The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-28
FINANCIAL AND CONNER GAL.
THURSDAY, June $40 P. M.

There has been unusual activity In railway shares
to-day, the most buoyant Of which were Michigan
Southern, Northwestern ana Erie. but the movement
entirely confined to the brokers and other professional
spectators who are making capital out OF the shorts
among themselves Those who manipulating the
stocks referred 70 are anx get the street 10 Ego
long" OF them, and thus remove heavy load
from their shoulders on advantageous terms II
the bait succeeds with the street the latter
viii be the loser unless the public comes In as
buyer which IL al present shows no Signs
Of doing And advise the public TO keep away from
abe Stock Exchange and leave the spor, now going for
ward entirely the professional spectators II Is only
fools thai rush where angels fear 70 tread, and the
operation OF fleeing 10 accomplished nowhere more
quickly than on the Stock Exchange. The men who
are row manipulating certain railway stocks are adopts
M of entrapping the unwary, and their object
n 10 make profitable market for themselves at the
expense Of the rest Of the street. There Ia no obec
SION to this so far as tho stockholders are
concerned but outside parties will perceive that
they have little gain and much to lose by venturing
70 play against loaded dice and that the higher stocks
90 the greater risk there is in buying Thorn specua
ton. There is nothing to be said against purchases
for investment, because the buyer In such case be-
Independent Of the vicssitudes Of Wall street;
but overy outside Of 1t who takes fyer fosters
abe element Of speculation which underes the corrup
Of railway system, and in nine cases out OF ten
ID heavy loser in the end II matters not whether
stocks going higher not; the public win consult
s interest by avoiding the and pitfalls Of the
Stock Exchange and this warning all the neces
sary that bull has commenced and that
high figures talked of for almost every stock tho
list
Money continues in very abundant supply at six per
per cent general coaterals and Eve on governments
while Of the leading dealers in the latter report
shat they have balances left with them four. There
change TO note In the amount OF commercial paper
Offering for discount, and the best grade Is still quoted
o. per cent while the second class is rated 81
Q. Tho rational banks throughout the country are,
from present appearances well prepared for their next
quarterly returns and hcre has thus far been per-
ceptible movement Of currency for the purpose Of
strengthening The payment OF the July div
dends Will be likely TO increase the aggregate of capital
seeking Investment and this inspires confidence in pro-
lcpged monetary ease.
The railway share market steady al the decline Of
last evening At the early session Of the open board,
and at the first regular board 1t frmer and more
active with well distributed business. The express
stocks dull and slightly lower Merchants Union
excepted, which advanced. New York Central closed
higher than at the time yesterday, Northwestern
~, do. preferred y. Fort Wayne x, Pacific Mail TX,
Water Power X, Western Union Telegraph u, Mer-
chants Union Express Ia. Erie = lower Reading
i, Michigan Central 81 Michigan Southern X, Illinois
Central Il, Rock Island " Ohio and Mississippi certin
Gates y. Adams Express y, Wells Fargo Co. r.
Government securities we're rather dull and barely
steady. Coupon fvetwenties OF 1862 and 1855 de-
olned u. ten forties H. Among the State stocks Mis-
sour skies declined Y.
At tie second regular board there was considerable
activity combined with strength The old express
stocks were dull and experienced . further decline
New York Central closed higher than the FIRST regu-
Lar board, Erie Y. Reading y, Michigan Central x,
Michigan Southern ~, Cleveland and Pttsburg y,
Cleveland and Toledo Y, Rock Island z, Northwestern
\, do preferred Fort Wayne y, Ohio and Mississippi
certificates X, Pacific Mail u, Atlantic Nail " Quick
silver y. Canton X. Adams Express was y lower;
Omitted States AZ. Government securities were duh.
Coupon fve-twentes OF 1862 advanced y. Tennessee
nxes Of the now issue declined Y.
During tho rest Of the afternoon tho market was
somewhat variable, except for Michigan southern, which
was steady, and the fluctuations were, tho whole.
slightly in favor Of the New York Central 104h
. y; Erie, o4,f y; Reading, losN 100; Michigan
Southern 7ox II; Cleveland and Pittsburg. SIN
Rock Island, p3,f n %; Northwcstern, 3oH "; do
preferred, 63S n; Western Union Telegraph. "a "
The detailed report OF the stock market yesterday
The gold market has shown diminished activity and
Armness. The opening price 1857, followed by q
decline 70 1874, but subsequently, there a recovery
1885, the closing quotation. There good borrowing
demand for CON- and loans made without interest
varying from "a to 364 per cent per diem
The gross amounted to $3s 10000 and tho
gold balances to zoos, 262. Tho weser for
Bremen, took out slis,5oo in specie
The prospective payment OF the July gold coupons,
amounting to about eighteen millions, has tendency to
increase the short interest but the bulls ind profit
able carry gold at present. and they manifest conn.,
asnce in the future Of the market
An impression prevails in the gold room that tho
meeting OF Congress In July may DO productive
Of political commotion arising from the agitation OF
the territorial and connscauon schemes advocated
BY Nessrs Wade and Thad Stevens in relation to
the government Of the South, and the development
Of . new financial policy in direct opposition to
shai OF Mr. hcculloch There is little DANGER how
ever OF disturbance from either Of these sources.
The finances will probably DO left practically
alone, and for conhscaton, have enough Of that
already In the taxation called upon to
bear Roughly speaking. the property Of this country
y subjected 70 forced levy or i've hundred millions Of
dollars per annum, including customs duses exclusive
Of State and municipal taxes. Twenty years Of such
this would Be- equal 70 the whole value Of the
property Of the country at the present mc The pros
pee, To- too that the South win bs reconstructed the
basis Of the present lav with such amendments Con.
ssss may nnd necessary 10 is perfection The signs
also that every state In the South win have
rspublican majority 81 the mort general election
me negroes, Of course. viii all vote the rcpub-
nean ticket and . large section Of The South
sm White population feel TOO diseusted 70 b
registered or 70 take any interest in politics
yhateyer Many Of thts clasa are euRTosood In
their private Affairs and pursuits, and not what
may happen politically a present, although they will
hold themselves in readiness for opposition when the
proper time The Southern elections thus allowed
70 60 BY default and otherwise favor Of the repubi
cans will silently accomplish . revolution, the like Of
which. In Importance. has not been soon since the
colonial period The prospect IT, therefore, in favor Of
harmony and tranquility and practical reunion In the
manner described. There II consequently. no real