The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-22
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
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SATURDAY, Nov. 2l-6P N.
The extreme caution which the public manifests
with reference to dealings In stocks was rejected In
very dun market to-day. Only three or four Of the
list were active ami these but slightly so. The re-
cent heavy decline in prices and the exposure Of
the trckery which stock gamblers resort in order
70 inyegle their victims have not been without their
rood resuts Outside operators wary OF invest
inc and a. this was Saturday. the last day OF the
week, there were few who did not prefer to keep
their money and await the look OF things on Monday
morning.
(, the Erie matter has been taken hold OF In good
earnest at last. To-day o proposition at the Stock
Exchange to strike the stock from the call list until
1t il properly registered was referred to the commit
toe which takes cognizance OF such business, and
action will be had In the open board on the same
subject During the day the following petition was
Circulated
We, the undersigned bankers brokers and dealers
IN railroad securities deeming 1t extra hazardous to
e ~ IN ERE RAILWAY shares hereby pledge ourselves
transactions whatsoever In the stock of said Erie
Railway, except in existing contracts, until some re-
etrlcti0n II placed upon the issue OF stock by the
placing OF the transfer books In some respectable In
stituti0n for registry.
j The document had been signed by some fifty or
sixty individuals and firms at four O'Clock this after
uOOu OtHcrS WOulu Ike 10 put Lnelr names 10 IL,
but they stand In fear Of the great financial kings
whom 1t ID intended to reach. The movement has
had the effect thus far OF making Erie very unsala
BILE load in the hands of the clique and II the honest
determination to compel the registry Of the stock is
persisted In they Will find the late raid upon the stock
market less profitable than they calculated.
There Is no objection, Of course, to legitimate
Shear" movement in any stock Such policy
Is necessary to the protection Of the public from in
hated values. But the attack upon Erie was
strengthened by wilful arrangement OF the finances
and rendered successful only by fraudulent
issue OF the stock. The confusion produced among
brokers Ia such that dozens are in state Of per-
pexity to their accounts Stock has not been dev
erod and margins have been overrun. Were the rules
strictly enforced many man would be bankrupt.
There Is great deal OF merriment and satisfaction
at the manner In which the Erie swindlers over
reached themselves. They are in desperate strait
with their sheaves OF certificates made an effort
TO get market by rendering money as easy as pos
sibe, in the hope that its abundance would revive
speculation and that Erie would go of with the rest
The scheme did not succeed Erie quotations in the
stock report few and far between. The price de-
cIined to-day from 4a to 4o4. At the close few
struggling shorts bid 4O,s but the stock has been
30 generously consigned to the tin boxes Of the
clique that none was offered at this figure.
: The rest Of the list was steady, II not firm, for
these times The movement In Central has been
followed by q well managed "unlOadlngr process
The price has been kept up by the approach OF the
annual election and an impression that the present
declined figure is not far out Of the way. St. Paul
shows q reaction from the lowest price, and after
descending TO 62K, has returned to "a q 65. The
movement in Michigan Southern has not been
sustained, operators feeling every step they take
in speculation. The consequence has been unusual
dulness after the brisk transactions Of the earlier
portion Of the week. Rock Island was also down
for corner" and in consequence sold up to lOS
Toledo rose to 1904 1904 the strength of a re-
ported intention to Consolidate with Michigan
Southern. The Northwestern stocks were active
portion Of the day, but fell or with the general mar
ket as the afternoon progressed The express stocks
are weak in consequence OF visit from the "bears."
Mining stocks are very dull.
The weekly statement OF the associated banks is
very favorable in all respects. The ease in money
ths week ID readily accounted for The increase In
legal tenders Is twelve millions and In deposits
nearly nine Millions against increase In loans OF
less than three millions. The following is q conf
parson Of the totals Of this week with those Of last