The New York herald., 1868-03-11
FINANCIAL AND COMMERCIAL.


lowest point OF the day against lao at she opening
Cash gold was In excess of the borrowing demand
and nom four 10 SIX per cent paid for earry.rg
The gross elearings Amounted 10 ss-,iW,oco. the
gold balances % t2.a.a2oo ana the currency bal
ances 70 s3,l342so. Tho declining tendency Of tie
premiums arecsef govegnren; securities sympatheii-
cally 10 fractional cx.enl while n failed 10
strengthen the rates of exchange on Europe which
have been dropping Of late IN Consequence maa.y q
the enlarged scpp,y Of bills drawn against cotton
shipments the advance In the staple abroad having
largely stimulated explorations.
The stock market has been fever.sh and on the
whole weak, while Erie coniinaes 10 absorb TIE AZ
tention of the street. The fluctuations In the stock
during the day were from RAJ 10 -. and al the close
II was offered a, ;5h. re bGi Clique took al ,ae
stock delivered TO Il, but showed spirit In sustain
ing the price by bidding morc aud hence the de-
cline OF nearly six per cent from the highest point
touched II II already very heavily loaded. and u re-
mains TO be seen whether or not has the financial
strength TO take an the stock that IA offered n Il has
IT will be successful la controlling the price 81 the
stock, but otherwise h VIII assarcdiy fail and fal
prey to the speculative director and his party. re
fore the end Of the present week the stockj0b-
blng part VI this contest win In all probability
have been decided ana the result depends
almost entirely upon the length of the bun ciigue's
purse. As rule ille bulls always successful Ia
tie long run " their resources are aapc but 10 be
able 10 20 a certain length aGd no further would he
! ruin In such case rs the present. A heavy break
/ or a sharp upward movement may consequently be
! regarded a. almost inevitable within the next few
days. The bulls have 10 contend with the dlsaisan-
tagc OF o somewhat demorallzcd aud dropping mar
ket, not oy for their particular stock but railway
shares In general and at the same time they find
themselves in the midst OF active per cent
/ money market. Tie bears, Oh the other hand be-
Sides having these elements In their favor, can point
/ to tie very damaging report % the eaeca
tive committee OF the Erie board published
\ to-day, which shows that ten millions of
convertible bonds were recently authorized
TO be issued and sold for The purpose OF furnishing
the road with iron, steel rails, locomotives and other
rolling STOCK stations, elevators and other equip
/ mcnts enumerated In the report Whether the
bonds in question have actually been issued and con-
verod The report does not state, but 1t casually men
tons that there are nine millions more of bonds out
Standing which are convertible into the common
stock Of tie company. The Legislative committee
appointed by the senate viii doubtless obtain nor-
NATION with regard to the actual issue OF new sock,
ana 1t is understood that the occrs OF the Erie CO
4 pany have been under examination before It today
\ ana made some interesting disclosures ia ills colt
ncction. The contest has two aspects, of which
rela.es 10 putting Tie stock up as Wall street
/ speculation and tAe other to ousiing tie
4 present directors and Oataining control or Tie
| property. II the Vanderbilt party succeed
III attaining their object the Erie, the Scw YORK Cen
/ tral, the hudson River anu the Harlem railways
VIII De undcr the control OF monopoly which would
obviously be preJudcia to the public interesl, Tor 10
could dictate its rates Of fare and nelglr except
where controlled by legislative interference ani It
would be III the nature Of such monopoly 10 extend
Itself in all directions and there would be an end TO
wholesome competition where il is most needed. II
Is nlnatcrial TO the pubic whether the bull or tie
bear party gain the advantage in the present sock
contest, but it Is Important that the monopoly
ferred to should be Established, whatever other
changes may be made In the management Of the
Erie Company
Money was in active demand from the Stock Ex-
change, and the rate for cau loans advanced TO
| seven per cent, with no exceptional transactions
below this rate In the afternoon, even on govern
ment securities. Tie pinch WAS sharper taan any
expert enccd before since last fall, and some a,tr
buted 1t in part to the withdrawal OF the proceeds Of
I the sale OF tie supposed Erie stock yesterday
/ from the banks by the Erie Company and 20 Other
artificial influences. That the market Tor money
|. will naturally be more active than usual OF late until
after the lst Of April is to be expected from the fact
OF tie later being settling day in most OF the New
England states and iennsylyani ana also the day
which the national banks make their quarterly
returns.
Az the commencement Of business the stock mar
ket was lrn, and at the carly session or the open
board IRE advanced 10 7a5s ,S4l with renewed
;lvy in tho dealings. After the call there
Siderable excitement IN tie stock, in the midst OF
which it sold up to 50, but at the first regular board
l Il declined u s.ai, while the entire market had q
| dropping tendency. New York Central closed IL
| lower than At the same time yesterday, Erie az,
/ Readiag q, Michigan Southern u, Cleveland and
Plttsburg ll5, Cleveland and Toledo *, Northwest
crn , Northwestern preferred "a, Toledo and Wa
bash 7s, Alton AMI Terrc uautc IL, Milwaukee
AMI st. Paul ,, Milwaukee aud ST. Padl prc erred
IL, Uhio aad Mississippi sS. the state Stoe..s
were = u per cclt higher. Govern
mcnt gold bearing securities were u low
er and scven-thlrty noses "a lower. At the
open board ut one O'Clock Erie sold ut Tx q T1ss
and New iork Central at l2s4, the market being
heavy in tone At the second regular board the
market was weak, ana New York Central closed q
lower than at the FIRST regular board, Erie ia, Read
lug 3s, Michigan southern -, Cleveland and Toledo
:, Toledo and Wabash a. Milwaukee and ST. Paul 4,
4 Milwaukee and 81. Pau preferred y, Chic aud Mis-
I sias.pp q, western Union IL Governments were
/ dun but steady. At the open board at ha,f.past
/ three prices experienced further decline ana Erie
SOFA At ia y j Ncw Central l209i: Michigan
sorthcrn, e93s; Rock Island, eGS; Pacific Man, 10;
! western Union Telegraph, 5tii Subsequently Erie
| recovered 20 s5l, bur an uneasy feeling prevailed
/ In consequences Of the active demand Tor
money, and doubts ~ the ability OF tie bail coue
in Erie 70 control the stock, that It has lost the
support Of the street 70 great extent owing to the
heavy Gnd dcmorazing break OF yesterday. The
| clllde itself has doubtless been greatly weakened
| thereby AMI y is stated that ono OF It's principal
members withdrew from it this morning. Tno street
II bcioygcd IS to whether judge Gilbert, Of Brooklyn
did o. did not Issue counter injunction In favor O.
the Drew party ycsteray: bHt there Il reason 10 be-
hcyc that he did, although the proceedings In the