The New York herald., 1868-02-20
FINANCIAL AND COMMERCIAL
WEDNESDAY. Feb. la-hPM

WEDNESDAY Feb. I9-oPM
The gold market has b-eu heavy to-day and there
was steady decline from lioS. the opening 10 laO
al the Close the on the street having
been 81 this price, hs sshorr interest is increasing
and loans were NAL At rates varying from two TO
four and half per cent per for carrying The
sros clearings amounted TO $50, 332 000 the gold
balances 70 81 sos and the currency basnces to
33,277,02T ihe steamer Java took out sl03 200 in
specie. In the aosencs OF disquieting news from
washington th 70 Is nothing n present TO stimulate
speculation tor RISE aud hence many Of the operators
ase trying 70 force Decline bus efforts 10 either drec
sioe are not likely TO be attended with much success
under existing circunstancoa
Ere has boon the engrossng feature OF the stock
market oil day and ths fluctuations In Il we're from 10
70 7sx 7s with the closing sales At TAX, ths decline
being partly the OF sales 70 realize by those
who were. up 70 yesterday afternoon specializing Tor
rise and parity owing 10 special pressure brought
10 bear upon Il by. IL 10 supposed, Mr. Drew. who was
this morntng suspended from bis ONCE a. director Of
the Erie Railroad ompany BY an order OF the Supreme
Court at the OF the Attorney General OF this Stale
on behalf Of The people. The defendant Is to show
cause on Friday. the 2Ist inst, why the injunction
should not be made permanent. The effect Of this
con,rary 70 the general expectation OF the bulls.
by predciing . heavy fall and selling short"
freely For ths time being, therefore. 1t is
evident that the bulls in Erie de noralized, and
there beng organized clique the resist the
attacks OF the spec aive director, who Is than
ever desrous Of selling IL al decline. that he ID
suspended from Office, there 10 no knowing how far
down It may 60 before IL touches bottom although the
permanent oxpui ion OF Mr. Drew from It's managem
would bs Of great bsnedt to tho stockholders 1t is
stated that contract signed yesterday by the Erie
Company by which Western Of road will
lbe extended new line, hundred miles long, is TO
'be built from Akron point on the Atlantic and Great
Western Railway, t. Toledo, aud the Erie Company Is
20 guarantee the of its copsrucon FROM iolsdo
TO Chicago, q distance VI two hundred aud fifty
mhes, . third raj is to be iaid the chigan
Southern Railway Al Tho expense or that company in
order that through role between New York and Chi
cago may be established by these roads in opposition
she New York Central route. Against this arrane
Ir. Frank Work one OF the Erie directors supposed
represent the Vanderbilt interest, formally pro-
eested. Although tue ex i,ement in Erie almost
unparalleled aud the transactions enormous
scale the other Railway shares very lightly dealt
ttn and the fluctuations were rining The injunction
upon Daniel Drew referred to reads as follows:-
The Attorney General OF the sta.e OF New York.
prosecuting n behalf Of the people OF the State OF New
York, having presented TO this petition
on the lsh DAY OF February, 1868, alleging various
acts o( misconduct and OF trust by Daniel
Drew ~ director OF Erie Railroad Company and
also as treasurer OF said company, and praying
ms suspension and removal: Now, on motion
and OF Charles A. Rapello OF counsel, 1t is
ordered that tho said application on said petition be
heard this court q special term thereof 10 be hold
at chambers At lhe City Hail. In tho city Of New York,
on me 2lst DAY Of February 1885, at ten O'Clock NJ.
81 - soon thereafter counsel be and that
shs said Daniel Drew do snow al the Time aud
place las. aforesaid Why the prayer Of said petition
other order should Be made In the premises may
Dc Just and proper.
Daniel Drew mas abused his trust As director it
y hereby pursuant t0 the provisions Of the Revised
Statutes Of the State OF New forR. further ordered,
shat 10 the meantime and until ths further order OF
Shb court on The hearing and decision Of said appca
Sion the said Daniel Drew be and he 10 hereby sus-
2endsd from exercising his ONCE a. director Of the
Erie Railway Company; and no Ia hereby prohibited
while 90 suspended from doing attempting 10 do any
oct q Q director Of said company
george {. BARNA ARD, Jac
At the meesinss OF the Erie Board Of Directors held
yesterday and Today these gsntlemsn with exception
OF Mr. Work, showed themselves be in close sympathy
with Mr. Drew. and represented the company TO be In
state OF abect dependence upon the pscuaary assist
Anee Of that pious specuator They wanted TO borrow
from him three hundred and fifty thousand doars to pay
interest due the LIST OF March, and nearly hun
dred thousand dollars more to for rails and
they were a. loss where and how 10 get It, except
erue condition OF the Erie Railway Company 1t argues
Hagrans dishonesty somewhere and the the COM
ysnys affairs pass out Of the hands Of s present drsc-
Sors into those OF . receiver the better
The following . copy Of the protest served by Mr..
Frank Work, OF the directors oil the Erie Rail way
Company against the latter company providing in any
way for che construction Of hundred mss OF new road
ostwssn Akron and Toledo
10 ran BOARD or DIRECTORS YHR MICHIGAN SOUTHERN
AND NORTHERN INDIANA RAILROAD COMPANY AND TO tn.
ExHcUrvE COMMITTEE OF THE BOARD DIRECTORS
THE ERIE RAILWAY CoNrANY:-
GExrLInss-I am informed that q proposition has
been made BY some OF tue directors OF the Erie
Northern Indiana Railroad Company to the OBJECT
10 lay third rail from Toledo 70 Chicago The
Eric Railway Company will agree TO construct provide
10 Toledo A director Of the Erie Railway Company
md representing large amount OF the stock thereof
hereby respectfully not you that protest against the
making Of such agreement Of any similar rsement;
sha4 legal proceedings about being instituted be-
half Of stockholders o. said company to restrain the
lmaking OF any such agreomen and that, In any
lauch agreement made legal pro- eedings will be nsti-
suited TO have the same adjudged fraudulent and void,
ue
ment individually pecunariy Interested 10 the
Hsne made and ,nat .ne sa,d .sIe.men. will nurs to
dice Of the interests Of the Ene Railway COMPANY
/ To In GRAND LOCKWOOD ESQ.,
NKw YoRx CRY, Feb. IL, lS6s
The only change 70 note In the aspect Of the money
market indspostion among most Of the banks to
lend at four per cent securities although
Shey continue 70 lend freely nve per cent mixed
eolaterais. The leading dealers in the former, how.
ever have s,i diculty borrowing all they require
~ the lower figure there Is slight increase in the
amount Of commercial paper ocrng but the best grade
passes at 6x a6H per csn' and good but not prime
LAS Cincnnati has been Withdrawing currency from
ard but ,hsrs indications Of any coming disturb
nncs change the Of interest arising from this
Or any other cause.
The stock market was weak and ercited at tho com.