of higher and
artificial prices tor COAL Whether they will succeed
or not Is to be SEEM the attempt at least. during
the past week contributed to making brisk
market and higher prices for their shares.
Another element of support the strength Of the
grangers to the present largo earnings and the
prospectvely larger to be expected with the in
creased movement Of breadstufs to the seaboard.
As specialtes in last weeks market were Burlington
and Cedar Rapids, which from 6S to Is and fell
back to So on the completion Of the lease with Rock
Island; Chicago, st. Paul and Minneapolis. which
rose 10 per cent because 1t would like to make
lease with somebody, and Pacific Mail, which ad-
vanced nearly two points on q movement ascribed
In some quarters to Messrs. Sage and Gould. but
which is received in others by dsrisive reference
10 ''balls" While. as We have shown. the market
received an important lift from than quar-
ter probably the strongest support Of all from
the belief now widely held. that for many months
to come the tendency of prices-not only in stocks.
but in all commodities which matters OF barter
and sale-cannot be lower. but in most instances
must be higher. Under any circumstances there are
few or no elements upon which to found bear
movement. bur many upon which to construct .
bull one. n
1t il reported that pool has been formed to buy
both the Indian Territory stocks-St Louis and San
Francisco and Missouri Kansas and Texas. Consid-
erabls speculation them expected in the event
OF Congress its next session discussing the open
ing of the Territory as is expected. (
The number Of shares sold ut the Board during the
week was l.l75OOO against l1so.00o the previous
week. The largest operations were in Delaware and
Lackawanna 02O shares of that stock being sold.
the whole amount outstanding being $4,000. Erie
was dealt in to tho extent OF lA6222 out Of whole
stock OF 10000. Northwestern operations aggre-
gated l6o.7sO the whole stock being only $50.
st. Paul was sold to the extent Of shares out
Of q total Of l54.042 Among other leading stocks
Lake Shore sold 75.204 shares; Wabash. 1850. and
New Jersey Central. S4.sss.
Prices yesterday compared - follows wish those
of tina urevious Ssturday:-