The New York herald., 1868-03-02
FINANCIAL AND COMMERCIAL.
srNpAY. March i 1888

SUNDAY March l. 1868.
The OF gold during the past week was source
sf considerable surprise 10 Wall street. It generally
expected that il the House Of Representatives really
voted 70 impeach the President the premium would ex-
persnee rapid advance to higa point; but the event
fell nat ON the market Early Monday morning the
price fgod rose for moment to IA in anticipation
of the passage Of the .psachmens resolution which
took place In the afisrnoon but this advance fol-
lowed By decline TO l42 the day. and during the
remainder OF the week speculation was rather tame, and
the fluctuations we're from ll15S to 14o1s the closing
quotation yesterday having been l4l1 l41A There
was moderate borrowing demand for coin from the
shorts but the supply was supsrabundant and loans
were made at rates from four to eight per cent or
carrying The demand for customs duties at the port
Aggregated 81 s3 and the Sub Treasury disbursed
32 in pay msnt Of gold interest on the public debt
The shipments OF specie and bullion were unmportant,
the total having been emily So5aool. Tho impression
among the spectators Is that the President II tried on
the charges preferred against him. will not be convicted
for all that he really accused Of IL violation Of the
Tenure OF once in the Of Stanton the attempt
mpeach him ether charges having just previously
,ntirey faied and that law Mr. johnson claims to bs
unconstitutional II 1t SO It was his duty 10 test 1t
and no could only do 50 BY violating It and thereby
bringing it before the Supreme Court Although the
Of gold indicated absence OF any dstrust Of
the public credit there was decline or fully one
per cent in government securities during the week,
andsr pressure to sell by outside parties influenced
mainly by the mschievous Sherman Funding bill In the
Senate and the speech Of that Senator ths subject
Thursday. At the close the gold bearing stocks wore
steady and the indications present depres
sion will be followed by quick reaction. The pr,mi
nent dealers have been large buyers At the reduced
in s.shO
interest outstanding especially in fvewsAtes Of 1862
which will assist the upward turn. Holders Of govern
nsn stocks will do well to attach importance to the
utsrsnces Of Mr. Sherman yet to his BILL there
possibility OF this il-advised and discredtabs
scheme being adopted. Tomorrow the somi.annual
interest the tsnory loan viii become payable, the
amount beng about i've millions.
The railway share market was unsettled from the
opening TO the Close although strong efforts made
TO strengthen 1t by rallyng the Vanderbilt stocks. Erie
continued TO engross the attention OF the street and
,1uctuaed rroguarly between 66ss and 69X. 1t had
frmer appearance yesterday morning than for some
days previously and sales were made at esq., but aftor
touching this point it began to weaken, and following
the Last open board about thousand shares sold
by one broker, under which the price declined to $685.
while still later up town the stock offered a.
fractional recession from this figure. runner
was at the time in circulation to the effect that the
company intended to default In the payment Of the
interest its bonds due to- the amount Of
about three hundred and fifty thousand dolar-in con.
sequence Of Mr. Drew having refused to loan the
Dany any more money. Such statement is, however
hardly credible, for impossible that the
gers Of great corporation ike the Erie would take
.atsp SO damaging to its credit when the necessary
means could be borrowed II necessary in the open
ket Matters relating 70 Erie have, however. very
and Ia no Ina w VIII nm
out Of the litigation between the Work and Drew
parties. That large majority OF tho Erie directors
are unit in support Of Mr. Drew IT, strange 1t may
sosm, well known fact and the relations between the
Erie and the Vanderbilt parties becoming threat
ening. At such times these however, is necessary
chat stockholders should guard against panic and the
oacracs Of their property and in this connection q
word to the wise is enough. At the close OF bus-
mess ss six O'Clock last evening the quotations
Eoows the market being the time weak, except for
North western New York Central, 12sX 129; Erie
oox a66a; Reading, s3A o33S; Michigan Southern,
oo Cleveland and Pittsburg. 03H Rock Island, ook
Nsrthwestorn o2K Northwestern preferred, 70; Fort
Wayne 100; Pacific Man, 1los<; Ohio and Mississippi,
s0k.
Money became more active than for some weeks
past and the rate for call loans was advanced
six per cent with exceptional transactions at seven
but yesterday It very easy again 1t Eve per cent
cher OF 323 in the Of legal ten
notes. shown the debt statement for the week.
will have tendency to impart nrmuess to the Market
but there is probability Of the supply Of loanable
funds falling short Of the demand
Among the miscellaneous ehares Western Union Tsls-
graph the weakest and although at ono time It
rallied above IS It fell back 70 34ka 34'at the Close
under pressure to SILL BY outside holders Tho oppo-
otion lines steadily undermining the Western Union
Company, and tho former constantly being extend
I'd They include the International Telegraph Company
whose wires reach from Boston to Augusta and Bangor
Me-, route 70 Halifax N. s.; the Northern Telegraph
Company, from Boston norhward TO Concord, N. II,
roSes TO Montreal; the franklin Telegraph Company,
from Boston 70 washiaspa D. O., with two routes be
tween New YORK and Boston; the New YORK City Tels-
graph Company. oonnsstng with the Franklin Com
panys wires at II Broad street, the Atlantic Pa.
einc Telegraph Company from Now York westward. via
Albany, 70 Cleveland, Ohio, rouss to Chicago; the
Pacific and Atlantic Telegraph Company Of the United
States from Phladelpha and Baitimsre to Pitsburg,
Pa, and Cincinnati, Ohio, rous 70 Chicago and St
Louis the Southern Telegraph Company. from CRcinnat
Louisville KY. route 70 New Orleans and the Bank
and Brokers' Telegraph Company, which last, how
over connects with Of the opposition lines but
turns al its business over 10 the Western Union Com
.pAny, with whose Offices II 10 connected BY wires ai
New York, Philadelphia Baltimore and Washington.
II can, therefore, hardly b considered opposition
nina The Franklin Company 10 Of the principal Of
rchsss and ts wires cennsot with those Of nearly all
che other opposition liasa II was chartered by the
State Of Massachusetts, with . capital Of
Sso0,oeo. with wires from Boston 70 New York;
but in January 1857 these lines passed into the hands
of the present Managers who obtained from the Mssss
ehussss Legislature in the following April the privilege
Of increasing their capital stock million Of dollars
for the purpose Of enabling them 10 purchase the prop
srty Of the Insulated Lines Telegraph Company. with
capital of o. leo 0oo and with extending from
Boston 20 Wsshnrton paving for the same in the stock