The New York herald., 1869-07-08

eroversy: but sunocontiv prosuming that the au-
thsr expressly given ~ the sct Of GSns5sss 70 n,s
II Is not altogether dcluson aid snare, anticl-
patng possible contingency under which that au-
tnority may be invoked and dissolution by virtue
Of be effected our Legislature proceeds in ITS own
unobtrusive way to render possible and practicable
the renyestment or the capital OF sucn Dissolved as
socaton In the business OF banking under our own
laws.
The stock market was feverlsh and depressed,
after which it became irregular and alternately
sJrong and weak. 1t is evident from its labor TO-
DAY, that IL Is the OF giving birth 10 another
movement. The ''bears' manipulated the money
market SO successfully that they wore out the
patience and overcame the strength OF many OF their
frmest opponents The result was seen IN the large
decline to-day. 1t seemed to be an accepted agree
ment by the "bulls that they would yield If the
"bears" would keep money stringent this,
the second week OF their operations. When
money did open to-day, at extra legal
rates Of interest the "buls" lost courage and al
lowed their opponents to control the market. The
result was Decline which ran through The various
branches OF business-god, stocks and governments
New York Central sold down 10 1881 cash, diiier-
ence Of ~ being made between "cash" ana ''regu-
lara rather wide difference, apparently but due
t0 the fact that the price OF the stock nearly twice
par. There Is hope among stock houses that the
conversion OF the certificates into stock Will be hast
ened ana the quotation made ex-diyidend
at the Stock Exchange. At present New
York Central is somewhat unwleldy In
borrowing upon 1t, while loans after the division
would be more readily made ut margin OF fifteen
TO twenty per cent than now at margin OF forty
In this period Of decline Michigan Southern touched
1864, Pttsburg 1922 Northwest common 791l, Rock
Island ll47s, Hudson River 150A. st. Paul 72zS,
New Jersey Central 0sN, western Union S7I and
paci6c nil
and carried the general list back TO the opening
prices Of the forenoon. In the leading shares the
advance was even to higher figures, New York Gen.
tral rising to 1924 Hudson River to l6l Il and Micn
gan Southern to los. From this point, however the
market fell "ofrr again, and suspicious were
aroused that the ''bearr cliques had very inge-
nousy put out new line OF sales.
The following were the closing prices on the call
at the last session of the Stock Exchange:-Canton,
80 bid; Boston Water Power, 15al a l6; Cumberland,
80 u 4O Wells, Fargo Co.'s Express 28Ik a ~;
Adams Express, 5s9i 5914; American Express, 40
a4oN; United States Express, 60 coz; Merchants
Uuion Express, Is asked; quicksilver, Is a l6; Fa-
ciac Mail, S9j4 a s9]E; Western Union Telegraph,
:7]s 3S1a; New York Central. 1S92s lS95s; Mari
posa, 72l 9h:; do. preferred, 141s q 16; do. cer
liGcates, 40 45 Hudson River, 1894 15s16; Read
ing, ~ 97ss; Alton and 1erre Haute preferred,
5s bd Toledo and Wabash 7o]4 bid; do preferred,
% a SO; Milwaukee and st. Paul, 7224 rs; do. pre-
ierred, s4]4 u s4si; Chicago and Alton l57 q 15S;
do. preferred, 155 15sA ONO and Mississippi, 3lA
asked; Fort Wayne lex dvidend), $50 asked; Michi-
gau Central 100 1870; Michigan Southern. 1O7 a
l07il; Illinois Central, 144 asked; Cleveland and,
iittsburg, IO2 u 1o3; Rock Island, 11514 1l59s;
Northwestern .9is 1919; do preferred, 94i4 94A.;
New Jersey Central, 97 a 97h; Morris and Essex,
s9Ss asked; Hannibal and st. Joseph, lis bid; do.
preferred, 1861 bid; Columbus. Chicago and In
diananapolis Central, 50 asked
The annual starement Of the Michigan Central
Raroad for the year ending May 81, 1862 shows the
following results:-