The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-10
FINANCIAL AND CONNER clAL
wEpxEspAr, Oct 90 P. N

wxDSxgp.v Oct 9-6PM
The svd market opened at i4i& ms morning, and |
after touching 1iiI declined % li34, under heavy
pressure sell speculation for fail based upon the
results Of the elections il Pennsylvania ana Oao. sub
secuertly there reaction 70 lax isis, but this
again followed BY relapse 70 li35s i43i< Al the
close TIE has been largely oyersold IN order
10 force the premium down for effect politically and
otherwise ana 4 reaction corresponding The decline is
likely 70 follow the conditions Affecting gold being the
they before the elections too place There
brisk borrowing demand for coin, aud loans
made st a 7 per cent for carrying, and Afterwards
without interest The gross clearrgs amounted 10
Si39i7 009 the gold balances TO 81 5ss 7ol and the
currency balances to g., TT2 400.
The Erie el ection yesterday out TO have been
something very like farce one Of the dreci ors
Er Underwood. resigned his position few hours after
his election, aud Nr. Daniel Drew not only elected
MI his place. but appointed Treasurer a. we'll the
beard having pre- vousy voted 10 guarantee the four
millions OF construction boses OF the Bosoz. Hartford
and Eric road, to which Mr. Drew Yves opposed The
road Is TO be completed frem Hartford to Fshki Lans
ing and the latter cling the Ere IKE the IVY TO
the oak daring the present administration THIS is
specimen OF What may DO expected y ON
the new board OF directors, which - posi-
lively lher tho old one II is >
decidedly speculative board, and ErS will DO aspuppet
In Their bands tao STOCK hxonahSt, Whito &0 road
viii eocbiess DO managed to suit their spscaa in
eress entirely regardless OF the stockholders outside OF
their own clique. mr. John s. Esrdge, Of Bo ton, has
been made Presstr1t and Mr. A. $. Owen Vice Presi-
seut; but Il Is mystery ~ tue street how Mr. Drew
worked into the board sf.sv the election had gone
sa ~ him. Tho general belisf that what has come
70 pass pge-oncerted order. among other rea-
SONS that tho friends OF the Boston, Hartford Erie,
which Mr. John s. Eldridge Is President highs guar.
antee bonds referred to- Their object admitting
NJ. Drew probably TO get him 70 work with
them pulaug the stock, and he is tho best
IN he board, which ia not saying much for his CO.
ercctora j. Is rumorea that he peid large 20
obtain his seat, but n 80 tho facts not likely 10
transpre, and this theory is hardy consistent with his
election treasurer which Is tire position above all
Others Hr. Drew would DO likely to coyet With
him, where be is, tAe Eric board is Drewsh as it
ever was aud he viii probably rue the roast. The
general stock market remains lrm, and with tho temper
OF toe street. bulsh it just now, the bears
unwilling to renew the operations. 1t a dangerous
time to BUY stocks however aud although they may 60
httle Lgher ia the meaa.me, they viii mlcn
lower before long.
There active demand for money and call loans
made at per cent. without exceptions in
favor Of govern The drain westward Is
going forward steadily, but thus far the week has
been a smaller scale than during the previous fort
u
very limited extent and although the rate for the best
quality Is nomlnaly per cent borrowers win
ing 10 submit to 8 a Q. The tendency OF the money
market is towards greater activity and the reduction OF
the balance in the SabTreasury to its low point
all hope OF relief from that source, while the
sales of gold by the government likely add
balance BY Withdrawing funds from the banks.
At the open board at ten O'Clock the railway share
market steady at the closing prices OF last evening
New York Central sold at 1ii.; Erie, COS COZ;
Hudson River, l29 tex div Reading, 1857; Michigan
Southern, s44 s43S; Cleveland and Pittsburg saga
s25s; Rock Island, 1857; Northwestern, Az Az.
do preferred, 6s5s; Fort Wayne, 1909.
At the FIRST regular board the volume OF business was
very large and the chief activity Erie Cleveland
and Pitlsburg advanced to ST. bat this exception
prices were without material change New York Cen
trail closed u higher than a, the same time
yesterday, Erie "a, Cleveland and Pittspurg
~, Cleveland ard Toledo IL Northwestern
y, do. preferred u, Milwaukee Paul az. do.
preferred z, Western ualon Telegraph u. Michigan
SouiheTn lower. Rock Isiand a. Paciac Man u.
Government securities weak. Coupon lye.tsoa-
ties lse2 closed q lover, issue Of 1865 T. 1885, new
issue, h coupon ten-foiies III notes
SERIES = third 4. Tennessee skies declined
u, while the issue advanced 4.
At the open board a. one O'clock the marxe, was hrm
ard Nov Yosk Csarai sod at 1li5s Eric G9sl; Read
ing l02 Michigan southern, 81; Cleveland and Pits
bar, ST. siA; Rock Isiaai, 1917 1885 North
western, 443s; do preferred, 6Sis a6sl1.
Al the second regular board the steady IN
tone and Instances rrsces advanced slightly
Lris beng tho strongest OF the railway shares Erie
CLOSED hshe aa Il iac st ular board Rock I4laud
=, Milwaukee and St. Paul preferrea y, Caalon T.
Northwestern = lower, Pacific Nail - Western
Union Telegraph Z. Government securities very
dun. Coupon lvl-tweules o. 1855 CLOSED = higher,
teu-ortles a. tennessee SKIES new, advanced ~.
At the open board al hei-past three the maskes
rather DAN but steady New York Central sold Ia
allf'4; Ere 6o'- Hudson River, l2s lex.d) Read
irg. 1929 Michigan Southern, s. i Ro.k fsland 1887
1854 Northwestern, 49, "a; do preferred, 68gS
q es; Milwaukee aad ST. Paul preferred, 6si.. suose-
querty the market renamed quiet and a. o'clock
tho following quo atoms curreut:-New York Cen
trsl, III max; Eric, Cox cos; Hudson River
1oS4; Reading, TO- a 1O2E; Michigan Southern, 81
s4n; Cleveland and P.t.sburg. s3a Sd Rock Island
1861 lo3li; fort Wayne, looh 1908; nor Invest.
ern 43S asSsl; do. preferred, 674; Pacific Nal, 1857
l4sa.: Western Union Telegraph, 81 ss7.
Tue following Is conpansca OF prizes a. the frst
board to-day and TIC date last year -