The New York herald., 1869-05-06
FINANCIAL AND COMMERCE.

ment inaugurated by the "bears" In the beginning
Of the week has been astonishingy successful, and
the change OF front has extended to both sides OF
the street. Operations in Wall street are at times
like the ebb and now OF the tide, and the main
strength OF operators ON either side determines
which direction the current shall take. In this case
the clques were unanimous for fall. The consti-
tutiOnal "bears were. of course immensely pleased,
while the constitutional ''bulls, falling In with the
movement as one against which 1t were vain TO
struggle swelled the stream. Ever since the middle
Of winter prices have steadily risen on the STOCK
Exchange. The tide has been three to four months
on the food. 1t a favorable opportunity, there
FORE for reversal OF the Course OF prices The great
cliques have started everything on downward turn,
and the ebb appears to have begun. Money was
made active order to assist their operations, but
tie attempt to tighten it has not proved successful
The growing abundance OF funds in the metropolis
at this season OF the year hecludes the hope OF
cess for such strategy The money market was easy
at the close to-day. But Its reaction will hardly stay
the decline In stocks for the Impression is general
that they must go down, and every one is for the
time being "bear" This condition OF things is
curious commentary on the character Of present
day speculation. The values Of the Stock Exchange
are to such extent fictitious, or 80 concealed In
the gambling operations OF the cliques that egiti
mate investment is entirely at fault in its efforts to
seek location. The great mass of parchment,
scrip and securities which constitute one
half OF the inherited resources OF hundreds
Of families are tossed about like a football between
the rival interests of Wall street. Money makes
money. The larger the aggregation Of capital the
greater its capacity for increase in Wall street. 1t
Is safe to say that hundreds Of thousands OF dollars
have been lost since Monday morning last by those
whom the swelling prices Of the stock market during
the spring induced to venture their margins at the
vvhap Truro fhair and
when 1t suited the cliques to sell and 90 "short"
The long purses of these capitalists give them the
power to withstand an unfavorabe turn even when
the tide of popular feeling becomes, as IL sometimes
will, temporarily unmanageable. In the long run
they prevail against their opponents In the "outside
public" who are numerically stronger but financially
weaker and are through their lack of organization,
more easily swayed by panicky feelings. In such a
general movement on the part Of the cques they
act deliberately and with skill. starting point for
decline is just as essential rallying point for
rise The 6ete ,aoir selected for the campaign to-
day was New York Central which, from the promi-
nence given to it for several months past was most
likely to lead the list. vigorous attack upon it,
companied by telegraphic announcement from Al
bany that the scrip bill would fail in the Senate,
ried it down three per cent. Hudson River and Har
lem, its par mobile .tsatrttn,, followed suit. The
sapping OF the lines now became easy. Fort Wayne
staggered recovered again and fought desperately,
but yielded at last Rock Island was easy victim.
Reading gave some trouble, but fell after a short
struggle The Northwestern stocks were obstinate
and pleaded their merits desirable investments"
but in vain. Michigan Southern and Lake Shore,
strong in common cause OF consolidation, were
tenacious and yielded comparatively little MARI
posa was hardly molested, as 1t considered easy
OF conquest at any moment Meanwhile more stub
born foes occupied the attention OF the raiders The
attack halted at noon and under the cessation of
operations aud through easier feeling in money
toward the close OF banking hours, the PROSTATE
stocks sought to RISE The recuperated "bears''
renewed the onslaught, and, beginning again with
New York Central forced 1t down to 17O4. The
'break," extending throughout the list. resulted In
further general decline OF from one-haf to TWO
per cent The two exceptions were Pacific Mail and
Illinois Central. Elsewhere dismay ana ruin pre-
vailed darkness closed in upon the financial battle
field
Money during the earlier hours of business was in
good demand at the full legal rate, and some hasty
borrowers and weak houses paid as high as gold
interest. The supply was abundant after two O'Clock
and lenders had difficulty in placing all their bal
at per cent. The activity has worked in
juriously to the commercial interest, whose paper is
less in requlsiton and hence Offering at higher rates
OF discount few days since the pressure was
from the buyers and rates in extreme quotations de-
clined to seven per cent. With the change in the
money market there is more paper Offering and the
pressure s rather from makers, rates ranging from
eight TO ten per cent for prime double name ac-
ceptances.
Governments were neglected by the speculative
portion of the street, and the only transactions arose
out OF the regular investment inquiry. The price
came little better, so, from London, which kept
prices steady, in the face of apprehension of the
active closing
this evening were as follows:-United states skies,
1881, registered, 11S4 11o; do, coupon, 1l9
1i9S; hye-twenties, registered, 1l3H a 113lI do.
do, coupons, 1862, 11SsS llSI; do. do, coupon,
1864, ia 11456; do. do. coupon, 1855, 1i51z a
1853; do. do. coupon, 1866, new, 116S 1l65S; do
do, coupon, 1867, 11GS ll624 do. do, coupon,
1868, 1l61s l10A; do tenforties, registered, lo76
1878; do. do, coupon 10S9S lOs1s; currency
bonds, 10GIs 1864.
Foreign exchange was dull and rates rather irregu-
lar and nominal owing to the number Of bills In sec
ond hands purchasable al concessions from the
asking figures OF the prime bankers. The following
shows the range OF quotations:-Sterng, sixty days.
commercial. 1857 ios1S; good TO prime bankers,
100 1Og4 short sight. 1o9ts 1926 Paris, sixty
days, 5.21il a 5.16l; short sight, 6.lGti 5.13I
Antwerp. 52lh 5.i6il switzerland, 5.21H 51ol4;
Hamburg, 35,s $685. Amsterdam, aOS 40%;
Frankfort, 4o,l a 4os; Bremen, rs a 7ss4; Prus
sian thalers, 70,s ia.
Gold was comparatively quiet and the market less
excited than usual, III consequence, probably, OF the
diversion of interest TO stocks Operators were also
very cautious. and in presence OF the gold sale by
the government tomorrow, indsposed TO oct. Be-
fore the board sales were made "a high l3G. Dur
Ing the board the range was from 1857 to 1851
There is very little "shortr interest in The market
the feeling, conversely TO that In the stock MARKET
being In favor OF rise The Cuban expedition was
without effect upon the price, in which the yielding
to-day was the result OF the high rates exacted for
carrying gold, eight and ten per ceut per annum,
and 1-32 per diem being charged before Clearing
House and per cent and 1-32 afterwards. The Sub
Treasury dsbursed s1,216,942 in payment OF May
coupons. The Scotia and the Cambria brought