The New York herald., 1870-06-08
FINANCIAL and COMMERCIAL.
WALL STREET,


TUESDAY. June ia p. NJ.
Inc advent OF the new Funding bin has paralyzed
the markets. and Wall street was seldom SO dull as
today. The attendance OF brokers and operators at
The Stock Exchange was unusually light. owing 10
the temporarily superior attractions OF the Jerome
Park races.
THE CREDIT OF THs CITY.
The Comptroller to-day opened the proposals for
the new city loan OF $3.50 900 dock bonds. The whole
amount was taken at an average OF about lo5 per
cent Two hundred and fortynve thousand
dollars brought i04.75 and $1,000 from 100 to
no. The details are given IN our news columns.
STOCKS DULL AND LOWER.
The general du.ness at the Stock Exchange led 10
lower prices and the market was heavy and steadily
declined until after the last board, when there
fractional Improvement, with barely steady feel
ing at the close. The fear Of the Funding bill begins
to occupy the public mind once more, despite the
representation that 1t cannot have any immediate
effect upon the markets. Should the two Houses
come to an understanding and compromise on q
four and half per cent loan the de-
precision which followed the passage Of the
original Senate bill would doubtless be repeated,
and Wall street would be as lfeess and despondent
as 1t was In the beginning OF spring. The discussion
OF Garfeld's Currency Contraction bill was the i'm.
mediate cause Of the decline at the last board fol.
lowing as 1t did the already depressing influence OF
the publication OF the full text Of the new Funding
bin. Toward the close the market rallied In sympa-
thy with sharp upward movement IN Wabash and
the market became more cheerful on tho announce
ment that Mr. Randall, OF Pennsylvania, had offered
a substitute for Mr.. Garfeld's bill providing
for the issue Of three hundred millions
of greenbacks and the withdrawal OF the
national bank currency. This Is the most sensible
proposition yet made in Congress, but doubtless Its
fp..
OF the national bank currency and the substitution
Of uniform currency would save the country mil
lions Of dollars annually, and hasten the
approach Of specie payments by giving the people
a currency which they would prefer TO gold and
silver. The street was not disposed to think the
chances OF this measure very good for sue
cess, and hence the improvement in stocks
was not OF an important character. Stockholders
are, moreover apprehensye Of the results OF the i'm
pending war between the rival trunk lines OF rail-
way running 10 the West, which, while being accept
able TO the public is detrimental to dividends. The
following were the closing prices at the last session
Of the Stock EXchange:-Canton. 6S 694: Cumber.
land. 40 a 43 Consolidated Coal, 25H bid; Western
Union, 3l% 3lA; Quicksilver, a 0; Mariposa, 10;
do. preferred, 141s l6; Atlantic Mail SO 334; Pa
cifc Mail, AK a 40; Boston Water Power l6%
1875 Adams EXPRESS 6Sa4 a e4 Wels-Fargo Ex-
u
Express, 441s Az; United States Express, Asa 46;
New York Central consolidated 1909 lOl;
do. scrip, 96}4 edH Harlem, 14fH 1H%;
Erie, 236 2SH; Reading, 1851 1oss;
Michigan Central, l25 bid; Lake Shore, 9sls
es%; Illinois Central, 14o 14O4; Cleveland
and Pittsburg, lOa9S loeH; Chicago and North
western, ss3s a s3]s; do. preferred, so'& a
90%; Cleveland, Columbus and Cincinnati, slA
Rock Island, 1901 12o1s; Milwaukee and st.
Paul, 6e 66%; do. preferred, slA s1's; Toledo
and Wabash, SO a 591S; do. preferred, 74l a
IS; Fort Wayne so a 81; Ohio and Missls.
sippi 4ox a 4o7s; Delaware and Lackawanna,
111H; New Jersey Central, ITO 1l0h;
Chicago and Alton, 1172l l19; Morris and Essex, 90
a "a; Hannibal and ST. Joseph, III bid; do. pre-
ferred, 11sA; Boston, Hartford and Erie, 51s a
5S; Columbus, Chicago and Indiana Central, 1895
a 1917.
HIGHEST AND LOWEST PRICES.