The New York herald., 1869-06-16
LiNANc.AL AND CoW'MERcIAL.
TrFsDAY.. -T6ne 15-eP. m.

TUESDAY,, June l5-6 P. M.
Tho roprge or the stock mar Set during the past
week mas been such as 10 suggest serious inquiry rs
Ia tle real purposes OF g. ciques in the present
movements. That the current OF speculation has
been really Diverted tf not reversed seems too evil
dent to be questioned. The grand "hUlln movement
which carried up grIces so trumphantly throughout
the svring was ~ successful ana widespread that
the Ver.est ''bearsi were compelled to turn around
AMI go with the tide while the whole street We'd
with each other in clutching at the Stocks
which kerJ steadily rising. IL is an axiom
OF Wal street that when everybody is "bul''
one bear can turn the market. In such
a condition o! the market everybody is ready 10 sell;
no one willing to bay. Old operators sh ook their
heads, said prices were very high, that they were
carrying all they wished and that they would not
like TO take any more. An over-god market leads
10 upward turn in values, for the reason that the
demand for stocks is greater than the supply OF
them, so, IN universal 'bu'' market, stocks, par
tculary alter such large advance in prices as that
which took place during the period from
February TO June are likely TO tumble for the reason
that the sellers are more numerous than the buyers
and the supply becomes greater than the demand.
Hence some OF the clIques who were shrewd
enough to see this weak point in the market opened
the bear attack which began about fortnight since,
and which they followed up with such signal success
as TO give the market a universal "bear" look and
frighten the radical of "buls' into considering
whether their programme had not at last culmi-
naled ana whether 1t was not best TO step out"
The curious part OF this sudden Revision OF the
MARKET the fact that those who began The attack
had not a share OF stock but deliberately and boldly
sold 'short.n Tney first frightened the weaker
holders INTO selling then, following up this com
parative victory, they actually forced their rival
cliGues ana the heavy holders of stocks 10
lat ole no n
that prices would not be rs nigh again
this year. Oi course It Is not TO be imagined that
prices are going to decline gradually until 1t suits
the cliquos 10 turn the market. Under such clrcum
stances everybody would be in the same boat, and
the cnques would fail in their schemes Ii is hardly
probable that money can continue active throughout
the summer or until the TALL drain Tor moving the
cotton ana corn brings about natural "bear' mar.
kct There VIII be reactions, many OF them, perhaps,
IN the general course OF prices. fhe history Of Wall
that the operator who has capital enough
may go 'long' or .'short'-lust as he pleases-
OF the presant market; and, by grim patience, by
waiting three to six months, and oy paying the
Irregular and eXorbtan rates OF interest, will come
OUT with profit There is instance IN point OF
one prominent operator who makes his calculations,
buys sells, as the may be- fixes his limit with
his broker and then goes 10 IN his yacht during
the interval to the consummaton OF his plan. The
the pressure to sell was very great. in the decline
which ensuel New York Contra! fell of 10 lse, North
western common TO 81, Northwestern preferred to
B22, ST. Paul TO 73H Rock Island 1lS1S, Michigan
Southern to 1925, Pacific Mall to s1S and Western
Union TO 303s. From this point there was
a reaction, and prices returned to their
highest at the final session OF the Stock
Exchange where the following quotations
prevailed:-Canton, 62a4 o.; Boston Water Power,
49, l6A; Cumberland, 81 Il 34}s; Wells, Fargo 4
Co.'s Express, 81 a S11z; Adams Express, so a 5935;
American Express 40 4O3s; United states Express,
90 20; Merchants Union Express, IS; Quicksilver
1871 l5%; Pacific Mail, SOS se14 Western Union
Telegraph, 4o]s 4OIs; New York Central, 1881
1857; Mariposa, s14 91a; DO preferred, l724 IS;
do certificates, 4o4 4s; Hudson River 1j6 lj65.;
Harlem, l47; Reading, 97% 9s; Alton and Terre
Haute 40; do. preferred SO 60: Toledo and Wabash
70H 49, do. preferred, sos s1il; Milwaukee and
st. Paul, 13% "a; do preferred, s458 a s45l; ONO
and Mississippi, 32fs 329<; Fort Wayne 1561a;
Michigan Central, l33 1875: Michigan Southern, l05:
Illinois Central, 143]a l44; Cleveland and Pitts
burg, 964 95S; Rock Island, 1ls5s ll9; North
western, 50 ss1S; do. preferred, e415 9i24; New
Jersey Central 1l0% III; Chicago and Alton, 157ls;
40. preferred, 155 100; Hannibal and st. Joseph,
115 a 1926: do preferred, 100 12li il Columbus, chi
cago and Indiana Central, 401s a Il 4.
Between and after the cali there was an advance |
jn Michigan southern to 1867. and in Pacific Mail 10
% l. with a strong feeling IN the Express stocks and
miscellaneous shares. From this point there was |
reacnonary tendency. and prices fell OFF from
quarter to one and quarter per cent, the market |
closing dun and unsettled.
The money market was again very active. At |
the opening OF the inquiry the rates paid were
seven ner cent, currency. and seven per cent, |
gold, with the former as the more exceptional |
figure. Thence there was a steady hardening until |
after three o'clock The street money market was |
Te-estabshed on the sidewalk in front OF the Stock
Exchange. The highest quotable rate paid was three
Hxiecnths, although as high as o quarter was re-
ported. 1t VIII be noticed that the stock market |
went up in the face OF this stringency, the best
prices ruling just as the demand was general anu |
pressing.
The "unloading' process is beginning TO extend |
TO the gold market where there was quite sudden
decline in the price to 1919 before the adjournment
Of the board. The fact is the 'bulls - who have been
holding so long, in expectation OF a heavy demand
Tor shipment TO Europe, have become tired Of wait
ing, especially as the foreign exchanges have weak
ened and are more remote from the specie shipping
point Again they are beginning to weary OF the
speculation, as they have TO pay such extravagant
rates as ten, twelve and fifteen per cent 70 have
their gold carried. The immediate influence which
caused the weakness OF gold to-day is the decline
IN exchange but the downward tendency
was assisted by the improved quotation for our
bonds in London. The imports are not so largely IN
excess Of the exports when bonds are included In
the latter commodities TO warrant the apprehen-
sion OF excessive demand for cash gold to settle
the balance OF :rade while the political situation IN
Europe and at home is without any warlke symp.
tom. The impression is also strong that the Secre-
tary Of the Treasury, in whatever change be may
make to remedy the inequality OF his gold sales and
bond purchases, Will not reduce the former. The
course Of the market is shown in the table,
10 A. A.M............ 13sL 1870 =. M.......... I3sk
lO'0j A. M.......... l3sE Up M.............. 1881
IL A. M............. 1854 1880 r. M........... l3s
" NJ. .............. 1883 3P. M............ 1917
I1.a0 - 1xsH A ID AZ ,o-Il