The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-03-10
FINANCIAL AND COMM acIAL.


mere has been more activ' than usua, OF late in
xns oold market TO-DAY s,d the ouctuations were
srom 1898 TO 14o7. win the closing transactions
prior 10 the adjournment OF the board at l4o. The
decline as attributed to the temperate discussion OF
.he Alabama claims question in the British House OF
Comuons and the subsequent advance was infu-
enced by the proceedings in Congress In r@'',n TO
The finances In the Senate NJ IN, ,rtroauced
bill providing for the - 80 a,r roor bonds hear.
ing So - cent interest, in coin, Tor the his'
s"eh' years and five per cent aiterward'
"a redemption OF the entire interest bearing debt te
tenforty bonds excepted the same TO be taxable at
the rate OF one per cent and the proceeds Oh te TAX
so be distributed among the States THIS IL ah oiu
bill In new FORM and the principle on Whleh IL Is
based being wrong we unhesitatihgy cohaeHin IT,
IL was reported that the Senate finance committee
had unanimously agreed TO report Mr.. Henderson's
bill providing for the Increase OF the currency TO
seven hundred millions, four hundred and ffty mil
lions OF which is to be in national bank
notes: but II 50 1t is immaterial, for the bill
IN question will not be passed by either House. The
vote OF the Senate against Mr.. Burrs resolution In
fayor Of exchanging bonds for greenbacks is sgnid-
cant of the future course of Congress in legisatng
on the finances and 1t is more than probable that no
imitation scheme viii be adopted. Coin was IN su-
perabundant supply and from three to six per cent
was paid for carrying It, The gross clearngs amount
ed to s5s 1884, O00 the gold balances to and
the currency balances to 81, 12a,65S.
The excitement in Erie has been greater than on
any previous day since the commencement Of the
litigation between the Drew and the Work parties,
and the aggregate Of transactions in the stock was
probably the largest in the history OF Wall street.
Although It's closing price on Saturday was 1874 it
uoad haf a
afternoon IT fell in the midst of violent panic to
uL and afterwards recovered to 7Sk, closing at
SoA 76k. Such fluctuations in Erie were never be-
fore known although they have been paraeled in the
case of Harlem. The bull clique predicted So for the
stock before night, and 90 for 1t this week. and par
within short time afterwards, and all went merry
"a marriage bell until about fifty thousand shares
were sold by house supposed to be acting for the
speculative director and 1t was then discovered that
new certificates were being delivered by this frm
The inference was that new stock had just been
issued and as no one could measure its amount or
explain the circumstances OF the case the street
rashed to sell, and so accelerated the fall re-
shifting from the heavy sales OF the house
referred to. 1t was of the same time rumored that
the injunction against Mr.. Drew had been modified
so as 10 allow him to sell and deliver his own stock
but this afterwards proved to be unfounded, and
hence conjecures as to the probability OF Mr.
Drew being arrested for contempt Of court. The
stock was in active borrowing demand, and the
sellers called up twenty per cent margin IN
some instances from the buyers, and where
the latter declined to comply with this
demand they offered to pay cash for the stock
up to three or even four O'Clock. No failures
were announced, although some settlements are said
70 have been made. The street is still more demon
aized ON the subject Of Erie than it last week,
tla f,llxu
bull clique; but the latter Still confidently predicts
that it will sell at par before the next annual election
and asserts that the new certificates Of stock already
referred to do not represent new stock, but
were issued In exchange for old ones, the
exchange having been made for the pur-
pose OF creating the impression that new stock
was being thrown on the market. However
this may be- the violent fluctuations OF the last eight
hours prove that warning in relation to this stock
was not uncalled for, and the street and the outside
public viii find that the less they have to do with it,
either on the bull the bear side while the present
contest Is going forward, the better. Whoever fol-
lows either party long enough will see his stakes
swept away from him, and every iuctuaton is mainly
OF the expense OF outsiders. What phase the lt
cation in the case Will take, and how soon
the Legislature viii interfere between the bellge
rents, is uncertain; but some new development is
liable 10 take place at any moment, and meanwhile
those who venture 20 deal in the stock must not COM
plain II they find themselves crushed between the
upper and neither mlstones OF the contending par
Ties. The turn for the time being is in favor OF the
Drew party but II may be the fortune OF the oppo-
site side TO achieve temporary triumph in turn Just
as suddenly. But If the banks rendered timid by
IT. errac movements should refuse to lend freely on
Erie, any bull combination would find ii next to i'm
possible TO sustain 1t unless prepared TO take the
stock out Of the street. Money in active demand
at sy per cent on railway shares, but the principal
dealers in government securities were In some in
stances enabled to borrow at five.
The statement OF the city banks for the week
officially published this morning corresponds in
every particular with the figures published yesterday,
the legal tender notes having decreased sl53o, $50,
te net deposits ssl44 sS and the specie $1,377 400
while the loans show an increase OF s1,sl6,95s and
The circulation OF $81,734. comparison Of the
present statement with the returns for the cor
responding weeks in 1860 and 1857 shows the follow
ing changes:-
lfYrnb q Ao.gD