The New York herald., 1869-06-02
FINANCIAL AND COMMERCIAL.

-. ..a,n concentrated In the features which have
zen 20 prominent during the past week. the strug-
- hstveen the respective clicues being very
aeternned one to-day on the part OF the "Dears''
and rather more encouraging TO their SIDE OF the
contest However, as the sales which tney MADE
were speculative they are largely increasing the
.,.hort interest Of the market, and thereby giving
n n mower to prevent panic or crash which would
na the inevitable consequence OF unchecked inia-
siop Tne "pulIs" all the more gratided by
shese efforts OF their opponents. The fact is a
sur,ous one in q philosophical point Of view
n snows the effort which all things IN the
World make TO preserve equilibrium. The
strucale OF the "bears" In this heyday OF
~nuII, speculation is a heathful influence in
suiding the business OF Wall street. The market
Opeped swimmingly this morning, general attention
bena directed to Pittsburg, which, under pressure
20 cover short sales, advanced to loss, although It
subsequently fell of to lo44 in the weakest period
Of the day. Tie bear attack was principally directed
aaainst the Northwestern shares and St. Paul,
whose managers and principal stockholders had
gone West to attend the annual election aud were
therefore unable to lend their aid In opposition to
tAe movement. Northwest common declined 10
esq, the preferred TO 1885,, st. Paul 10 1879,
and the preferred 70 eo9H 4 more successful
charge was made upon Michigan Southern
which opened at 119H, declined to 117H,
rallied TO 49, fell back to l7a and recovered at the
ss0se % ilsX. This stock Was also without the pro-
lection Of Its patrons who had gone West to attend
She annual election. The party, comprising Horace
p Clark, sonin law Of Mr.. Vanderbilt, and NUMBER
Of the New York Central stockholders, left the city
yesterday In special car, en- route for Cleveland. II
seems that the hatchet has been buried between the
Old Southern and Central cliques, and Mr.. Wander
b after three years. struggle, is to get control OF
s by the two parties 1t is understood that Horace f.
CLARK is 70 be president, and lie Grand
Lockwood, leader OF the Michigan Southern
party, treasurer Of the consolidated line
westward from Chicago to It's connection with
the New York Central. IL is said that IN the fur
therance Of this plan and Of the virtual consoida
zion of the whole line between New York and
Chicago the stock OF Michigan Southern is TO be IN
creased by scrip dividend Of forty-1ve per cent
and that o hve per cent semtannual cash dividend
will be paid upon the enlarged capital. The enor-
nous buoyancy which these railway projects have
given Wall street speculation is the secret OF the
failure OF the ''bear' combination which was organ
ned about month ago, and to which attention was
erected In this column. Some OF the cliques were
shsewd enough 10 see the future and
abandoned their confreres. The Erie party was con-
spicuous in this combination, but became disin-
segrated the majority changing their tactics and be-
coming "bulls,n the minority remaining, forming
Che nucleus 10 the present "bearn element Of the
street. and stubborny continuing the war. In the
decline, Reading sold down to 99%, and Rock
Inland TO I26. After this activity the market be-
came extremely dull, and prices were rtful until
late In the afternoon, when there was general re-
covery, but not 10 the best prices OF the
day. The other railway stocks were compare
lively neglected, excepting Hannibal and
st. Joseph, which suddenly rose from
lis 123 to 1907, under rumors OF scrip dividend
OF nfty and cash dividend OF ten per cent New
York Central, Hudson River and Harlem were firm.
Fort Wayne was weak and inclined to settle, but was
probably undergoing the usual depression to enable
those In the secret OF the scrip dividend 10 buy stock
In anticipation thereof. Pacific Mail declined to
7sX upon the publication OF the annual report the
mfayorabie character and depressing influence OF
which seemed to have been already largely dis.
counted, Tor the price reacted TO 81. and did not
again fan below 80. The report in detail is given
below. In the miscellaneous list Canton sold up u
ek. Marlposa was quiet and neglected.
The money market was more active and seven PEI
cent was paid In all cases on stocks and IN Dearll
Svery instance on governments collaterals The oc-
casion OF this disturbance was primarily the fact
that as the day was the first OF the month. great
many loans were changed owing to the expiration
OF contracts and the making Of new agreements.
This activity taken advantage OF by the besrs,"
who aggravated matters az much as possible If they
dtd not actually tie up funds. Some bank accounts
were not made up until after three O'clock
Commercial paper shows slight concession In rates
which, for the bulk Of transactions, range from
seven 70 eight and half per cent, In some in
stances particularly where the maker is not disposed
70 "go shopping for market, but wishes money IN
haste or where the amount is larger than the usual
run Of notes good paper has been sold at as high
nine per cent discount. The private market and the
country banks are subjected TO more competition
from the City banks which, from the redundancy Of
national currency received on deposit by them as
well as on account OF the tendency 10 lower interest
% usual In summer, are inclined 10 enlarge their
accommodation.
Governments opened with great buoyancy, IN re-
eponse TO q rise to 81 for bonds In London, and
prices at the noon board touched their highest since
the sharp decline In gold. In the afternoon there
was considerable realization, while some uneasi-
ness was occasioned by an erroneous cable quota
sion giving the London price as 791i at one o'clock
Later In the day this was discovered 10 be error
for sox. Tie activity In money, however prevented
reaction, and the market closed dull at the follow
ing quotatons:-United States SKIES 1881, registered
lex interesp. IL q NIX; do, coupon, 122 l22k;
do. 1ve-twentes, registered, III llTi4; do. do.
coupon. 1862, l22z l22ls; do. do, coupon, 1854,
l17k 117x; 90. DO, coupon, 1865, 1isAa 11sH
90. do, coupon, 1855, new, 12o l2oh; do. do,
coupon, 1867, 12) o l2o,s; do. do, coupon, 1865,
z20 12o1s; United States 1ves, ten-forties regis.
tered, losk 100; do. do, coupon, 1905 loe,s
currency bonds, l01Il q lo7H.
telegram from London 10 the Journal de 81
Fttersoouo under date Of May IA, confirms the ofei
OF 1ve millions sterling In gold made 10y the Bank
Of France TO the Bank Of England, which was how
ever, refused by the latter.
MT Van Dyck the Assistant Treasurer In this city
aid not retire from the duties OF his ONCE to-day
secretary Boutwell, having requested that he woult
continue 10 the position until the 18TH inst. Thi
would indicate that Mr.. Boutwell, has not as yet &c
iected successor for the position. from which Mr.
Van Dyck formally resigned some time ago.
Southern securities were higher and stronger, II
sympathy with an Improvement In Tennessees an,
North Carolinas, report being In circulation tina