The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-10-06
FINANCIAL and COMMERCIAL.
A Glance at the Situation
on Change.
REVIEW OF THE WEEK.
WALL STREET,
.aEn

WALL STREET,
SUNDAY, Oct. b, 1871
During the week past speculation. like high
strung colt. took the bit in its teeth and fairly ran
away with the stock market wero it not that Sum
day barred tho way. tollgato fashion. and brought
it to temporary check. there is doubt that the
pace would have held without slackcning for at the
close of business erything shaping for fresh
burst of speed In magnitude OF transactions and
IN the excitement which attended them nothing at
NIL comparable has been since tho day that Jay
Cooke failed In 1878. For the greater part OF the
week the progress of prices was steadily upward
aud though there uncomfortable yielding at
time it almost entirely recovered from in
Anal dealings. Erie. the two Delawares.
New Jersey Central and Pacific Mail
were the prime favorites. though pretty much every
stock on the list its circle of admirers. In Erie
ecuation ran riot the transactions being simply
enormous It was easily to be seen that strong
hands were at work. and 1t did not require much
perception to connect them with the biceps or MI.
Vanderbilt or Mr. Gould. or perhaps OF both. ln-
deed this latter theory is most to the taste Of the
street. which wishes luck to both. SO long as they
keep the excltement lively and the price going up.
Next to Erie the coal shares most active rising
rapidly for the greater part of the week. but falling
off at the close. Whether there was to be combi-
nation or no combination the great point. and
1t is not settled yet. though Mr.. Packers
yes or nay. definitely expected tomorrow,
will probably determine the matter for
good and ALL Meanwhile some Of the
companies have been marking up the price Of coal
twenty-five cents per ton, taking time by the fore
lock, as it were. though their chance Of holding
to it, If the output be not diminished, is slim in
decd Pacific Mail has been got afioat again.
calked and fitted up and sent to with favor
ing breeze--this. too. after it was thought to be
sunk in the mud of insolvency. The reports are
that the business of the line is large and pro-
ductve, and this to be borne out by the fact
that the Indebtedness of the company has been
auced 100000 since the advent Of the new admin
lstration. The grangers. the so-called Gould and
Vanderbilt stocks and Of the South and South
western roads were active and higher. though they
lacked the elan which characterized the favorites.
Western Union. the contrary. weak and,
sagged OFF. In spite of the enormous business
which is being transacted the shadows cast by the
poles of the now company arc menacingly heavy.
The most noticeable feature of the week the
boom in the share market cocxistent with the
pinch in the money market. Tho normal ratio for
call loans was per cent. but from time to time
bonus of 132 to q per cent was tackled on In sdi-
ton, though good borrowers were seldom forced to
pay above the legal rate An unexpected call by the
Treasury for s3.3oO.Ooo in settlement Of the per
cent loan and the continued drain OF to tho
South and West. together with the greatly increased
amount required for tho carrying of stocks.
nre sufficient to account for the stringency. The
effect upon the stock market was however. inconsd-
eruble Prices fell Off for fcw hours. but with the
ease up Of money Saturday afternoon values
swung back again to nearly their old places and
speculation started OF u rampage OF which
tho history is yet to DO written.
Sales ct tho Board during foot up 900 900
shares. This is said to be tho largest business
done in one week. During the month of September
G973.l6 shares of railway and general stocks
6ealt In, against 5237 0o5 in August and $685. in
July. OF railway bonds the sales during September
were s3s6965l7, against s23, SOB 900 in August The
following table presents the course OF the market
during the past week. the closing prices Of yester
day being set against those OF the preceding sstur