The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-06-10
FINANCIAL AND COMMERCIAL.

,nant ana general depression IN prices, winch at
one time was so sharp as 20 excite apprehensons OF
manic The earliest transactions were MOI OF
character to create suspicion. The first symptoms
we're those OF strength and buoyancy-an appear
npce given the market to induce purchases by the
ontside public who were battered by hopes that the
.worsr had been SEEM ana "the bottom had been
,oucbedu The depth OF Wa. street strategy is pro-
found The present retrograde movement in stocks
seems to be the converse >of that which carried
up everything on the list. despite the spring
striucency In money and led to the high prices pre-
vaing al the beginning OF the present month. 1t
has taken Just months for the elimination Of the
"bulI, plan OF operations Are the present yielding
and reactions OF the market the reverse process aud
the beginning OF grand "bear movement which
Is to carry stocks back to or beyond the figures from
which they started last winter The OF the
operation If such 1t be- seems to have been shrewdly
based on the trouble IN Mariposa, which again fell
today about eighteen per cent. few days ago it
quoted at 81. This afternoon it could have been
bought at II. The stock market is in chaotic state,
and as order once grew out OF chaos order will
eventually come out OF the present confusion
and decentralization. 1t was an unhealthy state Of
affairs when speculation took hold OF such trashy
investments Mariposa, and little consideration
should be felt for the four or five stockbroklng
firms who failed to-day through carrying" deal
known to be the only tangible sign Of property in
the enterprise, dropped from so 10 S. The demo-
ralzation which this exhibition OF rottenness pro-
duced LED TO a general pressure TO sell late in
tho afternoon, and the "bears'' threw themselves
into the market and kept up the hue and
cry. Some idea may be gathered OF the ex-
element which prevailed from the fact that
New York central sold down TO 1861, Northwestern
TO s71 Northwestern preferred TO 90, Hudson River
to 1541l, Chic to 321s, Michigan Southern to 1o45i
and 81. Paul 1873. Pltlsburg was offered at 941.
The strongest stocks in the general depression were
Pacific Mail and Fort Wayne. The excitement was
aggravated by the sudden styingency Of the money
market the rate on call loans advancing to seven per
cent, with commission, and to one-eghth OF one
per cent per day. which rates paid for balances
until tomorrow. OF course there Is no normal
state OF the money market which accounts
for this increased activity. The advance
In the interest rate and the tightness OF the money
market are simply artificial and the result OF locking
up greenbacks by the chques. The fact shows the
wonderful power which they possess and reveals the
secret OF the which II has been Their boast
has always attended their operations with or against
the general community.
The following were the closing prices on the call
at the last session OF the stock Exchange:-Cum-
perland, 80 bd wensFargo Co.'s Express, 81 a
S2 Adams 59; United States, esq 81; Merchants
Union, 14a 15k; Quicksilver, Is le; Canton,
o3h 81; MariDosa,6& 10; do. preferred, Is
16; Pacific Mail, S4ta sag; Western Union Tele-
graph, Il bid; New York Central 1897 ls9l; Hudson
River 1881 1853 y; Harlem, 14s lac; Reading esI
oSH; Chicago and Alton, 155 1867 do preferred,
l64h bid; Alton and Terre Haute sss<; do pre-
ferred, SO 60 Wabash, 744; do preferred. so a 49,
Milwaukee and ST. Paul, 761s a 10Y: do. preferred,
s7h s71a; Fort Wayne 1874 Ohio and Mississippi
Mirk.tr
Southern, 1914 1918; Illinois Central, 1I3 bid;
Pittsburg, e71s es; Lake Shore, lo7X; Rock
Island, 1901 1908; Northwestern, eo,6; do pre-.
ferred 1919 lo2; Boston Water Power, lezl bid
HANNIBAL and ST. Joseph 125 l2I; do preferred l22
l23; New Jersey Central, l13ss 1l3I; Morris and
Essex, %; Columbus, Chicago and Indiana Central
t3a AN
The latest street prices given in the table ap-
pended TO the list Of stock sales In the nuctuatnp
and vibrating market 1t was difficult to tx quota
uons, and they are given as correctly it pos
sble TO gather them in the excitement of the time.
In addition to the failures OF stock houses referred
to above it was reported that the paper OF two
prominent sugar houses had gone to protest. but the
cause OF their embarrassment was not explained.
Foreign exchange was firm on the basis Of the
following sterling quotations:-Good TO prime
bankers, sixty days. 1921 1O9I; do. short sight
l1OH l1o'S.
The government market opened steady and main
tanned Its rmness until late in the afternoon when
In sympathy with the general tone OF the market,
there yielding OF about one quarter per cent
10 The llst. The London price came steady at soI,
but Its effect was counteracted by the decline In
gold. The following were the closing street prices--
United States skies, 1881, registered, III O NIX;
d. coupon, 1915. l22; do. 1ve-twentes registered
1lG1s ll75S; do. DO, coupon. 1852, 122h 1924;
do do, coupon 1854, 1l73s nix; do. do, coupon
1855, 1lSh 1ls54; do. do, coupon, new, 1885, l1sA
q ll97s; do. do, coupon 1867, 11eX a lleI; do.
d. coupon, 1868, llex llo5.; United States ten
forties, registered, 1851 lOsIs; do do, coupon.
lOs% 100; currency bonds lO81 1O7
The government bought another million OF bonds
to-day for the sinking fund.- The total amount offered
IN the proposals was nearly IS oOO 900. The seiec-
tons and awards follows-so 600 1867 cou.
pom, at 1921; 100000 1885, new, registered at
1l62o $4,000 1865, coupon, az 1880; 100000 1867
coupon, at 1926 $4,000 1888, registered at I1o.
Southern securities were irregular, the TeDnessees
and North Carolinas sympathizing with the activity
OF money and the decline In stocks while South
Caroiinas, Louisianas and Alabamas were steady
ana firm. Prices closed:--Tennessee. ex coupon
Coz aOj9l; CO., new, 62i 625.; do, I'VE per cent
81 %; virginia, ex coupon, SIX a So; do, new,
olI 60; d., registered stock, - 40; do. regis
tered, 1850, So SO; do, registered, 1861 81 81;
NN''N'" D'AS't "a :" VIZ eS'ch-f W ~ VS. NO.,
sevens, interest payable In Georgia "a e5; North
Carolina ex coupon, 5sH 90; do, new, So, 55k;
Missouri skies, 92l4 92S; do, Hannibal and 1T.
Joseph, % a 90; Louisiana skies, 20 72 do, eyee
sixes coz GG,<; DO DO, Fights, 81 a S.; Alabama
eights 100 a 101; do, nves 60 g.; do. SKIES ster.
ling, e5 100; South Carolina skies, 81 So; do,
new, 10 s0 do, registered stock, 81 20; City or
Memphis SKIES, Cd q 561S; d. Atlanta Fights IS 90:
do, Savannah sey ens, "a o.; do, New Orleans
consola, 10 70; do. do, issues OF railroads Il a
NJ; NOBLE and OHIO sterling, 80 q 81, do elgnis,
70 u; Mississippi Central Railroad first mortgage.
rs a 70; do, second do, o. a o.; Memphis ana
Charleston, first mortgage So a 90; DO, second
do, stock. Al a 40; Greenville and Columbus Rail
road, guaranteed, 81 a 90.
The frmness OF foreign exchange led 10 an ad-
vance 70 1897 in god which was the opening aud
highest price OF the day. when 10 subsequently,