The New York herald., 1868-03-19
FINANCIAL AND CONNER cIAL.
wEpNEsDAY, March ls-e p. N.

WEDNESDAY, MdfCn to-o r. -
ne gold market has been heavy to-day, and the
n.ctuations nom 1851 to 1884, with the closing
uansactions at 1857 1889. There was . pressure
% lend con and the rates paid for carrying varied
non seven to eleven per cent per annum and from
l-s2 to ss4 per diem. The gross clearngs amounted
70 $50 the gold balances TO COS and the
currency balances to S. 625 The steamer Russia
took out $I21,9ls In specie and bullion. The high
rates current for carrying gold have caused many Of
the holders to either reduce their load or sell out
and this has resulted in . decline in the premium
without quickening speculation for fall the tone Of
SELLING In the room being less bearish now than 1t
was week ago. although there Is very little disposl-
con shown to undertake operations for rise.
The money market was very stringent until after
two o'clock, when there was sensible abatement Of
the pressure to borrow from the stockbr0kers Pre-
viously from an eighth to three-eghths per cent
commission had been paid as o bonus for loans
n many instances, and there was Q difference
q one time OF three-eighths between the cash and
regular price ofNew York Central while the private
bankers were freely offered seven per cent In gold
for all they had to lend. The policy Of the Treasury
In having increased its balance largely within the
hst week was sharply criticised, and the question
asked why it did not buy seven-thirty notes now
instead Of at future time, when, the monetary
activity having passed away, their price wouid nave
advanced BY the payment Of ofrequisitions and ether
wise however, the balance In the SuD-ireasury
this evening has been reduced to $lOl l22s,o77,
or about s less than at the same time on Tues
day However much this spasm may have been ag-
graysted by artificial causes 1t Is proper to observe
shat the prominent banking house which was report
cd by one OF the morning journals to have assisted
IN producing 1t exerted itself In the contrary dtrec
tfon yesterday and made considerable loans after
three O'Clock, that the charge is without founda-
don In fact. The legitimate inquiry for money is un-
d0ubtedly much more active than 1t has been for
nearly six months past The opening Of naviga
tOn Is quickening the demand for currency
In the INTERIOR while the approach Of the first Of
April which is both settling day' in several States
and the time for making up the quarterly statements
OF the national banks leads to wider distribution
OF the circulating medium than usual. A special
cause for the prevailing activity is also to be found
IN the recent withdrawal from the banks of this city
Of the proceeds OF the sale OF the ten millions Of
Erie stock thrown upon the market at the begin
ming Of last week. and the steady decrease
Of the bank deposits and legal tender reserve al this
centre for two months past showed that the money
market here was becoming sensitive to adverse In
nuences, and therefore liable to sudden derange-
Ment Discounts, may be supposed, are with
diAiculty obtained, and the best grade Of paper s
nomnally rated at o per cent on the street.
The stock market felt the effect OF the peculiar
condition of monetary affairs early In the
day, and New York Central declined to
117A, while Erie sold ut 6eK, but not
whhstandlng the reluctance OF the banks to GER
ty their customers checks to any but very limited
amount beyond the balance in hand without pledge
Of collaerals and the impossibIity Of borrowing
nom the banks Erie except when mixed with
ether and better securities the entire railway share
Nst advanced from one to three per cent the sharp
est rally having been In Erie and New York Central.
Towards the close however, 1t began to react
downward, and the Official intmati0n that the
tariff Of the Erie Company had been reduced one
third to take effect tomorrow, acted as damper
upon the bull movement. This change involves re
duction OF the fare from New York to Buffalo OF
$3-namely from ten to seven. The Vanderbilt party
showed great determination and considerable
strength in their dealings in Erie and New York Gen.
txa which took the street somewhat by SURPRISE but
n view Of the prospect Of rather active seven per
cent money market until about the middle
Of April 1t is not probable that much improvement
win be witnessed, while as the market Is liable TO
become further weakened and demOralized at any
time there is no inducement for the outside public
20 venture into Wall street. The general market Ia
Nicely TO be unsettled by the course Of Erie for some
time to come, and there Is good reason to suppose
that the contest going forward will prove dam
aging both to the intrinsic value and the market price
Of that stock Rumors OF q probable compromise be-
tween the contending parties were circulated this
afternoon, but these are unfounded.
At the commencement of business the stock mar
ket was weak and New York Central declined TO
117h and Erie to 66K. At the early session Of the
open beard the tendency was towards Improvement,
and Erie sold at 81 67H and New York Central at
NIX 1ls. At the first regular board railway shares
continued to advance, Notwithstanding there was
considerable pressure sell for cash In consequence
Of the stringency in the money market. New York
Central was particularly active, but there was only
moderate business transacted In other stocks. New
York Central closed ~ lower than at the same time
yesterday, Reading Y, Cleveland and Pittsburg u,
Cleveland and Toledo y, Fort Wayne u, Toledo and
wabash 2h, Milwaukee and St. Paul preferred \,
Pacific Mail y, Atlantic Mail /, Canton Company IN,
Western Uniol Telegraph A while Erie was y
higher, Northwestern preferred u, Milwaukee and
st. Paul q. Government securities were weak,
owing to the sharp demand for money, and the gold
bcaring stocks showed a decline Of u a y, while
seven-thirty notes were 4 lower Tennessee skies,
new, and Missouri skies were u lower. At the open
beard af one enock the market was strong and Erie
sold at 6s o 6sh and New York Central at 1lsk
x1SK. Al the second regular board Erie having pre-
vously sold at 90. prices showed further material i'm
provement especially in New York Central New
York Central closet N higher than at the first regu
lar board, Erie l. hudson river 2, Reading u, Mchi-
gan Southern " Cleveland and Pittsburg y, Cleve-
land and Toledo l, Rock Island Y, Northwestern pre-
ferred u, Fort Wayne " Toledo and Wabash y,
Milwaukee and ST. Pasl preferred Y, Ohio and Mis-
sssipp 4, Pacific Mail Y, Atlantic Mail IN. Gov
ernment securities were heavy at further decline OF
kax. Missouri skies were x lower. Mr.. Charles
A. Johnes, with Messrs. Henry Cews Co., was
elected member Of the regular Stock Exchange.
After the call Erie advanced to cox, and at the open
board at halfpast three Erie sold at soK CO.'S New
York Central 12ok o 100 X; Reading, s2H; Rock
Island, 9sk Michigan South ,rn, sszl; Cleveland and
Phtsburg sols soA; Northwest preferred, 7s,l
73h and Fort Wayne, 1ol'sl During the remain
der OF the afternoon the market was duh and rather
drooping, aud at the close at kx O'Clock the quota