The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-06-13
FINANcIAL AND COMMERCIAL.

SATURDAY, June lip. M.-The railway share
market feverish and unsettled throughout the
day, having been alternately weak and strong. The
shrewdest operators are much bewdered BY the
developments OF the past week, and tie merest
novice In all street Ia quite capable OF express
ing an intelligent opinion Of the course OF prices
the most experienced Spectator. Az predicted
some weeks AGO, the market has drifted into con.
diton not permitting past experience to he OF any
value significance, and those OF the outside public
who were able have wisely Withdrawn from the
street to await more favorable and settled market
The Of prices the past week gives evidence
that eliques heretofore operating for rise
seeking to deprcss both gold and stocks. and are
employing various devices to plish this result
thus hoping 10 induce holders TO sell out at the
lover quotations. Wall street Is at present very
unsafe locality for the unnated 10 engage In specu
lative ventures, unless We except the Government
bond market, which does not corresoondingly re-
spond to the unsettled feeling In the other depart
ments OF the Stock Exchange. The extreme ease
In money, and the fact frequently heretofore noted
that profit equal to the coupon interest could DO
confidently assured within sixty or ninety days on
such bonds as pay int rest maturing, has at
trscted many TO this class Of securities who would
otherwise seek other channels for the investment OF
their surplus funds In the share Market however,
II is well known that majority OF the cliques have
unoaded their stocks upon the street spectators
and outside public-the latter OF whom have hasten
cd to also sell out, Whenever profit presented
and the great want in Wall street at the present
moment seems TO be support nom this class OF
operators. We advise those magnates. who made
such natterng profits during the recent advance that
quicker and more certain activity and returns will
be induced, --eithor by dropping the market Ave
ten per cent,thus creating a respectable short in.
int Al ha WhOla ia In ann
ratio. The uncertainty and Irregularities now con.
rolling the market are disgusting the whole street,
aud IL some positive movement is not soon
N mo ton, the summers campaign, as well as
prohts so confidently predicted, will be greatly
hszaried.
In the gold market there has been some attempt
TO carry out these views, the price having declined
from max to ll2H during the week but the prac-
Teal defeat Of the Currency bill In Congress has tenn
pornrlly nterfcred with the plans Of the cques. al
thou they exhibited remarkable courage In their
operations. and have succeeded In creating quite
short interest without parting with any important
amounts Of long gold, purchased at the declining
quotations. An effort made to-day by these
parties 70 call attention to tue bank statement, BY
so manipulating the same that apprehensions OF n
more active money market would appear nearer nj
hand than generally anticipated II a strong n cent
money rate could be worked up, there ia no
doubt that the weak holders would throg
overheard their stocks, but the chances for
accomplishing this purpose are not flttcrins while
the banks hold twenty-five millions above their ex
cess Of legal reserve, There are, however, strong
parties in this movement, and composed Of remark
able elements, such an would not naturally be cI.
pected to unite in n common interest; and yet this
medley from the fact Of its being SUCH may possibly
succeed A crisis has evidently been reached when
bold action Is required The street spo ulaors and
outside public are demoralizcd and wearied by The
sluggish OF the market, and bold leaders, either
the bull or bear sideh matters very little which
are demanded at the present time.
The pending struggle between the Erie and Cen
trail Is assuming greater proportions and has at
- --"h attention dur.ng tho week and the