The New York herald., 1868-03-18
FINANCIAL AND coMMERciA
TUESDAY, March l7-s p. n.

FINANCIAL AND COMMERCIAL. i
--~-~~~~~-------~~~
TUESDAY, March lT-eP.M.
The gold market has been dull and heavy to-day, |
and the fluctuations prior to the adjournment Of |
the board were from l39x to 139, following which
there decline to 1851, the latest quotation cur
rent the street having been 1884 1851. Coin was
In superabundant supply and from i've and half |
to per cent was paid for carrying The gross |
searings amounted to $as575,ooo, the gold balances
70 sI5s735, and the currency balances to
The speculative feeling In the room is very tame,
and the prospective disbursement OF the May in
terest on the public debt already being used as an
argument against an advance in the premium In the
absence OF anything more important. The glut OF
gold in the Bank OF England and the Bank Of France
continues undiminished and the goth Of February
the former held Ell se and the latter 445 ooo
making total OF f66 43l $50, which sufficiently
counts for the plethora Of oanable funds at rates Of
interest varying from one and half TO two per cent
The money market became extremely strin-
gent this afternoon, owing In part to arti-
aciai causes designed to depress government
securities, and borrowers in some instances
paid seven per cent In gold United States bonds,
while applications for loans were made as late as
halfpast three O'Clock to the private bankers show
ing that bank accounts were made up with difficulty
During the forenoon the supply appeared equai 70
the demand at seven per cent; but there were no
transactions below this rate. AS matter OF course
there is a very limited market for commercial paper,
and only strictly prime passes at TX .
per cent The effect OF this condition OF
monetary arairs on the Stock Exchange
was depressing, and late IN the afternoon
New York Central declined to 49, alower point than
b has touched for a long time past. The Erie excite
ment continues unabated, but the fluctuations In 1t
were less violent than yesterday from esq to
ssH, with the closing transactions at fraction above
~. One Of the suits relating to this stock came up
this morning before Judge Barnard and was ad-
lourned by him until Tuesday next without argu-
nent, and apart from this nothing new has
Eanspired concerning the litigation between
the rival parties. The feeling Of the street with re-
gard the stock is very bearish, and outside hold
naturally distrusu OF 1t In the face Of the
aissouraging statements OF the company as to its
condition. At the same time public sympathy In
the contest against the Vanderbilt party, because
the people at large are opposed to such huge mo-
nopoly the control OF the Erie New York Central
the Hudson River and the Harlem by one man would
necessarily confer upon him. with the power to raise
the rates Of fare and freight to suit his purposes
Mr. Vanderbilt had not already control OF the three
last mentioned railways the objections to his securing
possession Of the Erie would not exist, for his
management has won for him prestige which has
had much to do with advancing the stocks Of the
companies he represents to their present high point
They are, however, now, on the decline, and money
lenders exact wider margins on them than they
thought Of doing before the Erie contest began.
is difficult to borrow any but small
amounts on Erie, even with twenty
per cent margin, and some OF the banks have re-
fused 80 lend it at all the litigation In which the
company is involved and the threatened Issue Of
more new stock having unsettled confidence in 1t.
At the same time the entire railway speculation for
. rise Is demoralized and the chief anxiety Of hold
ers Of stocks Is to realize. Under these circurn-
stances the general public win do well to keep out Of
Wall street.
The Chicago and Rock Island cases came up for
argument in the Supreme Court to-day, and as mo-
kons have been made for continuation OF the in
functions, for dissolution Of them, for attachment
for contempt and for the appointment OF receiver
Is probable that the hearing will occupy several
days.
Government securities were very dull, but steady,
until the afternoon, when the extreme monetary
stringency compelled some holders to sell for cash,
which forced decline in prices particularly for
seveD-thrty notes, which at one moment touched
l0sx, but afterwards 1861 was bid for them, and
there was fractional Improvement In the bids for
the gold bearing stocks In view OF the scarcity OF
money In WAL StfeeL Tue pOibCy VI tuc IIcasuTy Ii
Increasing its balance In this city than six mil
Mons within short time is unfavorably commented
upon, and the question arises why does 1t not dis
burse portion Of its surplus currency In the purchase
OF seven-thrty notes instead OF deferring such until
they command higher prices, as they undoubtedly
viii, after money becomes more abundant. But for
this stringency all classes OF United States bonds
would advances and when the pressure is removed
they win obey their natural tendency. At the close
the quotations were as Acknowledgement 1881,
l11h a Il1x; coupon, 1881, 1ll7s 111a; 5-2o's,
registered, 1862 107 1o7h; 5-2O's, coupon, 1862,
ilok 1lOh; do, 1864, 1o7A los do, 1866, 1854
Sos,s; do. 1865, January and July, 1861 lo7; do,
1867 107 1o7h; 1o-4os, registered, 1o0X 10i;
io4os, coupon, looi lOl; June 1908 1861 1os;
duly 7.ae's, 1861 lOo; May compounds, 1854 1ls
NO. August do, III lis; September do, ll61s
III; October do, 118 116k.
Al the commencement OF business the stock mar
ket was weak and Erie sold down to 65Z, and New
York Central to 120K. At the early session of the
open board Erie was largely dealt In tsales $500
shares and the price advanced from 60 to 81 on the
call, while New York Central, which was next
In point OF activity, nuctuated between l22 and
i2oZ. At the first regular board the market was
steady Of a further slight advance and moderately
active, but the decline since Monday morning was
quite marked New York Central closed AZ lower
than at the same time yesterday, Erie "a, Reading
n, Michigan Southern u, Cleveland and Pittsburg
Rx, Cleveland and Toledo 2, Rock Island y, North
western 2, Northwestern preferred y, Toledo and
Wabash ., Milwaukee and st. Paul y, Ohio and Mis-
nssppi Y, Pacific Mail v, Atlantic Mail x, Western
Union Telegraph " North Carolina skies de-
clined u, Missouri skies ". Government
securities were dull and fraction lower in some
instances. AT the open board at o'clock the
market experienced further Improvement and New
York Central sold at 122k 122% and Erie at 6sk q
esH. At the second regular board, Erie having pre-
viousy sold up to 0s5s, the market was steady and
moderately active. New York Central closed 4
higher than at the frst board, Erie 1, Michigan
Southern u, Cleveland and Toledo 1, Rock Island Y,
Northwestern preferred ~ Alton and Terre Haute 1,
Milwaukee and St Paul N Milwaukee and 81. Paul
preferred Y, Pacific Hall IN, Western Union Tele-
graph \, and Reading was X lower Fort Wayne Y