The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-06-22
FINANCIAL and COMMERCIAL.
WALL STREET, I
TUESDAY. June 81. 5P. M.

Verrupteu to-day BY very active movement at the
STOCK Exchange, the activity being the sequence OF
sharp decline in prices. Curiously enough this
was In opposition to the course that should have
been tue natural result OF
THE WASHINGTON REPORTS,
which announced the unanimous opposition of the
Senate Finance Committee to the Garfield Currency
Dill. According to these dispatches the
committee have reported their non-currence
In the House amendments to the original bill
the parliamentary description OF Garnelds measure
and accordingly committee OF conference have
been appointed on the subject. Such Is the present
situation OF the matter, but the Washington tele-
grams contained the further opinion that there
could be no agreement on the nlnety-dye million
Dill. as the Senate was firm IN insisting upon the
original sumner-sherman bill. The funding bill
was made the special order for Monday next when
Is the intention OF one OF the members 10 offer an
amendment providing for the issue of $780, 100000
OF bonds bearing two per cent interest,
convertible at sight into greenbacks and ser.
vlceable as legal reserve with the national
banxs. or course the idea OF such a bond
Is 80 novel that Wall street has not shadow OF
doubt that the amendment will be rejected. Were
IL adopted however, ana the bonds issued their
as reserve would be the foundation for the widest
imitation. They woald free 100000, 900 OF green
backs and allow the banks to expand $500, 100000
more.
A "PICNIC" AT THE STOCK EXCHANGE.
Picnics are popularity supposed to be very ENJOY
able and innocent affairs. In this case we do not
refer to what the concourse In the Long Room call
"pIcnic," q word which like ':jamberee- and other
technical expressions Of like ilk describes The
excitement and commotion which attend a "break,
in stocks. Perhaps the fact that in both the rural
and the Stock Exchange '.picnic" things have way
OF going down was the original suggestion OF the
analogy. 1t remained for to-day's events to prove
that the social picnic so generally regarded as
heathful and exhiarating could be damaging and
injurious. 1t shows that the leading operator in
OHIO and Mississippi was absent from his usual
haunts this morning. and inquiry elected
the Information that he was the head centre
OF Sunday school picnic excursion to
one OF the numerous groves that abound IN
the suburbs where the click OF the Indicator
IL replaced by the joyous sounds OF nature &C.. &c.
The stock had been weak the night before. 1t was
weak thus morning also. At the first session OF the
board prominent broker sold ten thousand shares.
The friends Of the stock without leader and with
out courage to resist the attack became panic
stricken. The price broke at the first onset from
4oh to so. The leading operator was not within
reach Of the telegraph. His partisans ran around
In despair Meantime the price again began to fall
and at three O'Clock in the afternoon had declined to
s7X-shakng out all the weaker holders and many
OF the larger ones who became apprehensve
that 1t had not stopped falling even then. Here
reaction ensued. The price went back to SSx, but
settled down fraction at the wind up, the whole
market closing weak. Considerable indignation
was felt that the leading operator should have aban
doned his charge IN so careless manner Many
also charge foul play, and point the fact that the
broker VINO sold the 900 shares which started the
market on Its downward turn was the buyer of the
stock tn the original 'bull" movement. They more
over represent that his absence at the picnic excur
sion was dodge to escape the upbraiding of the
victims Of the ''break.n The truth OF the whole
matter lies in what have frequently told the pub
iic The cliques are never content with the profits
OF steady, continuous movement In the prices OF
the stocks which they manipulate. They seek to
realize forty per cent on rise OF ten per cent and
this they do by alternately selling out and buying
back. Ohio and Mississippi started from 3d. At the
highest 1t touched 42-an advance OF thirteen per
cent. But the clique have doubtless made thirty per
cent by the several intermediate movements
The clique who control Lake Shore have sold
cut to the public They break the stock In the
same dangerous way at any time. The street was
to-day greatly excited over the decline, and all sorts
OF rumors were in circulation IL was said the Erie
party had sued out an injunction on the New York
central Company for alleged violation Of their
charter in charging more than two cents per mile
while telegram from Saratoga announced that the
enemies OF the Erie party had brought suit in the
Supreme Court to collect the overdue dividends on
the preferred stock. The effect was general decline
In all the railways, and prices receded half to
five and half per cent, the extreme occurring in
Harlem, which declined to 140t4, as against ASK
yesterday. The comparison Of the highest and low.
est prices is exhibited below. The following were
the closing prices at the last session Of the Stock Ex-
pho a Gyl<
Consolidated Coal, 81 20; Western Union
S4% s4zS; Quicksilver ~ bid; Maripo-
"a, 6H bid; do. preferred 15H 1917:
Atlantic Mail, s5% 36,4; Pacific Mail, 43,s o
43&; Boston Water Power, IS; Adams Express, 65X
q esq; WellsFargo Express II; do. scrip, a 81;
American Express 46I bid; United States Ex-
press, 45 49, New York Central con-
ssiidated, 9oX q 9e1z; do. scrip, e4al 95;
Harlem lao q 14l; Erie, % bid; Reading, 1914
7o71S; Michigan Central, 124az a 1876; Lake Shore
99 99a1; Illinois Central, 1898 bid; Cleveland and
Pittsburg, 1oo3s 10sg4; Chicago and Northwestern
81 SAX; do preferred, s9sS s9a4 Cleveland, Co
lumbus and Cincinnati, SIX a s2H; Rock Island
12o1s l2o1s; Milwaukee and st. Paul. 6S7s CIV;
do. preferred, SIX sls1 Toledo and Wabash, 5SA
bid; Fort Wayne, e71s; Ohio and Mississippi, ssX
80; Delaware and Lackawanna, III bid; New Jersey
Central, 1907; Chicago and Alton, 1191S: do pre-
ferred 100; Morris and Essex, S91s cox; Hannibal
and st. Joseph, 12oH bd do. preferred, 100 bid;
Iron Mountain, ASK a 4916 Boston. Hartford and
Erie, * Ak; Columbus chicago and Indiana Gen.
tral, FIX 21k.
THE EXTREME FLUCTUATIONS
The highest and lowest prices Of the day were as
follows -
Highest. Lo,cest.
New York Cen. 4 Hud. consolidated. 99H 9ST
New YORK Central Hudson scrip. 943s OAK
Harlem. .................... ...... l4iH laoI
Erie. Z4a -
Reading Observation-Disclosures. 107I 1867
Lake Shore ACKNOWLEDGEMENTS. a9Z 99X