The New York herald., 1869-06-01
FINANCIAL AND CONNER CIAL.

MONDAY, May 3l--6 p. VI.
rne interest OF wall street again centred in the
.,oek market where the ''bns,n following up their
victory of saturday, made the defeat OF their oppo-
pents perfect rout to-day. The features prominent
IN the operations OF the day were Michigan South
ern, Pttsburg ST. Paul and Reading. The first men,
TONED stock opened at the closing price OF Saturday
night, and advanced rather sharply to 49, This
rise called out sellers and there was reaction TO
Il7a5 The fact having been made manifest that the
Injunction asked for last week, and which was held
flreateningy over the market, was simply q ''bear'
rnse the amount OF guaranteed stock being less than
Six hundred thousand dollars there was steady re-
coyery and the price, amid considerable excitement
advanced 10 1885, The Long Room and the street
were again rife with the rumors Of large scrip div
dend as well of an expected vote at the election in
June IN favor of Vanderbilt direction. Lake Shore
followed in the wake OF Michigan Southern and
Kept close upon its figures The success Of the Penn
syivania Central In obtaining control OF the Fort
Wayne route has, doubtless stimulated unusual
efforts on the part of the Vanderbilt party to get
control OF the rival connecting road to Chicago.
Next In point OF interest and absorbing universal
attention just the Long Room was about 10 close,
came Pittsburg, which, after a period Of ac-
tiviiy that carried 1t up to 90, suddenly
rose 10 10s. 1t seems the stock has
been slowly cornered by prominent clique, who
took the opportunity OF a dull moment In the mar
ket TO suddenly "jumpr the quotation. A scrip
dividend was also talked of. 1t is doubtful II
half the sales made In the upward movement from
100 TO los were genuine. But they were sufficient
10 frghten some OF the 'shorrsr into covering who
In their excitement, could not tell .'wash" from a
legitimate transaction. TINS figure brought out
sellers also, and there a relapse to lo5X, which
was about the average price in the closing street
prices The st. Paul shares were also active the
common going over 70 and the preferred touching
slA. Reading, which has so long paused at the
fractions just under par, mustered strength
to-day, and, by new effort rose to
1907. Such were the movements of the
most active stocks, the rest sympathizing more or
less with them. Harlem rose TO 1917. Fort Wayne
fell TO 1851. In tue miscellaneous list the feature
was Quicksilver, which dropped to 141s upon the
proposition OF the company TO issue million OF
bonds bearing seven per cent gold interest. The
express stocks were weak for wells Fargo and
Adams, but steady for the Others. Pacific Mail was
irregular between 81 and s1Z. The events OF the
day show that the cuques which were inclined few
days since 10 check and turn the market have found
it impossible to swim against the popular tide and
therefore, have turned round and joined their 'bull'
eonfreres once more. 1t seems impossible 10
arrest the upward tendency OF prices in the
Stock Exchange. The speculative fever which took
possession OF the public mind at the end OF the
winter has not abated. 1t has carried up values OF
the railway list In particular and the cliques un-
able TO stem the current are aiding the upward
movement. Wan street is bullish with few excep
tons.
The government market was very animated and
the transactions heavy, the Iacts pointing TO q re-
vva of "bull speculation in this branch also. Not
less than six to eight million dollars worth of bonds
changed hands to-day within radius OF two blocks
from Wall and Broad streets. The market was
stimulated by the sudden rise In London to sos from
7sx, the closing price on Saturday. The better
feeling abroad was due to the receipt by mall OF the
intelligence tnat Secretary Boutwell, had bought
the bonds for the Sinking Fund and would not
reissue them under any circumstances. Reports
were current that Minister Motley had arrived IN
England and made speech OF a satisfactory charac-
ehThe decline in gold tended to Offset somewhat
the eject OF this rise abroad; but when gold had
touched the lowest Of the day and evinced dispo-
eition to be nrm, II not TO react, bonds became
strong at the following quotatons:-United States
sIxes, 1881 registered, l216 1872; do coupon, 122
l22lz; do. hve-twentes, registered, III a ll1i4;
do. do. coupon. 1862 122ss a 1924; do. do, cou-
pon 1854, HIS 1l7is; do do, coupon, 1865 1ls7t
lle; do. do coupon, 1865 new, 100 a 1905; do.
do, coupon 1867 100 a 1905; do. DO, coupon,
registered, los1 100; do do coupon, lCe]4
lo9A; currency bonds, 1915 1875.
The money market was O shade easier, Int while
the rate call loans almos. universally six per
cent on governments the activity OF the stock
market rendered 1t matter OF no difficulty TO get
seven where the pledge consisted of miscellaneous
securities. Commercial paper was fairly active at
seven TO eight and nine per cent.
Foreign exchange was Hrmer, the leading
drawers advancing their rates in expectation OF
better demand arising out OF the decline in gold
Rates ranged as folows:-Sterling, sixty days
commercial, 1851 1885,; good to prime bankers
100 lO93s; short sight 1895 lloi4; Paris, sixty
days. 5.25 a 5.l6]4 short eight, 5.lota a 5.l3&;
Antwerp, 5.25 5.l8I; Switzerland; 5.25 a 5.1eiA;
Hamburg, 351. a 35zs; Amsterdam, 3o7S 40s.
Frankfort, 40 4o9s; Bremen. 779I 7s14; Prussisn
thalers, 1923 a7lZ.
Tue gold market was heavy at the opening, end
the price declined from l39 to 1885,. The purchases
made at The lower figures were very numerous and
indicated that some OF the cliques had not only COW
cred previous speculative sales but were buying for
another "bull" movement In gold simultaneously
with the sharp speculation in stocks. Al the gov
ernment sale fourteen bids were submitted for a
total Of nearly seven millions at prices ranging from
I3s.O5 TO 1880 The awards were as ionoWs:--
$4,000 at 1853, 100000 at 1883, 100000 a;
1880 The disbursements OF coin interest were
$500 7io. The course Of the market is shown in the
table,
10 A. M............. I3g 9p N.......... IsSa1