The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-29
FINANCIAL AND CONNER CIAL.

FINANCIAL AND CONNER CiAL.
FRIDAY, June % g p. N.
There has been renewed excitement in the railway
share market to-day attended by further advance in
prices the transactions almost entirely
fined 10 the brokers and professional specuiators In
other words the bulls conducting their operations
without de support and the general public evinces
no more interest in the transactions ON Stock Ex
change did month ago. The speculative stocks
respond their efforts with rapidly which must be
extremely encouraging but We may hken the
street in this respect 70 . flock Of gulls
following the wake Of the ship Of speculation, with
number OF skfu manpulasors at the STERN each with
baed hook and line. The first nibbe at the bait Is
tempting but the the bait 10 nibbled the
the gus TO the fatal hook, and nnahy they get
caught The bulls can borrow all the money they
quire on satisfactory colateras and they think they
have only prices up order decoy the outside
public their srapthe same trap too, which has
been often caught before. Tho intended victims Of
the bull leaders at present their fellow brokers' and
spectators yclept the street. II the street will take
their Of Michigan Southern Northwestern and other
stocks the bull leaders will have achieved . genuine
In the dogeas doggans, and the street will AZ
forwards groan under the weight But 10 the outside
public comes In and the load on It's hands then
the street, too, will share in the PROFITS Of
this speculation for q rise, but the public will
lose accordingly. Stocks may 30 up, but
they cannot be sustained q the advance
without the assistance Of the public and the
latter becomes largely Interested the brokers and profess
sional spectators who buing them will DO the
frat and bear them and thus involve the public
in loss and the heavier the loss the better for Wall
street Warnings and experience arc, however, lost
upon the public. and is mot improbable tha it will be
duped again this year II has been duped BEFORE The
higher stocks 60 the the public slksy buy and
tho more money II 10 likely 70 losA For
who makes . hundred thousand dollars, Wall street
turns hundred ruined speculators-the victims Of
professional harpiea And yet railway stocks would b
cheap present prices the recent rse
il the properties they represent were well managed
but Wall street moves regardless Of real values and IL
will promote when the railways OF the
country tho height Of their prosperity readily
q 1t will bull movement when their rafc returns are
against them. Even railway shares are good in
vestment but very dangerous to buy speculation
against time.
Money continues extremely easy the supply being In
excess Of the demand, ct per cent on railway and
miscellaneous collaterals and on governmental The
requirements Of the Stock Exchange are at the same
time large in proportion the ncrsass volume Of busi
the Stock Exchange. The applications for dis.
counts at the banks very limited scale, owing
the duness Of general business an the best grade
Of commercial paper passes at OK per cent, while
"good' but less favored names quoted Al g. 9 A
Cincinnati journal Of Wednesday reports continued
the supply Of currency II that point and
although the inquiry for loans mot large, bankers
present able to do but little in discounthg No
provement OF importance in this respect is expected
until after the wheat is harvested. As yet the
wool crop has caused . very slight movement
Of capital owing 10 the difference between the views Of
buyers and sellers. Notwithstanding that the wool
clip in Ohio this year 10 estimated twenty mil.
lions Of pounds and that 10 proportionatey large
Indiana It fair to infer however, that the owners Of
wool Win before long b enabled TO realize upon IL Al
Chicago, the date Of the discount houses
reported the demand for money pressing. while else
whore IL was quoted only moderately sctive The Offer
lngs Of fresh paper there closely sorunized but
prime names, backed BY good collaterala ind no dim.
culty In obtaining reasonable amount Of accomuoda
lion.
Railway shares were active and strong At the early
session Of tho open board, and at the nrst regular
board there was . large business transacted
1t advancing figures. the heaviest transactions
being In Erie The old express stocks were
weak and especially United States while the Nerchants
Union. with thirty per cent paid up sold At 20 New
York Central closed higher than At the time yss-
terday, Eric III ReadingX, Michigan Central " Nichi
gan Southern 2x, Illinois Central u, Cleveland and
Pittsburg IN Rock Island Northwestern ~, do pre-
ferred IN Fort Wayne TX, Ohio and Mississippi orti
ncates !, Pacific Nan TX, Atlantic Mail X, Canton lx,
Western Union Telegraph IN, Merchants Union Ex-
press Q. Adams Express az lower, Wells. Fargo
Co., x, United States Express 5h Government secu-
rites were firm and coupon nve-twentes Of 1859 and
1864 and ten-fOrties advanced Il. The abundance OF
money induces nearly all the dealers to "bul govern
ments just now with visw TO selling out At good
profit after which theyswilfbe liable TO react Among
the State stocks Tennessee skies or the issue de-
cned u.
At the O'Clock open board prices underwent further
ADVANCE the largest transactions still being IN Erie
which sold at o5k ~ At tho second regular beard
tho market showed increased activity and buoy ancy.
New York Central closed higher than u the first reg
ular board, Eric ~, Reading y, Michigan Central
y, Michigan Southern ], Cleveland and Ptsburg az,
Rock Island ], Northwestern ~, DO preferred IL,
Fort Wayne u, Ohio and Mississippi certificates IL,
Quicksilver y, Aariposa preferred X, Western Union
Telegraph y, Chicago and Alton Y lower, Pacific
Mail u, Canton u, government securities neg
isctsd but steady.
Al the half past three open board there was further
slight advance in prices and during the rest Of the
afternoon the market remained arm and active closing
u SIX o'clock ~ the suboinsd quotasions:N York
Central. 1o4x y; Erie cox "; Reading, loexa
loox; Michigan Southern, 7sx ~; Cleveland and
Pittsburg, SAX X; Rock Island esk y; North
western, AN g; do preferred, o4K y; Ohio and
Mississippi certificates, 2ekax.
The gold market vas dunbst nrm, and the prospect
fAvos light shipment Of specie morrow. The open
ing price was 49, followed BY decline 70 l37x and
subsequent advance 10 13sk, the closing quotation
There was quicker borrowing demand for coin than
yesterday, and loans were made rates ranging from
Lea to lilo per cent per diem in favor Of The lender
The gross cseancss ssgrsgassd 900 and the gold
balances S63os17.
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