The New York herald., 1868-08-21
FINANCIAL AND CONNER ClAL.
THURSDAY. August ao-oP. NJ.

tne f0ur lines OF Boston NEUTRALITY-SUSPICIOUS., Di-S
tol line, tho Newport line, the Norwich line ana the
stonington lne-n addition to leasing the bos'oh
end Providence Railway and that they are TO pay
3r the steamboat property by the issue OF convert
he bonds IL was further stated that nrm-
Of which the President OF the Erie roaN Is lnem-
ber-had given notice that it would deliver TO-
morrow the Erie stock which 1t had soid at SILKY
days. option, and apprehensons were en'cf'aiHno"
trat these deliveries would be made in new stock,
,rcsuIiing from the convertible bonds in question
at is not impossible that the purchase OF these
eteamers is part Of the present stock)oppng opera
aion in Erie. Some OF the directors OF the ETC
Company, including of course the EXecuuVe ooi'
nittee, may have bought them 0stensibly Tor the
company, but in reality merely for the purpose OF
depressing Erie stock by the means referred to- and
She vessels may be sold back to the former owners
or other parties when the stratagem has succeeded.
Ehe summary method OF procedure developed IN
Ahe closing of the transfer books yesterday has i'm
paired whatever confidence remained in the present
directors OF this great but long mismanaged COM
pany and hence the further decline before no
Aced. Nevertheless, those who hold the stock
will be unwise to sell 1t now If they have
che means to retain their hold Of It, The
object OF the bears is in their language, to put
1t out OF sight; but Wall street always exaggerates,
and although it may possibly 60 considerably lower
1t will react with great force the upward movement
being probably assisted by those who have been lat
tery employing all their efforts to depress it, both
10y fair means and foul. Such gross mismanagement
Of o great corporation is public disgrace,
and II the charter OF the Erie Company
permits what is said to have been done by the direc
kors should be amended, particularly so as to re-
'Quire notice of the closing Of the transfer books to
he given several days In advance Of the same. II
the alleged acts Of the directors not in accord
ence with the company's charter they should be
promptly Investigated by the Attorney General and
punished. AS it Is the causes influencing the decline
In Erie form of the greatest scandals the his
tory OF Wall street. During the afternoon, although
there substantial improvement In Erie, the
remainder Of the railway list experienced recovery,
and New York Central was especially strong.
There is no change TO note in the condition Of the
money market, and loans are made freely at four
per cent on call on mixed cOllaterals, and in some
Instances at three and three and half govern
ments but exceptional transactions at five per cent
Tor small amounts on railway shares are also
ported. There is moderate amount of commercial
paper Offering for discount and the best grade passes
at 6 a per cent. The Western journals refer to
considerable receipts OF currency from this centre;
but it must be remembered that the banks here have
much 10 lose, and we can nothing in the present
aspect OF affairs to warrant apprehensions Of strn
Gency.
The bears held high carnival in the Gold Room again
&o-day, and after opening at 14iX and advancing to
444T the price declined 1431S at three p. NJ and
subsequently touched l437S. rally to 14Szs 144
succeeded, however and this was the latest quota
zion on the street. the tendency being the time up
ward. Loans were made 'flat" and at rates vary
ing from five per cent for carrying The gross
dealings amounted to S97ol 900, the gold balances
TO s2O5l247 and the currency balances to $780,
The steamer Illinois, for Bremen, took out $4,000 in
Specie and the Columbia, for Havana, S175,OOO,
while the SubTreasury disbursed $4,000 in coin in
payment OF interest. The rumOr that the Treasury
mas been seller Of gold Of late Is without founda
tion in fact, except far some sales OF small
amounts account OF the Interior Department for
special purpose are concerned. Another rumOr that
b considerable shipment of specie had been made at
northampton for this country had its origin in the
export OF some Spanish doubOons for Havana via
New York. With the sterling rate Of exchange
above 1917 there can be no profit in importing
specie. and under existing circumstances 1ve-twen-
ties might be imported from England without loss.
The price OF gold varied at intervals as folows:-
10 A. A.M............144I $40 r. .143'k
R:65 p. ..1431a $50 +. M........ 1883
The market for government securities continued
10 show an improving tendency, and more orders to
buy were reported by the brokers than on any pre-
vious day since the recent fall The later issues OF
In the bonds Of 1858 there q sharp advance Of y
u per cent ut the noon CALL The borrowing de-
mand from the 'shorts" continues active for all the
government issues except the skies Of 1881. The
indications are that prices have touched bottom,
and that sharp upward reaction will follow. At
the close the market steady at the following
Observation-Disclosures 1881, 113 113H; coupon,
1881, 113K a 113al fivetwenties registered, 1852,
1881 a 1osX; fve-twenties coupon, 1862, 113,s
71sA; do, coupon, 1864, 1851 100; do, coupon,
1866 Ill ll1A do, coupon, 1856, January and July,
1919 10s; do, coupon, 1867, 107H 1o71s; do,
coupon, 1s6s, l07x los; ten-fortes, registered
1887 loi1l; do, coupon, 1os's 1osh; Septem-
ber compounds, 1855, 11s1s; October, do, lis.
At the commencement Of business the railway
share market was active and unsettled, and at the
early session Of the open board Erie declined to
Az, while New York Central sold at 123 and Read
ing at s8h. At the first regular board there was q
further decline in prices, and Erie sold down to 45K.
New York Central and Rock Island were, however,
firm. Erie closed 81 lower than at the same time
yesterday, Hudson River 1, Reading y, Milwaukee
and s. Paul preferred ~ and North Carolina skies,
new issuc Is while New York Central was Il higher
and Rock Island x. Government securities were y
n higher but dull At the open board at one O'Clock
Erie sold at ASK after previously touching A, while
New York Central advanced to 124. At the second
regular board Erie was without material improve
ment, sales having been made at ASK, but other
stocks were lrmer. New York Central closed on the
call J, higher than at the FIRST regular board, Hud
son River 2, Reading q, Michigan Southern e,
Cleveland and Pittsburg l, Cleveland and Toledo u.
Rock Island e, Fort Wayne IN and Milwaukee and
ct. Paul preferred &. Government securities were
active at an advance Of q X per cent, mainly
under purchases to "cover' "short" contracta
The most marked improvement was in the nve-twen-
Eies Of 1865, which sold up to losH. At the hapast
three open board Erie relapsed to AK, but New
York Central remained steady at 124k 12s, Rock
Asland at osH co. Michigan Southern ut SO ssk
and Reading at sos q sek. During the remainder
OF the afternoon the market quieter than during
the previous part Of the day. and at the close at six