The New York herald., 1879-12-15
FINANCIAL and COMMERCIAL
An Epitome Of the Week s
Transactions.
COURSE OF THE MARKET.
WALL STREET. |
nac IL 1SIQ

SUNDAY, Dec. IA, 1879.
As the late DIR. Watts had occasion to remark.
"Another week days work is done." which Is about
the best that be said of it, as 1t has brought no
great amount Of profit or satisfaction to anybody.
Referring of course to the stock marker. we ma
the week to have been comparatively quiet one.
marked by moderate changes in prices and inclined
toward the end to weakness. For most Of the time.
however, it was wen sustained by quiet but per-
sistent buying of long stocks, which operators ap
pear to be laying after the manner of far-sighted
haberdashers against the 'spring opening"
This was partially checked, however. on
Friday and Saturday by the sharper rates
for money, the bad bank statement and the
growing prospects of Congress taking some action
which, if does not extend to the Withdrawal Of the
legal tenders. will eliminate from them tther
dangerous features. While the soundcst commercial
and banking houses In the country are of one mind
to the necessity of restriction to the green
back issue the dycd-nthe-wool spectators arc op-
posed to 1t. They fear check to new harum
scarum imitation of prices. and have no taste for
fcsina iente advance that would only keep pace with
the real prosperity of the country. Consequently
they cry havoc" to values. predict panics and make
themselves and everybody else needlessly uncom-
Portable. With the legal tender clause Withdrawn
(which is about all we hope for ut pres
entl some sort of surety is given against
these very panics which are dreaded and
may become imminent should short crops and
excess importations cali for large expectations Of
gold Otherwise it does not appear that the green
back will be less desirable circulating medium or
that as an unsecured government due bill-which
is all it is now-it will be less valuable than 1t was
before To the extent that portion of it may slowly
tricke into the treasury and remain there it would
be of positive good in releasing an equal amount of
useless gold and silver and N essening to corre-
spending degree Che greatest danger which threatens
our financial system. The stock market was with
out special features. Erie. like confirmed invalid,
had its good and bad days. but its case defeats tho
diagnosis of both bull and bear doctors. Western
Union and it's side partner-Atlantic and Pa
cific-both declared handsome extra divi-
dends, but in rather contradictory manner set
tied down in price the moment they had done SO.
Perhaps they are reading the handwriting upon the
wall which the American Union Company is in
scribing in good round hand. and which reads:-
"Four millions of stock against forty-one millions.
and direct competition established for seventy-Hye
Der cent of the best telegraphic business" The
strenuous attempts at a cooperative suspension of
coal production were abandoned as impracticable,
and the companies left to go upon their own hook
Prices well sustained. however, particularly Jer
Bey Central, which is expecting to benefit by large
addition to its oil traffic. Kansas and Texas the
favorte OF the Western roads, with large transactions
In it's bonds. The San Frarciscos were mysteriously
weak. and in other stocks there were changes Of
importance.
Transactions at the Board during the week foot up
17s365 shares against 1,S39,OO0 last week and
1923 73S shares for the week ending November 20.
Following is synopsis of the business done during
tho past days. An indicates that there no
sales of the Stock Board yesterday, and the "clos-
ing figures represent the last actual sale:-