The New York herald., 1870-06-20
FINANCIAL and COMMERCIAL.
WALL STREET.
SUNDAY, June l9-6 7. AZ. (


not everybody, as II by common consent, agreed to
await the adjournment OF Congress- or at least to
see what Congress intends doing on the financial |
question. The two measures which have absorbed
the mind OF Wal street have MADE further progress |
so far only as one OF them-the Currency bills
cerned. The other-the Funding bill-still slumbers
In the committee, and while the general impression
Is strong that Congress will pass some sort OF q |
Funding bill this session tribute to public ex-
pectatlon well informed leading men In the street
prophesy that at this late day 1t will be impossible TO
compromise and unite the various plans OF Congress
In bill that win go through. The Currency bill |
amended SO as to prevent the contraction OF fifty |
millions OF greenbacks went through che House and
is now before the Senate where the latest |
advices represent it to be favOraby entertained.
Wall street, however. is singularly confused |
as to the effect OF Its provisions upon the financial
situation. Were 1t passed finally tomorrow and |
signed by the President the street would be doubt
whether 1t would work contraction or expansion. |
AS 1t stands II authorizes the cancellation OF
fortyve millions Of outstanding three per cent
tifcates-about the amount existing-but does
not state In what manner they shall be
withdrawn or with what cancelled. An old
law has given the Secretary of the Treasury re-
serve OF fifty millions Of greenDacks which he has
printed. The aim of the law to defeat the
artificial tightening Of the money market by stock
spectators, such as frequently done before
laws preventing the loan OF money on greenbacks.
While 1t seems reasonable that the Secretary OF the
Treasury should exchange nonnterest bearing obli-
cations for the three per cents 1t Is to be doubted
whether he Will do SO until directly compelled by
special act Of Congress. The money which he mas
had at his command up TO this time has been wisely
expended in buying In the six per cents or ave-
twentes, which carry double the interest of the
,
tion or contraction depends entirely upon the means
by which the latter TO be cancelled. Wall street.
in It's inability guess the riddle, kept aloof from
the stock market the changes IN which were due to
other influences. The first half OF the week was ex-
tremely dull what with the yacht race and the
finish mt Jerome Park. On Friday the dulness was
followed by heavy and lower market, resulting
from decline In New York Central, which was un-
favorably affected by the immense reduction in the
rates for passengers and freight resulting from the
competitive rivalry OF the great trunk lines
leading to Chicago. The market at this point
was turned and stayed by enormous purchases
OF Lake Shore made against the "puts'
OF an Old specuator, who is PROBABLY
short Of the stock to the extent Of his ''puts."
Although 10000 shares, of the par value OF $7OoOOOO
were bought by the Erie brokers and others who
| Joined the speculation, the price remained at
| standstlll-a fact which would seem to show that
the seller Of the $4,000 ''puts" had sold the whole
900 shares, operation which he could not have
| erected without utterly breaking the market,
| save by the device Of getting the street to
| buy against his puts" One OF the most
successful ways OF unloading stock Is to sell puts In
1t. The buyers. deeming 1t 'sure thing" will for
get their caution and for each "put' will buy twice
or thrice the amount OF stock. In the mystery
which surrounds the operations Of shrewd dealers it
hardly probable that the shrewd signer Of the "puts
this instance would go 'short" OF the market In
| time Of easy money Perhaps he is only repeating
| what he did In Northwestern last spring. when
| he sold puts to the value OF 100000,
| knowing that the natural rise OF the
| market would keep the price Of the stock
| above his figure for the specified thirty days, thus
letting him net the $780, 600 quite easily. In the case
OF Lake Shore he likewise counts on the buoyancy Of
! an easy money market to keep the price above 90
until the thirty days elapsed and he has earned
his $3O,OOO. 1t is certainly new speculative game
in Wall street; capital only however, dares to play
| 1t. AS to the stock In question the controlling
powers who can nx the dividends and earnings TO
| suit their plans are out OF 1t and have
not bought in. Commodore Vanderblts friends
bought Lake Shore at 70 SO. They sold out at 90
| 9s. When they buy again they Will not pay more
than 90. Meantime the stock may go up as 1t did to
1Ol5S after the Vanderbilt party sold out but the
latest movement is OF too suspicious character
to receive the public support In the other railways
Erie was fairly active, and after declining to 81 q
| rallied TO 254, The Western railways were dull ana
inclined to heavness. great ado has been made
| about gram shipments and increased earnings. 1t
| is too early yet for the annual crop movements.
Northwest responds to these exaggerated stories
| with decrease of $4,000 in the earnings OF the
| past week. The reports of the receipts on other
| Western roads are curIousy lacking this week. In
the miscellaneous shares Western Union was strong
and higher. Pacific Mail was curiously firm, despite
the non-arrival OF the Henry Chauncey, which al
the close on Saturday was eight days overdue.
The gold market was steady, the extreme 1uctua-
tions OF the week being confined threequarers or
one per cent. The highest price 1880 was made
on the report Of panic on the French Bourse, fol
lowing the speech Of General Banks on the Cub an
question. The lowest price Q12's) was made on the
report that drought In Europe would necessitate
the immediate shipment OF all the grain the country
| could send away. The market asserted It's heavi
| ness whenever the strong bulish influences en-
| pIoyed for an advance were removed. Governments
| were dull and sympatniZed with the price OF gold
Money was easy at an average OF about four pei
| cent. On two days OF the week 1t was lent at two
| per cent on governments Southern securities were
| quiet except for the Tennessees, which, while
| active, did not vary much in price. Indeed, wher
we remember the apathy Of the street which ha
been begotten Of the delay In Congress. we only re
echo the voice Of the Long Room when We sal
'there Is no money in the market just now.'
THE BANK STATEMENT.
| The only feature OF Importance In the bank state
ment is decrease OF two millions in legal tenders
The change in this item Ii inexplicable in presenc
of the rest or the exhibit the deposits having faei
Off only 100000, while the specie rises $4,000
The statement contrasts with Its predecessor a
, | follows -
| June IL. June 1S. Changes
Loans .$276 $40 $278, $50 OO4 Inc. $269 ~
Specie. 2o,523,Sl9 2S,S95,971 Inc. 372,l5
CrcuIation... 33, 142,lSS 33,0T2,643 Dec. o., %
Deposits. 220, ,69s 290 2l9,932, S52 Dec. 1864
Legal tenders. 90, 9170 5S,l2o,2ll Dec. 203S, 95
The banks now hold s25, 1884, so9 in excess Of tb
reserve required by law.
LATEST PRICES OF STOCKS.
The following were the closing prices Of stock