The New York herald., 1868-04-21
FINANCIAL AND COMMERCIAL.
MONDAY, April 2o-sp.M


MONDAY, April 2o-sP.M.
The stock market has been greatly excited TO-DAY
by the passage OF the Erie bill In the State
Assembly and the report of q compromise be-
tween the TWO railroad kings, Vanderbilt and
Drew. The intelligence Of the passage of the Erie
Railway Dill In the Assembly, without alteration
or amendment, was received with some surprise on
tne street this morning, and speculation has been
rue AZ 70 the meaning Of the sudden withdrawal Of
she vanderbilt opposition and the apparent triumph
|" Drew From an examination OF the BILL that now
awaits only the Governors signature to become
law, IL does not, however seem to be one by which
ne vanderbilt interest can be materially affected
even supposing the war not to be at an
end; and in the absence OF any reliable con-
mmatl0n OF the rumored compromise, 1t appears
probable that the sturdy Commodore has
accepted the situation and is prepared TO show that
ne can continue the light and afford to give his anita
gonist the odds Of the new legislation thrown n The
Dill virtually legaizes by recognizing the issue OF
the ten million convertible bonds ON the 10th of
February and the Sd of March last and allows the
Erie Company to use the proceeds thereof for the
purpose Of completing, urtherng and operating its
railroad, and for other purpose 1t legalizes such
future guarantees and contracts the part Of the
Erie Railway Company as may be necessary TO secure
continued line OF communication over the six feet
track between New York and Chicago; prohibits any
agreement between the Erie company on one side
and the New York Central and its New York con-
nec0ns the other sde fix the rates of freight or
passenger fare forbds that any stockholders director
or officer Of the Erie road snail be director OF the
Central, Hudson River Harlem roads, and rice
versa; makes unlawful to consolidate the stock or
dvde the earnings OF the said competing roads, and
specially provides that no pending actions or pro-
ceedings civil or criminal, snail be in any way
nj fha oef CO for
Jegaizaton Of the ten million issue and the power OF
tne Erie company to use the money realized there
n0m are concerned, the Drew party are benefited by
tAec law; but If the struggle the control OF the
soad s to continue the provis<ns In regard to con-
sehdai0n OF the managements practically nope
Teslve Vanderbilt has been engaged In fgnting mo-
nopolies all his life, while Drew has been fighting the
street. and IT. as is stated, the former now desires to
sDtan control OF the Erie road for the purpose Of
suiiing up monopoly, he can do go as efrectuany
by selecting his own board, he has formerly DONE
~ by becoming director himself. There is little
doubt that the real interests Of the Erie road would
be advanced by the practical sagacty and experience
o. vanderbilt II the management Of Its afYairs were
% MS hands. He has already done wonders for the
Nov York Central, the Hudson River and the
Harlem-the TWO latter of which are competing
Soads-and has made them all pay. Many persons
Doileve that the same close, prudent management
would bring the Erie up to a paying point,
and ask why Vanderbilt should be feared
as monopolist, when in all his steam
snip and railroad career he has displayed
sSch wonderful tact In making his rule at once
profitable to the stockholders and popular with the
people. The recent accident on the Erie road has
Also served to cell attention to the outrageous man
ner. In which many Of the railroads in this country
are managed, and people are beginning TO under.
sand that operators like Drew, whose whole time
ana energies are directed to manipulating the prices
or stocks are not the best calculated to render travel
saae or to secure good running roads. These c0nsd
orasons have made large number of persons indif
Serent as to the termination Of the struggle for the
Iusure control Of the Erie Company which does not
yet appear to be Over and those who have confidence
u tne enormous resources and tremendous
energy OF vanderbilt believe that II he should
sssove to persevere in his efforts to elect
the next board Of directors, he will secure
sufficient stock and proxies to do go despite
the new ten million ISSUE As the law does not
Anect pending actions and proceedings In the
courts 1t probably viii not release the Jersey
sugftiVes who are still in contempt, unless some
compromise should In reality be erected, which
weuo necessarily close up the legal fight The gen.
efai belief is however that the struggle for mastery
IN the next election win still 60 on; and apart from
the bugbear Of monopoly, there is growing feeling
muQaRement.
The gold market was strong, the range OF the day
having been from lss to so with the closing trans
actions at 13e. Loans were made mainly at a per |
cent per annum for carrying. The gross clearings
amounted to $24a7s,ooO, the gold balances To |
a. 400 600 and the currency balances to ST. 4o7
The imports Of specie at the port last week aggre-
gated $4o,l4s, making 81, 414 since the LIST Of
January The payment Of the Nay interest |
On TIE public debt appears to have been
e.1SSuhted, zad there q very Little disposition
shown to operate for lower premium, she more |
particularly the Of foreign exchange faSos
IN advance. Whether the sub-Treasury was
seller Of coin or not to-day is not known all its
sales being made privately In the usual manner, but
there is growing feeling IN favor Of these sales
being made publicly by the Treasury ofncias, with
out the cost Of commissions.
The money market was quiet and moderately easy
Ut seven per cent In currency bat the resources OF
lenders being limited an enlarged demand would
have resulted in renewed activity. The heavy trans
actions in the stock market to-day will doubtless
result In quckening the demand for loans and pro-
ducing certain degree OF strngency, but the supply
Of loanable funds Is gradually increasing through |
the return now Of currency from the Interior and |
ehe tendency n therefore towards increased ease
on government securities and other nrst class |
oollaterals with wide margins or the speculative |
ssock however, the banks, alike with private lenders
lave wholesome dstrust, and this results In in |
creased facilities to borrowers investment securi
ties In the discount line there is very little doing
and even first class commercial paper has to submit
70 high rates Of interest namely, per cent The
currency balance In the Sub-Treasury on Saturday
evening was about thirteen millions, and the imme-
ate liabilities exclusive OF three per cent certificates
eleven millions.
There was good investment demand for govern.