The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-18
FINANCIAL AND COMMERCIAL

FINANCIAL AND CONNER cIAL.
MospAY, Feb. Iy-sPM
The gold market has been very firm to-day, although
devoid or speculative activity, and advanced steadily
from l4o5s the opening to l41s just prior 10 the
stjournment Of the board subsequently however the
price declined to l4lk. The bulls endeayorsd to make
capital out of the decision Of The Supreme CourI with
respect to tho McArd.e case but all such attempts
create mountain out OF . noshiu are ridiculous.
Owing TO the 'Shor interest having been considerably
Increased within the last few days there il . more
active borrowing demand for cein and loans made
ats I, ~ and per cent respectively for carrying.
1he gross ceangs amounted to $50 900. the gold
balances TO 81, $50 and the currency balances to
sl,sss.sso
The bulls in Erie arc making that stock remarkably
srcurial In Its and the speculative director
ID supposed to regard the prospect before MIN with
uismay, and the principle that all Work ana no play
makes Jack dull boy u 10 not Impossible shat no may
- too ob.use to comprshend the situation II this
~ he may however, be excused, as IL 10 probable that
NO ono else outside or perhaps inside, Of the bull
Srng" has any clearer conception Of the why and tho
wherefore or the Erie excitement than he has. Il 10
generally believed that he IL In what 10 commonly
called Ax and that he will be sent to smithereens
Whatever that may mean, before his opponents have
done with him. Il would appear that no has broken
faith with the spectators who his friends
and that owing him gradgs they have determined to
bring him 70 an account. To this end one OF his
eo-dirsctors, Mr.. Frank Work, OF the firm Of Work,
Davis Barton, stockbrokers has brought salt
against him to restrain him from making any further
or tho atty -four thousand shares OF stock upon
which he lent three millions Of dollars to the Erie Com
yany moro than two years ago. Mr.. Work. in his com.
that NJ
sruses Of ts company, has right apply the
hypothccated with him 10 his uses. he
doing; and he Furthermore claims Mr. Drew should
account for the stock TO the company at the highest
price at which IL has sold since the hypothscation
took pacenamcly, 81 9S, the extreme point touched
IN 1856. Moreover Mr. Drews official position in reia-
sion TO the company, 1t argued disqual him from
making loan TO II in the he did and therefore
the contract between Mr. Drew and the company should
DO declared void. The company has in all hypohecated
nfty-eight thousand shares Of stock, but Mr..
Berdcli its former president, holds four thousand
shares Of 1t, upon which he alike with Mr. Drow has
loaned sixty dollars per share. Whether Mr.. Drew is
'short lons" Of Erie at the present is q dis.
puted question: but those who profess able to see
further through stone wall than the rest OF mankind
declare that he s long" and therefore profng by
present rse but the suit referred to has OF course
open reference to his position the Market although
obviously open to the suspicion OF being part Of
stockjobbng operation, and speculation Of late has
taken very tigous The bulls themselves with
1nuncons the bears defend themselves by injunctions
and legal muddle at presents itself But whether
abe motives which acuate the plaintiff in this case arc
Asnterested or otherwise is immateriai The question
Is has Mr. Drew abused his trust; and II all that al
legged be true there il doubt that the plaintiff will
make out good and that Of Sir John Dean Paul.
abe banker in London who penal serv
suds for fourteen years for approprang to his
securities entrusted to him. Is cited in this connection
OF course Wall street il interested in knowing what
che Of the stock will be under all this and the
bulls are to DO believed II will high and from the
fact Of its being relatively much below the general mar
ket Its tendency likely to be upward its merits
We mention that copy injunction involved In
she proceedings Of Mr. Work was served upon Mr. Drew
this morning, and thab Mr. Richard che 10 surety for
Mr. Work.
Tho bank statement for the week ending on Saturday
officially published this morning. differs in no respect
from tho figures already published. These although
less favorable than was generally anticipated have had
perceptbe effect upon the temper OF speculation on
The Stock Exchange upon the views OF bank officers
comparison Of the last bank return with the state.
ments for the corresponding weeks in 1856: and 1865