The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-21
FINANCIAL AND COMMERCIAL.

SATURDAY, June 20-6PM.
The speculative feeling is increasing rather than
diminishing In Wall street although the dulness of
the last few months still fingers to q great extent
on the Stock Exchange. The bull element is how
ever decidedly In the ascendant and high as prices
are for railway shares they liable to 60 consid
eraby higher. The inveterate of the bears are
unwilling to sell stocks ''short" while money remains
as easy as is at present and everything vors the
bulls. To "bear' stocks under such circumstances
as to sacrifice bird in the hand for
one In the bush, and to cast bread upon
the waters Of speculation with only q remote
prospect of gain In view. Nevertheless, the
tide will turn some time before the year expires,
and the bears will then have their day, Just the
bulls now have theirs. Meanwhile millions will be
made and lost, and although history is always re-
peating itself In Wall street. and 1t is full Of warn
1ngs. few of the many professional spectators ap-
pear to prot by the experience Of the past Specu-
laon in that great thoroughfare Is indeed game Of
blind mans bun, in which people stumble into ruin
and good fortune alternately and often by mere
accident, and the longest experience sometimes
avails nothing in averting disaster. Just now the
extremely high priced stocks. like New York Central
are neglected, and those comparatively cheap, like
Reading are being bought up There does not appear
to be any clique in the latter STOCK although there
are, 1t would seem, large buyers OF 1t, both in
the street and out OF It, and there is nothing appa-
rent to lead to the belief that the bulls-whoever
they are-mean to resort to that INSCRIPTIONS, not
to say dishonest trick yclept "a squeeze to do
anything more than buy property which they
think will eventually sell higher on its merits, pro-
vided the general market remains steady. With
very few exceptions however, prices are far above
che range of real values, but the two bear
little relation to each other where speculative
stocks are oerned. At the meeting OF the drec-
tors oil the Cleveland and Pittsburg Company, held
last evening" the follow II resolution was adopted
Whereas 1t now appears by the presidents report
OF the affairs OF this company that its present net
earnings and financial condition are such that the
directors feel justified in stating that dividend OF
eight per cent per annum of the earnings Of the
company Gamble paid TO the stockholders; therefore
Resolved, That quarterly dividend OF two per
cent free OF government tax be paid on the 10th day
OF July next, and that the books OF transfer close
the lst OF July and be opened on the 18th Of July
The gold market was throughout steady, and the
fluctuations were from 14o% to 14o%, with the clos
ing transactions at 14oA. There was considerable
speculative activity among the professional opera
tors and good borrowing demand for coin from
the 'shOrts." Loans were made without interest
and at la 1S2 per cent until Monday, and per
cent per annum for borrowing, and also at one per
cent per annum for carrying. The gross cearings
amounted to $50, ,0o0 the gold balances to
$1,3os65e and the currency balances to So 239,e13.
The export OF specie to-day was smaller than on any
previous Saturday for several weeks past, namely
$a2o 900 by the City Of Antwerp, making total for
the week OF 1880 $780, instead Of 81, s5O432 as at
first reported by the Custom House. The Sub.
Treasury discussed $4,000 in coin in payment Of
interest on the public debt, while the conversions Of
seven-thiry notes into vetwenty bonds at the Sub
Treasury amounted to 81, 0o1, 400
The daily range Of the gold market during the
in thucn