The New York herald., 1868-03-20
FINANCIAL AND COMMERCIAL.
THuRsDAY. March Iaap "


THURSDAY, March la-oP.M.
The gold market has been somewhat variable to-
Aay and the fluctuations were from lssk to 1884,
the closing quotation being 1857 1881. There was
, better borrowing demand for coin than yesterday
and loans were made at seven and eight per cent
per annum and 1-32 per diem for carrying. The
gross clearings amounted TO SOL, 100 0O0 the gold
balances 70 S152l 1853 and the currency balances to
S2la7,737. The advance from the lowest point
touched was influenced mainly by reports from
Washington to the effect that the passage Of the
revised tax law is deemed probable, and as this
abolishes the taxes domestic manufactures It
follows that the revenue will be greatly reduced
thereby. To diminish the public income without
correspondingly reducing its expenditures Is un-
wise, and no repeal Of class of taxes should be
made without adjusting the entire tax law to the
change, while it would be premature to subject
revenue system to q radical revision until we are
prepared to do the with the finances generally
and until after the whole OF the floating
interest bearing debt is funded this will not be the
case. The less tinkerng there is with taxation and
the finances In the meantime, the better; but any
tax s to be abolished the income ought to be the
ono selected, for it is an inqusltOria impost repug
nant to all.
The great event Of the day on the Stock Exchange
has been the advance in Erie to 72 In consequence
mainly Of Judge Barnard having vacated the or
der Of Judge Clerke staying proceedings by
the receiver appointed by the former to take
charge Of the proceeds Of the sale Of the stock
Judge Barnard stated that he was advised by his
colleagues that SO far as Judge Clerkes order re-
strained his action 1t was invalid and he should,
therefore, at perfect the order appointing Mr..
George A. Osgood receiver. This announcement
took Wall street by surprise, as Judge Clerke's
order, although dated yesterday, was only served
In the case, this morning. Complicated as
the litigation in this extraordinary case
already is, it is likely to become still more SO,
and there is no knowing how another Injunction
may be issued restraining the receiver from acting.
How far Mr. Cornelius Vanderbilt Is privy to these
proceedings can only be inferred, but 1t is note
worthy that in his afdavit, submitted to Judge Gil.
bert yesterday he stated that he not q specula-
tor in Erie stock and was not associated with any
Wall street combination. That others acting for
him In Wall street, however, admits Of no
doubt, and he is reported to have been
the largest buyer Of Erie for several days
past, while the fact that Mr.. Schel has made an
adavit stating that he represents majority of the
stock goes to confirm this view of the case. The
object Of the Vanderbilt party is to ous the present
hirectors Of the company and throw its affairs into
the hands OF receiver preparatory to new election
being ordered at which they would, of course vote
themselves into power. Now, the regular annual
election takes place in October, and the term of
office Of the existing board will not expire
until that time. Unless, therefore, the company
Is shown to be in state Of bankruptcy which it is
mot no sufficient cause for such proceeding can be
found, the mere charges of bad management brought
against the present directors being or ap-
plicabe to all the other railway managers in the
country. Public sympathy in this angry contest is
not against the Vanderbilt party because they
are personally Objectionable but for the i'm
portant reason that they already control
the New York Central, the Hudson River
and the Harlem roads, and that the possession Of the
Erie would give them q monopoly which would re-
suit In higher rates OF fare and freight on all the
lines under their control and correspondingly high
tariff on the Pennsylvania Central and Baltimore and
Ohio roads. 1t is necessary to the public interests
that q wholesome competition between the New York
Central and the Erie should be kept up, and the
high-handed policy Of the Vanderbilt party meets
with no popular support.
The money market was ex tremely stringent and
an eighth and In some quarter per cent CON-
mission was offered In addition to seven per cent
dOr call loans while the leading houses In the street
offered seven per cent in gold. The probability Is
that this stringency will moderate, but the indi-
cations are favorable to rather active seven per
cent market until the second week in April.
The stock market was strong at the commence
ment OF business, especially for Erie and New
York Central and at the early session Of the open
board the former advanced to II and the latter to
122, under large transactions. The fact that Judge
Gilbert Of Brooklyn, yesterday dissolved his inunc-
tion under the authority Of which the recent sale Of
new stock was made by the Erie Company, gave en-
eouragement to the bulls In Erie, and they showed
great determination in bidding it up. At the first
regular board the market was slightly lower, but
0rm In tone and moderately active. New York Gen.
<ral closed AZ higher than at the same time yester
day, Erie 2k, Hudson River 5H, Reading l, Michigan
Southern 2, Cleveland and Pittsburg ~, Cleveland
and Toledo l. Rock Island y, Northwestern preferred
n, Fort Wayne y, Toledo and Wabash /, Mil
waukee and st. Paul 2H, Milwaukee and St
Paul preferred 3x, Ohio and Mississippi Y, Pacific
Mail y, Atlantic Mail ~, Canton Company TX,
Western Union Telegraph x. Government securities
were steady. Tennessee skies, new, advanced 1X;
Missouri skies ~ At the open board at one o'clock
Erie in the interval having sold down to 70S,
the market improved, and Erie sold ct
5oH q FOX, and New York Central at
12lx 12lH. Soon afterwards the report reached
che street that Judge Barnard had confirmed MI.
George A. osgood receiver Of the proceeds Of the
sale Of the ten millions Of new Erie stock which
made last week, Notwithstanding the ORDER TO the
sontrary issued by Judge Cerke This caused buyers
20 advance their bids and the price rose rapidly to
a2k, while New York Central moved In sympathy.
At the second regular board the market was quiet
and New York Central closed x higher than at the
rst regular board, Erie N Cleveland and Toledo r.
Rock Island /, Fort Wayne 4, Toledo and wabash
AZ, Milwaukee and St. Paul l. Ohio and Mississippi
u, Pacific Nails, Canton Company !, while Reading
was u lower, Michigan Southern Il, Milwaukee and
81 Paul preferred q, Atlantic Mail y. Government mt
securities were dull and rather heavy. At the open
board at hafpast three the market was strong, and
Erie sold at " a 72,l; New York Central, l22,l;
Michigan Southern, sos ss3s; Northwestern pre-
ferred, "a; Fort Wayne, 1925; and western Union
Telegraph, 81 During the remainder Of the afternoon
che market was quiet, and q natural reaction from
the previous advance took place. At the close at six
O'Clock the quotations were as folows:-New York