The New York herald., 1869-06-05
FINANCIAL AND COMMERCIAL.
FRIDAY, June 40 p. M

sets in with the summer months the operations in
the various markets. are Of sufficient interest and I'm
portance to delay many professional stock dealers
visit TO the watering places. We shall. in this re-
spect probably have q later season In Wall street
inan usual The feature of to-day was another
serious and desperate encounter between the bHs''
and '.bears' In stocks. Indeed, the contest has be-
come rather acrimonious in some quarters, and
has already given rise to much Ill feeling. In
The forenoon the "bearsn made desperate
onslaught upon Michigan Southern Rock Island, the
Northwestern stocks and those which have been the
object OF their efforts during the present campaign.
The heaviest transactions were in Michigan south
ern which they sold down to 112%. From this point
1t reacted, with considerable irregularity to 1885,
from which II fell OF again to 114 rising to lax at
che close. The clique who have their headquarters
An Exchange place met more determined resist
ance to-day, which is TO be accounted for in great
measure by the fact that the leading men and Chief
operators In Michigan Southern, Rock Island ana
Northwestern had returned from the annual cleo
hons held in the Western cities. and were on hand
70 accept the gauge OF battle. Late in the
afternoon the leading operator on the "bear''
side and representative OF the Michigan
6outhern party met In the Long Room
when, amid great excitement, the former offered
and sold five thousand shares Of the stock in ques
Connection by marriage with Commodore Wander
bilt The fact was very encouraging to the "bulls"
who had been enduring the severe "hammerlng" Of
the past three or four days. One version says that
the clique operator 'blufed" down his opponent by
continuing to offer stock and that the latter stopped
after buying the amount above stated. ALI the re-
ports unite in declaring that the broker, who was
credited with being Mr.. Vanderbilts agent In the
matter, returned to the spot after short interval
and openly bid the same price for any portion OF ten
thousand shares. second version. says that
the OPERATOR was ut this moment taken
away by his friends The struggle on both sides
promises to be as interesting as any that has had
for scene the vicinity of the Stock Exchange The
movements Of the champions are watched with more
than usual interest, the stock Of Michigan South
en has assumed an Importance hardly second to
New York Central for its speculative activity. 1t is
asserted In some quarters thar the election Of Pres
dent Philips Is regarded as defeat Of the Wander
oilt party Mr. Horace F. Clarke has stated since his
return from Cleveland that he was not q candidate
Tor the Michigan Southern presidency but will be for
that OF the consolidated line between Chicago and
Buffalo, which Is to be consummated by the
directors Of the Buffalo and Erie road giving their
assent at the meeting next Monday. If, as 1t would
appear, Mr.. vanderpilt's party have taken the field
in opposition to the clique from Exchange place.
ket. Both sides have heavy forces and are well
trained in the strategy of the "street" During the
diversion which this struggle has produced the
Pennsylvania Central party have been quietly
ing q connection by the Fort Wayne road on the one
side and New Jersey Central the other. Hence
the sudden rise in the latter last night. The discovery
OF the plan being premature the stock suffered
TO react, II not sold back, to 12l between
which and 122 1t was quite steady to-day. Fort
Wayne rose from 156 to 159H. The Vanderbilt
shares were strong and comparatively quiet Pitts
burg was inclined to yield and settled to 00k In the
weakness OF the general market, when sympathizing
with the sharp decline in Michigan Southern, but
subsequently recovered to the best point OF the day.
Rock Island nuctuated between the extremes OF
12lk and 12a. The Northwestern stoeks St. Paul and
Ohio and Mississippi, were very steady in the wide
fluctuations around them. In the miscellaneous
list Canton touched 67H. while Pacific Mail firm
at 81 s2A. Western Union was weak and old
down to 42h. The following were the closing prices
on the last call at the Stock Exchange:-Canton,
06ts a OF; Boston Water Power, 16x TX; Cumber
land, 33k 80; Wells-Fargo Express 31k 32;
Adams Express, 90 q COZ; American Express 3o1s
q 10 United States Express, 81 o74; Merchants
Union Express, lax bid; Pacific Mail, s2K s21S;
Western Union Telegraph, 421s AK; New York
Central, 1928 192X; Hudson River, 1881 a 15oI;
90 9e1; Alton and Terre Baute, 3s a 40; do pre-
ferred, 90 62zs; Toledo and Wabash. 76h 7eI do.
preferred. SO; Milwaukee and st. Paul, 77I 7sh;
do. preferred, ssx ssI; Chicago and Alton, 1856 q
ASS; do preferred, 15osS 16; Ohio and Mississippi
84K q 34H; Fort Wayne 1851 156K; Michigan
Central, 1872 Michigan Southern, 1l5h 1l5's; Illi-
nois Central, 144 Cleveland aud Pittsburg, 10lk
-10l3S; Lake Shore. 113 1l4S; Rock Island, 122h
122h; Northwestern, 92h o2|; do. preferred, lo4
Q 1o4h; Delaware and Lackawanna, III 1l9; New
Jersey Central, 1908 12oX; Hannibal and St.
Joseph, 1873 1874; do. preferred, 129 $50; Mariposa
preferred, 10 49k.
The government market was extremely quiet, the
demand for investment being moderate II not light,
while the relations OF prices both sides the Allan
tio left margin for shipment, curtang the usual
large inquiry from the foreign bankers. Bonds un.
der these influences yielded about one-eighth per
cent but were firm at the decline, holders showing
no uneasiness, and not being disposed to SELL The
following were the closing street quotations.
United States sxes 1851, registered 117IS a 1171s;
do, coupon. 12lI 100; do, 1ve-twenties, reg
istered, 1l6a< III; do. do, coupon, 1852, 1221
1224; do. do, coupon 1854, 1863 III; do. do,
coupon. 1885, 11s< lisis; do. do, coupon, 1855,
new, 1ls5s 1l9'4; do. do, coupon. 1861 ll9S
11sk; do do, coupon 1868, lls5s 119k; do, ten
forties registered, 10s a 1854; do do coupon, 100
o 109i4; currency bonds, 1919 1o7L.
The following were the closing prices:-Louislana
slxes, "a asked; Louisiana levee skies, 64IS 81;
do. do. eights, 81 ssk; Alabama nves, 67is
bid; Alabama cights, 1o16 bid; tennessee skies. ex
coupon, CT a 67s4 do. do. new, 6ii4 a CAS-;
Virginia sixes ex coupon, SIX bd do. do, new, 6l
o 6lE; Georgia skies, 81 bid; do. sevens %
bid; North Carolina skies, ex coupon, 60ti COZ;
do. do new, 80 q 56i4; Missouri sfxes, sos. s95s.
The scarcity OF bond and commercial bills pro-
duccd considerable activity in foreign exchange to-
ward the close Of banking hours remittcrs being
desirous OF sending by the Saturday steamer az
usual. Under this demand the prime bankers ad-
vanced their rates oneeghth per cent, the range OF
quotations at the close being as foows:-Sterlinq,
sixty days, commercial. losk q 10s5s; good to
prime bankers, 100 1ooh; short sight, 1o9's
IioS; Paris, sixty days, 6,e5 q 51e,4; short
sight 5.loA a 5137s; Antwerp, 5.26 q 5.re1;
Switzerland, 5.25 516il; Hamburg 351 35ts;
Amsterdam, 3sX 4oX; frankfort, 39x q 40h;
Bremen. n prua cion hofa