The New York herald., 1868-02-21
FINANCIAL AND COMMERc clAL
THURSDAY. FEB. 100 7. ~

Ine goid market was dull and steady during Ine carry
part OF the day, but In the afternoon Il developed In
creased nrmnss, and the lates transactions were nt
l4o1s against no. the lowest point touched There .a
considerable ''short' interest outstanding, and loans
weIe made At rates varying from four per cent
for carrying The gross ciearipgs amounted to
s+s,22oo oo0 the gold balances to ST. li7 and the
currency balances to S2,07292i. Tho fact that the
leading foreign bankers advanced their for bs
England an eighth per cent lato In the afternoon
strengthened confidence among buyers OF gold, this
favors shipments Of spscie there Is nothing 10 the
political situation OF the country the present time 10
stimulate advance.
The stock market attracts than usual attention
owing to the course OF Eric and the litigation 10 which
the treasurer OF tho company, Mr. Drew, Is involved
The stock showed much stsadinsss until late in the
afternoon, when there was heavy pressure TO sell and
In the midst OF semi panic declined 10h, but al
tho close It was quoted u 7ox 7DX. There is NO
doubt that the speculative director and nearly all his
codirectors At the Erie board working together 70
depress the price Of the stock, and at meeting OF tho
board held this week full power manage tho affairs
Of the company and make contracts was conferred
upon the Executive Committes OF four OF which Mr..
Drew one, and 1t s reported that they damage
the market for the stock much they csn either by
hook or BY crook In order that may be enabled to
make handsome profit out OF their ssshort' sales OF
hands, and hence there good Why they
shord be suspended from the duties their Office alike
with Mr. Drew himself for they evidently UNIT TO
administer great trust IL is rumored that they arc
on the point Of issuing fous millions Of nvertbls
bonds either FOR the construction OF the hundred miles
Of railway from Akron Toledo make the through
broad gauge route between New York and Chicago,
for other purposes Ultimately there can bs NO
doubt that this connecting link between the points
mentioned will be Of great value TO tho Erie
Company, but for the time being II Is used
by Its own directors as . bear argument.
Whether such Issue of bonds that referred
about to DO made or not 1t hard to say, and II is
equally difcut to ascertain how much new stock has
been issued in tho capitalization Of losses; but II Is
reported that Injunction been Is about to DO
served upon the directors Of the company, restraining
them from undertaking any enterprises making
any new financial ARRANGEMENTS This is supposed TO
be in the Vanderbilt interest," the proposed connection
between the Atlantic and Great Western Railway and
the Michigan Southern being direct opposition to the
New York Central route westward; and the conflict Of
Interests between tho Lockwood, Keep aud Wander.
bilt parties is likely TO cuimDate 10 open warfare.
To morrow is the day appointed by Judge Bar.
uard for Mr. Drew to show cause why his
suspension from Office should not be made permanent;
but the argument viii probably occupy considerable
be before the court VIII render fnsl decision In the
matter Meanwhile the stock Is the football OF Wall
street, and OF tho bulls in 1t appear have
sold out; for they now talking II down much as
they before talked up, although nothing occurred
TO change its real value within tho last few days AL
such panic Ike movements this arr is needless to
say, sensoless aud cowardy; but there Is In
arguing with flock Of sheep ana Wall street rushes
from extreme to another with insane rapdity.
Although tho general market did sympa,hizs with
the decline In Erie until after O'Clock IL then
showed considerable weasness, and New York Central
hammered In order to break Erie There is no good
for all this loss OF confidence however and cap
tass outside Of the whir of excitement will soon see
the opportunity for making proa able Investments
Money continues very easy at FIVE por cent for call
loans, with exceptional transactions four and six
whilc the demand Tor discounts Ia still light
At the commencement OF business thorc renewed
excitement 10 Eric and sales were made low as
73, but tho OF the market was without matera,
change. At the earv session OF tho open board Erie
sold at 73a and New York Central at 1925 1921 Al
the first regular board tho market active and Erie
was e per cent higher. Pacific Mail was in brisk
demand and sold up to Ill. notwithstanding that the
Board OF Directors yesterday decided pass the nexs
dividend in order to enable the company compete tho
better with the opposition line running to Cali.
forna. New York Central closed n lower than At the
same fimo yesterday, Erie y, Rock Island 4, Quick
silver x. Michigan Southern X higher, Cleveland
and Toledo ~ Northwestern u, do. preferred ). Fort
Wayne y, Pacific Mail 4, Western Unioo Union 1ee-
graph u. Government securities steady but
duh. The express shares were steady Al the
open board at o'clock Erie sold at "a a 7sL
while the res. OF tho market vas dull and
steady. AT the second regular board, Eric having
between the boards sold mp 74ss. the tendency or
lower than at the nrst regular board. Erie y, Fort
Wayne x. Reading was !. higher Pacific Mail y, AT.
lAntc Mail y, Western Union Telegraph T. Govern.
ment securities nrm bat DULL AT the open board
at half past three there pressure to sell New
York Central and tho price declined to 1907 fsaes
1900 sharcs, whls Erio declined to 73 (saloy 400
aharesl The other railway shares were neglected
Subsequently Eric was hammered vigorously and the
price declined TO 10Y, tho midst Of great excitement
and AZ the close few minutes before elk the quota.
uons subjoined New York Central, I3o,l a
13ok; Erie. 7oI 7ox: Reading, % e3k; Michigan
Southern, sls asisl; Cleveland and Pit,sburs, ssx
OK; Cleveland and Toledo los1 1909; Rock Island,
s6,s aeoTs; Fort Wayne. 100 a looh; Northwestern,
sek 90; DO preferred 72,, 72%; Pacific Natl, Ioe4
a l09h: Western Union Telegraph. a31 81; Ohio aud
Mississippi certificates 3oI. sox.
Government securities extremely dun bet
steady all day. and Al the close tho quotations as
subioinei Registered, 1851 Il1x q IIlJs; coupon
1881, lli1< III; 2os, rcgis,ered, 1867 10s I0sx
sos, coupon, 1862, ii1k alil,s; do, 1884 i0s,.
100; do, 1895, 1905 iosR; do. 1885 January and
July, 1917 los; DO. 1897 I0sH losk; 1o-4os regis
tered, ioih loiN; io-so's. coupon, 1885, . 1osI;
June 7so's, 1o7S io7x; July sos, Io7x . lo7l;
May compound 1894 NIX iiT,s; August do. Iio,.
aii6h; September do, lio iieA; October do. iisx
a1i0
The market FOR mining shares was dun and heavy
Al the first board Quartz Hill closed i5o lower than al
the same tms yesterday, selling at 81 20 CONSOLIDATED
Gregory Gold loc. selling At - s. Davidson Copper
sold q sic., Rocky Mountain 300
The foreign exchange market was nrm but quiet and
the leading drawers offered her s,erllug at sixty days
st no. less lie per cent. Bsnksrs bills England st
sirty days we're quoted ~ 1904 ITO: ~ three days,
110x Ilon.