The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-16
FINANCIAL AND COMMERCIAL.

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sAruRnAy Feb 15--6 NJ
the only feature OF pterest in the stck market to-day
the advance in Erie to Tx Tx. Sut at the close
t was offered al H. and here dsposisen soo"n 70
sell in anticipation OF downward reaction. All the
oShcr railway shares steady during tho usOrnins
but barely SO late n tho afternoon, and the volume OF
transactions In all except Eric light In the attor
the dealings were unusually heavy and the upward
movsmeps was sharply contested, large amounts OF
stock having been sold at II by 1t 10 supposed,
the speculative director An effort Is being
made by tho bulls to create excitement In
their own favor by stating that some or tho
stockholders intend to take legal proceedings with
avew to compelling the company to pay on Mr. Drews
loan, security for which -four thousand shares OF
common stock were hypothecated with him, aud
the Simultaneous return TO the company OF tho stock.
But the effect OF this supposing 1t 70 be DONE
DO overesmaed, and the statements Of both sides
must accepted with several grains Of mental
ton. The speculative director and those who do hls
bidding the Erie Company are Inscriptions enough
TO resort to almost anything TO accomplish their pur-
poses and those who opposing them on the Stock
Exchange will In their turn stop short Of nothing likely
TO their ends and far the course OF tho
stock Is concerned II ia not matter Of much conse
quence TO the general public which side wins Ia this
bull and bear contest 1t Is matter Of public import
like the Erie should DO honestly and houoraby managed
for the good Of and not tor The benoh
Of one In Walt street, The rumor is that four or
Eve millions OF new stock been issued In the
capitalization OF leases but this 10 hardly possible, con-
sderinG that the latter bear per cent interest per
annum, and that the common stock 10 not only non
dividend paying but nearly twenty i've per cont below
par.
Western Union Telegraph stock weak and de-
clined TO 35H The of Its steady downward ten
dency for months past Is to BIO found in the num-
Der Of opposition lines with which II has to contend
There the International Telegraph Company whose
wires extend from Boston TO Augusta and Bangor In
Maine, and with the franklin C0mpany's wires
In Boston; tho Northern Telegraph Company, whose
wires extend norhward from Boston to Concord, N. H.
TO Montreal; the franklin Telegraph Company
whose wires extend from Boston to Washington with
two routes between Boston and New York; the New
York City telegraph Company, whose wires connect
with those Of the Franklin Company at II Broad street,
the Atlantic and Pacific telegraph Company, whose
wires extend from New York west to Chicago via Al.
bany to Cleveland, Ohio the Pacific and Atlantic ree.
graph Company Of the United States, whose wires
tend from Philadelphia and Baltimore to Psburg Pa,
and CinciDnai and the Southern Telegraph Company.
whose wires extend from Cincinnati Louisville, KY,
route to New OrlsanA In addition there the Bank
ers and Brokers' Telegraph Company, which ls ope-
rated In conjunction with the Western Union Company,
although nominay an opposition line.
There was change In the money Market and loans
made government securities almost exclusively
at four per cent aud mixed colateras at four and
nva First class commercial paper continues to be
quoted at per cent and good but not strictly primo
at per cent.
The gold Market although not very active, showed
great nrmness and the fluctuations from l40n to
lax, tho closing quotation being l41 a lax. Tho
advance due mainly 70 despatch from Washington
to the effect that 1t Is reported that the Ways and Means
Committee will bring In q bill to increase the
volume Of the currency BY at least nifty millions; bat
such this is evidently designed for speculative
effect known In Wall this morning that
such . d spach would appear 10 ono Of tho after
noon journals Tho fact 10 that OF tho
Washington correspondents OF New York ncws-
papers are in the employ Of brokera and
other spectators here, who pay them for vol
influence tho market also, and hence thore
few in Wall street who adv ised In advance
Of what will appear IN the journals with which thoy
connected. Tho 'short" interest outstanding bav.
Ing Increased considerably OF late there improved
borrowing demand for coin, and loans mado at
RACES varying from three TO six per cent per annum
for carrying. The gross oloarings amounted 10 tho
largo Of e107, 274, 000 the gold balances to
$2T32291 aud the currency balances to 49, poo 1888.
Tho shipments Of specie and bullion from this port
during the week aggregated $76ss94, OF which the
steamer City Of Paris, sailing to-day, took only s4149
Tho daily range Of gold during tho woek
undorstated -