The New York herald., 1870-06-13
FINANCIAL and COMMERCIAL.
WALL STREET.
SUNDAY. June ~, 1870.


SUNDAY June ~, 1870 I
THB WEEK IN WALL STREET.
Wall street still watches closely the progress or
tne nnancia question IN Congress- and just as the
measures arect the currency and the funding of the
deot are more or less prominent In each days ses-
sion the stock market shows dulness or activity.
Fhe public, however, are disposed to await final
acon on either or both OF these questions and un.
less Congress adJourns before taking such
maj action will probably do little In the
stock market despite the temptations which
may be meantime held forth to invite their
dealings. Hence 1t was that in the past week the
actve periods which were scattered through the
general duness prevailing In Wall street were the
work OF the clique operators in their efforts beget
activity. Although the Currency Contraction bill
was Killed and then brought to life again,
and although the latest edition OF the Fund.
Ing bill was spread far and wide the public
ala not become enthusiastic. They are not in the
buying MOOD and will not be until they can see
something OF what Congress intends to do. The
Jack-lnthe-box manner in which Garfeld's bill was
sheved one day ana bounced on the door next day
is an instance OF the mutabiity and insta.
blity OF Congressional propositions The stock
market has been In the main steady, the
fluctuations being limited to about two per cent
Tor the more active shares. 1t has been strong and
higher for Pacific Mail, Wabash and st. Paul; lower
for the Vanderbilt stocks and Erie, weak for Read.
Ing and unsettled for the Northwest and Rock
Island. In the case OF New York Central and Erie
the declaration OF hostites between the two inte-
rests Is shrewdly regarded trick to induce short
interest, particularly in Central consolidated and
Central scrip. The Central party say to the
pupnc, III you Will not buy our stocksv
(which the public are not doing In their
wish to learn first what Congress intends) '.pease
sell them for US; you can take your choices do as
you like; buy or SELL" And SO the freight war Ia
begun, and the public thinking Central and Erie are
about to light to the DEATH go short of the stock
When the public do nothing the cliques are power
less OF course The cques only ask OF public to
buy "longn or sell ''short.n They viii take care to
reap profit either way.
The dulncss in'stOcks has been due in q measure
TO the weakness IN gold, which during the week
declined to 1l31s, closing at 113H. The temper of
the speculation in the Goid Room has almost en-.
tirely changed. The ''bulls" are few and far be-
tween, while the ranks OF the "bears" are growing
larger daily. The "bears point to the gut Of specie
In the banks the prospect OF prepayment
this month of the s35 900 900 July interest and the
weakness OF foreign Exchange. The glut Of specie is
easily accounted for when we reflect that the pre-
sent cotton crop has given about $780, 900 more
gold than we had last year-that s the crop Is about
bales In excess OF the supply for the core.
spending period Of last year. As the total crop will
certainly reach 100000 bales, the exports will
reach at least 100000 bales more than last year.
Wrt0icS Circular gives the following exact state
men OF the movement in cotton from the 1st OF Sep.
temDer to the 4th OF June:-