The New York herald., 1869-05-28
FINANCIAL AND COMMERCIAL.
THURSDAY, May 21-e p. N.

o.s,on M one time aroused very serious apprehen-
s,ons and the 'sbulsn were render ed quite uneasy
aver tho sbarpest decline which prices have expe-
rtanced since the memorable Friday few weeks
AFRO. when semi panic was produced by the report
of a panic in London. The remarkable ana steady
advance in stocks must OF coarse nave some check
and turning. ana grave doubts arose whether the
climax had not at last been reached. The market Is
subject to the Influences arising cut or the
very diverse situation OF the cliqIes and
the nubIic The latter are 'loDg- OF stocks.
They nave bought az prices five, ten and
twenty per cent below the present quotations.
The clloues are divided among themselves; they
ore not acting as harmoniously as they did Ia the
movement last fall aud winter. The prediction was
given in this column that when they had accom-
pllshed their purpose they would quarrel with each
other They gave stocks an impetus wnioh they can
not now control In some instances the same clique
hold one stock and have sold another The lines are
confused On one side however, of this oisordered
battle field the people are arIayed in one mass The
ciques and combinations are upon the other, but so
,ntermingled and so intent upon treachery that they
present anything but good line of battle. II Is
nm old saving In the street that WHEN the
cliques are short and the pablo loaded
with stocks the former must win. The present
struggle has been an exception, perhaps for the
reason that the combinations are not working in
unison. To-day prices opened with u renewal OF the
assault which was begun by prominent clique
yesterday. The success OF this second attack was
due in a great measure to the fact that the other
clIqaes were not unwilling to buy some OF their
fayorite shares at lower prices. Hence a ''scoOp
gamen on their part, as IL Is denominated. They
Net prices .down several per cent, thereby en-
couraging the original authors OF the attack; but,
becoming purchasers at the decline, rallied
their own lines, while leaving those Of their
confreres in a complicated condition Thus the
Vanderbilt party suffered New York Central
to fan 10 1s3a, and fears began to be en-
tertained that the climax OF this stock
had been reached, especially as there Is 10
new influence, that Is discoyerabe, which can give
II further rise. From this point it returned quite
sharply to 1893, and buyers options Of six months
were freely bought at 1872 in the expectation Of o
further scrp dividend OF twenty per cent. The fact
,s New York Central Is completely within the con-
troll Of It's wealthy directors. The scoops was
more particularly visible In Fort Wayne, which
dropped, amid considerable excitement, to 1887,
from which 1t instantly returned TO 1853, falling back
to 167 thence jumping to l5a and closing at 1881. In
this exciting time Pacific Mail fell to IsH Michigan
southern to 1919, Hudson River to los and Harlem
10 147 Ohio and Mississippi, Reading ana Rock
Island, which were more particularly assaied, fell
20 SAX, e7X and 125l4, respectively. The North
western shares which were also violently ham,
mered, Iel to s9 for the common and 1927. Tor the
preferred. contrast OF these figures with those
which were ruling ON Monday last will show the ex-
tent OF the reaction produced by this movement OF
the "bears.n The miscellaneous list IN this declin G
yielded from one-half to two and three per cent,
with few exceptions. Tie highest point OF the mar
ket was just subsequent to the receipt Of the news
that Secretary Boutwell, had authorized the
hat ha rnntn
OF the three per cent certificates. The
apprehension that he would purchase certificates
was the source OF considerable uneasiness to Its
eject upon the money market and sympatheticaiy
upon stocks Whether thus feeling was well
grounded or not the reduction OF the currency by
million week at this season, when the city Is so
abundanty supplied with funds is policy the moral
effect Of which would be more powerful than the
physical. The money market was less active than
yesterday. In answer TO the removal OF all doubt
upon the subject, and loans on call were again
quoted at six TO seven per cent Stocks reacted from
the best figures Of the day bat the etreet market
closed this evening with great animation. The re-
covery from the depression OF the morning was due
not alone 70 the settlement OF the three per cent
matter, but in great measure TO the hopeful news
from London, the Bank Of England passing the dis
count question and showing an increase in specie.
Commercial paper was quoted at seven TO nine per
cent discount for prime double name acceptances.
Foreign exchange was firm the basis OF 1924 for
prime bankers sixty day sterling and iloI for
short sight The decline in gold stimulated buying,
while tending TO curtail the amount Of commercial
ILLS. Again the supply OF bond bills has been
greatly reduced by the refusal Of the foreign houses
TO invest In governments with the present relations
OF the home to the foreign quotations.
Government bonds were directly and closely re-
nective Of the facts above enumerated. Although II
was not stated that the Secretary OF tbs Treasury
would buy an additional million OF ponds his
determination not to buy three per cents gave great
satisfaction, aud leaves open the question o.,
his further purchase OF governmental. Indeed
It is suspected that he Is looking forward 10 all the
possible demands which mag be made upon him for
funds, and cndeavoring 10 ascertain II he can in-
crease his purchases 10 two millions a week consist
emily with the needs Of the Treasury. The improve
ment In 1sd2's was as much rs threequarers per
cent the London quotation t7sl stimulating the feel
ing OF the market. The 5,'s touched 49,. From
these figures there was slight reaction In
the afternoon, but The market recovered
and closed with the following street quotation
United States skies, 1881, registered, 100 l201S;
do, coupon, l21 i2lM; do. 0ve.twentics, regis
tered, 11o O llGh; do. do, coupon, lS62 I2lA q
122; do. do, coupon, is64, 1loi4 l1ex; 10. do,
new, 1lok q i1s,l; DO. do. coupon, 1885, ils3 o
aI9y; do. do, coupon, 1905, l1sl a lls1S; United
states nves ten-fortes registered, 1885 100; do.
do, coupon, los. o 1921; currency bonds, ios,s
q l0ez.
Southern securities were responsive TO the general
decline OF the markets, but did not fall on 30 sharply
a. stocks. The following were the closing prices at
the last board:-Tennessees, ex coupon. 67s bid;
DO, new. GO 6sl yirginias. ez coupon, 5eJi 90;
no., new, e2Hj Georgia skies, 81 bid; North caro-.
iInas new, 5ail IS; Missouri skies, ssI ssI; do,
st. Joseph % 90; Louisiana leyee sixes 6s,f; do
40. eights 90; Alabama nyes, Gs; 90 eights, 1905.
x0lk.
Gold opened weak under the continuance Of the
reports that Secretary Boutwell, strongly pressed
% adopt contraction measures by cancelliug the
three per cents, while the Improvement In bonds q,
london had depressing tendency upon the pre-
Ininrn. Tho nosiiNa denial OF these minors "a wei