The New York herald., 1869-06-04
FINANCIAL AND COMMeRc ciAL.
THURSDAY, yine So p. N.

FINANCIAL AND COMMERC CIAl'
THURSDAY. 5dne Sc N
IN, non election OF Horace r, Clarke, Is was ex-
,scted president OF the new direction in Michigan
soutAern being very generally regarded as defeat
ef the Vanderbilt programme for through route 70
Chicago was tsken advantage OF by the bears To-
day 10 aid them in attack on the STOCK Market
win very fair success. The market opened with
very unsettled feeling consequent upon the I'm
perfect understanding OF the real eject OF this most
unexpected result which speedily resolved itselfino
disposition TO sell under the stimulus given 10
downward movement by the bears, who thus found
their opportunity. Michigan Southern led the de-
cline rapidly falling of from 1l7]s to llsA. Rock
Island followed selling from 1851 to 1924 The rest
OF the railway shares joined n In sympathy includ
tng New York Central, Hudson River and Harlem,
which, however, were the nrmest on the list. The
market throughout the day was, with rare excep-
tions, with the bears and although reacting from
the lowest figures and recovering spasmodcally at
intervals was, on the whole, or from to 2 per
cent on all the speculative stocks. Lake Shore
sold down to 1l1h, being three per cent below the
highest figure Of the day. Fort Wayne touched l55h
from 1861, Pittsburg 1904 from 1o4, ST. Paul Tx
from 7sA, st. Paul preferred SO from sozs Reading
9sa! from 99&, and Pacific Mail SIX from s3N.
statement that the new direction in Michigan South
ern is unlikely 10 declare any scrip dividend at an
early day was also used to aid the bear movement.
notaDe exception TO the general decline IN prices
was New Jersey Central, which, upon a report
that movement is foot to consolidate
II with the Pennsylvania Central on similar
terms to the Fort Wayne lease, with the
Inevitable scrip dividend, rose from III TO 1874.
The higher figure In decoy sales to realize brought
about partial reaction and it closed at l24.
Later intelligence concerning the election OF di-
Of Tho 6rrna hat
ished in this column This morning with the further
information that at a subsequent meeting Mr.. E. P.
Phillips was chosen president Mr.. J. II. DevereuX
first vice president, Mr. LIE Grand Lockwood trea-
surer, and Mr.. George B. Ely assistant treasurer and
secretary. II Is also learned that far from. this
result being a failure Of Mr.. Vanderblts plans
IN this connection, 1t is quite in accordance
with the programme marked out by him. The eec
tlon of Horace F. Clarke one OF the directors ex
bibits the Commodore's newly acquired influence in
the road The election OF Mr.. Philips as president
is stated TO be merely complimentary, upon the
expected consolidation OF the Buffalo and Erie road
with the Michigan Southern, the vote upon which is
to be taken next Monday, new election will be
held for a board Of directors OF the consolidated
road, when it is expected Mr.. Clarke will be chosen
president. The promise OF a large scrip dividend
upon the present stock Of Michigan Southern is like
wise reiterated as being yet in the programme.
The following were the prices OF stocks On the
second call to day:-Cum berand, SO bid; Wells
Fargo Company's Express, 81 a S1JS; American,
S9>s 3sH; Adams 5sA 90; United States, CO.. q
90; Merchants Union Is bid; Quicksilver 16 1917;
Canton, 66A e13i; Marposa "a; do preferred, 40;
Pacific MAIL san a s2Z; Western Union Telegraph,
<2A 4S; New York Central lo2H 1929; Hudson
River, lo91; Harlem, 152; Reading esx a 90; Chi
cago and Alton 156 1875 do preferred, l59; Alton
and Terre Haute 3s 10; do preferred, 60 q 81; Wa
bdsh, 75}s 751l; do preferred, 81; Milwaukee and
st. Paul, TX 77'S; do. preferred soH seE; Fort
Wayne 1851 156; Ohio and Mississippi, BAY 34A;
Michigan Central 1so 1872; Michigan Southern, II34
llS7s; Illinois Central, 1a7 Pittsburg 1OOH lol
Lake Shore, Ill y ll2h; Rock Island, 123h 123x;
Northwestern, e2H a 92H; do. preferred lO3a
loaH; Boston Water Power, 164 l7K; Hannibal
and st. Joseph, 1875; do. preferred, lbs lS4; New
Jersey Central, 11sS a 100.
Gold opened this morning at 13sH and with ex.
ceptiona sales at Iss and 1854 was steady through
cut the day between that figure and l3sH with lin.
tted dealings The bids for the government gold
aggregated SO, ut prices ranging from ls7s7
to 1ss.32h. The following were the awards made:-
e25o,oOo at 1882, $4,000 at 1880, $4,000 at
lss.2e $50, 900 at $780, $4,000 at lsS2S $500
at 1928.
The disbursements OF coin interest to-day amount
70 t161, ,71o 80.
Cash gold was In abundant supply, transactions
IN loans being at OK T. ~ and sper cent for carry
ing. The following table shows the range Of gold
during the day and It's price at stated hours