The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-10-27
FINANCIAL And COMMERCIAL.
A Week OF Gigantic Opera
tions in Stocks.
RIGGING THE MONEY MARKET.
WALL STREET.
49, ma OE 1A1Q

SUNDAY, Oct. ~. 1871
Yesterday brought to close the business of .
week that had had as many hues AS chameleon.
Days of intense excitement attended by extraordi-
nary transactions. were mixed in with periods OF
quietude and comparatively restricted dealings
while there running accompaniment OF high
prices and low prices stocks. and severe strn-
gency and comparative ease tor money. Ihe up
ward whirl. which ut the opening OF the week hao
been set going with more velocity than ever was
very perceptibly slowed down at the middle OF IT,
only TO gain renewed speed at the end The serious
break which experienced operators have been look
Ing for have resulted in mere crack III tho
veneering the market. and the apprehended grand
smash is postponed perhaps for good and all. un-
quesonaby occasional reactions such as TINS one act
like safety valves to the danger of explosion
and insure the security of the upward movement.
As we have had occasion to remark more than once,
the pressure of tight money is about the only ele-
ment powerful enough to check speculation ut the
present time. It is quite apparent by the events OF
the past week that the pressure must be exerted In
a mora vigorous way than has yet been the case to
make q serious impression. To peedy borrowers
with fancy collsteras tho difficulty of procuring
accommodation ut the middle of the week was ex-
oessive. Money ruled from per cent to q bonus Of
I-32 to per cent for days use. and on many OF
the highly inflated fancies could not be procured at
market resisted stubbornly. yielding not more than
TO per cent in the worst and in many refus-
ing to yield at all. The result manifestly
surprise and disappointment to certain prominent
operators. who had taken turn at the screws with
the hope of precipitating greater decline but who
andng it Intellectual, quickly abandoned the attempt
Loans were decidedly easier on Saturday. and
though the necessary boarding and calling in OF loans
by banks aud moneyed institutions preparatory
to the disbursements Of interest aud dividends on
the LIST of November may make close money
market during the week. there is little reason to be-
lieve that it will continue beyond that date. Allow
ing for the hiatus the middle Of the week. the two
ends of the market we're strong and buoyant, with
recovery the end Of the greater part OF tho loss
Tho coal stocks, Erie, the grangers, Kansas and
Texas Iron Mountain and Western Union. all gained
upon the weeks work. The general advance In
the prices OF coal and tho increasing demand
gave strong impulse to the anthracite and btu
minous properties-such of the latter as New Gen.
trail, Consolidation and Maryland Coal advancing
from to IL per cent--while the trunk lines were
strengthened by the extraordinary grain movement,
general traffic and the anticipation of further in
crease in tho tho closing Of lakes and canals
So far as the upward movement is confined to the
money earning properties which are dividend payers
now or have good prospects to become such
shortly it seems safe enough. In the risk of col
lapse in the bubbles which have been inflated to the
bursting point and which in some cases have no ex-
istence at ALL Is where the danger lies. The whole
fabric may topple over from the crumbling away of
few rotten timbcrs.
Total sales of stocks for the week at the Board
were 1884, O36 shares. The following table presents
= bird s-eye view of the trausactions:--