The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-17
FINANCIAL AND COMMERCIAL

90 the impeachment or the President gradually de-
elinsd TO 1928 on Friday. bn! on the day
st recovered to ls0I, and yesterday &c closed at
iai Isih, the advance to this point having been
stimulated BY > despatch from washipg,on TO tho
effect that 'L Is reported'' that the House Com
,n,ttes Of Ways and Means will aPpsass Ihe
Western iaistonists By bringing Ia b to provide Tor
TIE issue OF atty or sixty millions more currency IL
Was known % the Leading operators N the room 10 toe
morning shat such q despatch would Do papnsnea
hero In the ansrnoon and they "puied' tho
market accordingly All thai have to say ia
regard 10 this is that II the COMMITTEES do
bring in such bill will be setting vev bad precs.
deaf, for which there is sufficient excuse Iho conn
sry does require imitation, but simple suspension
or contraction, and 10 order TO render THIS the more
,complots the provisions OF the AUTHORIZATION bill,
which recently law. should be made TO apply
no the compound interest iega tender notes and the
shree Dor cent legal tender certificates outstanding.
Government securities failod ahke TO sympsthze with
The rise the fall in gold aud although the volume of
speculative business in them was on very limited
uosis the investment demand continued moderately
asttys aud the undertone OF ths market 6rra On
Saturday thu inquiry for all the OF fvstwentss
qucksnsA and prices advanced y 4 after the call
mt the Stock Exchange 1925 closed drm 1llH
1868 were sold At l0ok and 1865 at 109I 1921:
while N861'a which growing In tho street.
acid Al lOsA tho closing bid being below this price.
Blu. for the Sherman funding bill the upward movement
dp would have made steady progress and
an Wow OF shsre being probability whatever OF the
spasssge Of this or any kindred measure tho mar
ne. will DO likely to take fresh start. Until the whole
Df thirty funded 10 absurd to talk
pf funding bill and At any time such absurd
and damaging that referred 10 would De certain
10 insurs til defeat 1t provides for az increase OF
forty-hv millions Of grscnbacks, ike M. Inger.
soII's bill, aud this Is not feature TO ommend It.
while uncsllsd for blow aims at the public credit
IL . fatal objection Tho six per cent gold bearing
bonds Of tbs government stll tho cheapest
0ocks 10 Wall street. measured by the ratio Of interest
xhey pay in currency. There special demand for
Zen fores which caused advance In them to 105
shat they relatively considerably higher than the
Ayetwsutss Tho 6rmness OF the market for the latter
sn Europe led considerable purchases here Tor ship
AnenA
The stock market dull and At intervals unsettled
during tho week BY tho resistance made to the efforts Of
che bulls Eric advance the price OF that stock but
psvsbsIess il showed great steadpess and New York
csarrai and Erie experienced . marked improvement.
The daily transactions In these stocks large but
thsrs only . moderate degree Of activity IN the
oshsr railway shares II not until yesterday bow
over, that Erie became buoyant After selling at 75x
In chs morning advanced to Tx Tx. but at tho
eioss or business it was offered n n, and there
d deposition shown 90 sell il In snticpa-
tsos Of . downward reaction. Tbs advance was evil
Gently due TO large purchases BY spectators opposed to
nhs beaded bv the speculative DIRECTOR
nui how far they will persevere in their opposition
Snans 20 b. seem Spectators Ackls iinble
amy their tactics and in the OF Erie
lander present circumstance they likely 10 content
themselves with small profits, although il is tho
cheapest stock the list prices CO. and either New
no~t nd 9TH MAJ Ynrk vst0c Ne ust
decline or Erie must ultimately advance considerably.
Those who speak In tho interest OF the speculative d.
say that nearly I've millions OF leases have been
capitalized into Erie common stock within very short
sms sad thst only portion Of this new stock has
Assa Issued yet; but IL this the 10 obvious
chat ssns special inducemsnt must have been
S6srtA BY tho Ere company TO exchange
seven per cent eecurity for ono bearing no
interest," and selling until yesterday about twenty.
Ave per cent below par L. however, asserted By the
Aksosors that nearly tho whole OF the 81 600 OF
Asrtgags bonds OF the Buffalo, Bradford and PtsburS
hallway have been converted stock under the act
bsrmtug the capitalization Of leases passed last
BY che State Legislature aud there 10 apparently no
doubt that this fact The whole Of the Leases OF
ARE company a beginning Of the year amounted to
hsss thaa sen millions and they were all converted
anto common stock it would be beneficial TO the com
$asy a. would DO thereby relieved Of the obligation to
ebiss OF the speculative director and those cooperating
with him In securing these conversions TO- however, TO
break down price OF the stock BY increasing the load
ths bulls have carry aud on active money market
Ahis doubtless would have tts influence, bot so
long IL remains easy the bears may DO
disappointed Outside OF Wall street u matters
very little whether ERIC rises falls In other words
whether the bulls the bears gain the advantage In
CHS contest and the loss the public have 70 do with
spscuatug the stock the better for In tho end out
nders viii end themselves ground between tbs upper
and neither milsones Of the con,epdng parties II the
bull "ring does not win the outsiders monoy the bear
sring" will be pretty 10 do IT, and tho aim OF both
IL to reap harvest profits by the losses Of tho street.
The Clique system bad and overy combination other
ON the bull or bear side may DO regarded IN certain
ussss conspiracy 70 dsfsud the street and the out
sido public being Invariably the sufferers Tho value OF
railway property approaching, and stocks would rest
nm much hrmer basis II there cliqucs to mani
pulsts them aud speculative directors to throw dis
credit upon their stocks After the 'puts NORTH
western common expired on Monday Last 1t became
active and the price advanced TO o1ls, but Il subse-
qusauy became inactive and lost . portion Of the
Improvement Rock Island the whole orm, but
du and the litigation respecting tho 81 ooo 900 OF
stock still dragging It's slow length along the prospect
being that . receiver viii ultimately DO appointed BY
court TO take charge OF the proceeds Of the sale Of
the stock In question: but Of the general affairs OF
shs company. Western Union Telegraph was weak,
and declined ASK. the cause being the reduced
Tags Of the company, owing 20 the formidable cpposi
ton resulting from eight competing linss. including
however. she Bankers and Brokers' Company, whose
lines are said to DO owned mainly BY the wsssru
Usion, but nomiually leased TO the former.
In addition to the lines referred 10, . one ia
about 70 built south from Washington along tbs sea
coast and TO connect with tho Franklin Com
,psny's wires a. the capital. The franklin
wires originally extended from Now York Boston, With
. capital Of baf million while the Insulated Limos
Telegraph Company's wires extended from Boston TO
Washington. with . capital OF $1,000 600. but the two
companies we're united undsr the sAme OF the franklin
Telegraph Company, with capital OF million. Since
idsiinn hnu ihs Cunnn has