The New York herald., 1863-01-24
FINANCIAL AND COMMERCIAL,

FRIDAY, Jan. 23--6 T. M.
The money market was very active to-day. A
large number Of loans were called In, partly In
consequence of apprebensions entertained by
bankers with regard to the effect Of the financial
measure before Congress- and partly In conse
quence OF the active fluctuations in the stock
market. AT the close Of the day many loans had
been paid off, and the bankers were flush. But IL
was more difficult than ever for weak borrowers
to obtain money on speculative securities. For
day or two at all events, the more prudent bank
ing houses seem determined to keep themselves
snug. Most Of the loans to-day were at six per
cent on very large margins.
Gold was quiet this morning, but became quite
active in the afternoon, and looked as though 1t
was again going to move. IT sold at I471I, 147s%,
lis and l48A, closing at 14sN bid. Exchange
was rather dull; we heard of sales Of bankers
bills at l62%. There appeared to be among deal
ers in foreign exchange and foreign bankers an
indefinite apprehension Of coming events which
might cause the price Of bills to fuctuate. We
learn nothing which could justify such expecta-
tions but they exist.
The stock market was very much excited to-day,
and in some securities there was almost panic.
Erie old, which sold yesterday morning at s51A,
opened this morning at 81, fell to 76, then rallied,
and closed late in the afternoon at 1914 bid. Erie
preferred sold as low as l03, then recovered, and
closed LOG bid A great deal Of feeling is express
cd in the street at the conduct Of the Erie ma
nagement, aud especially that Of leading direc
tor, who is charged Sith having persuaded people
to buy Eric by assuring them that per cent
would be paid on the preferred stock, and who'
after selling out himself is accused Of having used
liis influence to secure dividend Of 8 instead Of
Z. IT certainly seems incredible that, after
earning $S 400 900, the company should have only
had five per cent to divide; and the fact, unex
planned, will doubtless operate to the dsadvan.
tage Of all Erie securities, as people will shrink
from investing their means in stocks which are
liable to be manipulated by spectators in the
| direction. II s known that committee was
| appointed at the meeting yesterday to consider
the subject Of establishing sinking fund to absorb
| the bonds this would quench forever all hopes
Of dividend on the common stock. At the
morning board today the whole market was
lower. Pacific fell per cent, New York Cen
trail J.. Hudson "A, Harlem 3, Harlem prefer
red /, Michigan Central Il. Southern old 311Is
guaranteed 3, Pittsburg g. Illinois ~, Toledo
TX, Rock Island az, Galens 2L, Fort Wayne l,
| Canton 4, Cunlberlsni " Bonds were pretty
| firm, without much business. Governments were
steady. The heaviest sellers were brokers who
have been large buyers lately, and the presump-
tion arises that they slaughtered q good deal Of
! stock. At the public board, at one r. NJ, the
| morket was listless, and operators seemed para
| lyzed. The heavy decline Of tho past day Or two
Is felt rather severely among small SPECTATORS
| who operate with inadequate margins; o good
| many OF them may be cleaned ont. At the second
board, and at the four p. n session OF the public
board, there was surprising and violent rally in
the market Everything recovered from the de.
| pTessicn of tie morning. and prices approximated
! to those which ruled yesterday morning. The
| scene OF excitement at the public board at five
T.. NJ. was very striking At the close the follow