The New York herald., 1868-03-03
FINANCIAL AND COMMERCIAL.
MONDAY, March 2-oP. II

me gold market has bees heavy to-day, and the nuc-
tuaiions were from l4oX 14i's. with the closing
transactions 1ll, the latest qu0asn on the street
having been 14l l4lH. The disbursement Of tho
tsmi animal interest the ten forty loan commenced
shs morning. and the floating supply Of coin was iu-
creased to some extent from this source The borrow.
ing demand was not very active and from Ave seven
Per cent was paid for having gold carried The gross
cearings amounted to s42 the gold balances to
ee5 7o3o9s and the currency balances to ST. $40 os2
The imports Of specie At the port from foreign
ports last week amounted to S2el, ,6O0 The impeach-
0ent question has lost its interest 10 q great
extent in the Gold Room and ia longer regarded
something likely to lead fluctuations in the
premium, whils absence Of other exciting causes
fhsrs Is disposition shown by speculators TO remain
tnac!iye Like acawber therefore, they are waiting
Tor something to up before resumng operations.
and meanwhile check Is imposed upon short" sales
By the possible contingencies to which the market 10
liable In present unsettled political condition OF the
country The Treasury has been neither seller or gold
nor buyer OF seven-hrty notes since Mr. Van Dyck's
departure Washington Tho Sherman funding bill con.
tnues TO elicit general condemnation among tho com.
unlty at large but has almost ceased 10 be topic
e conversation in Wall street. is fate regarded "a
sealed.
The stock market presented vory demoralized ap-
1earance this morning and Erie the weakest OF the
galway shares. Doubts at the same time enter.
Gained whether ttc Erie Company would pay the interest
- Its bonds due on the 1t Of March, owing rumor
chat had decided to default Ia the payments but as
the day wore away affairs assumed a more settled
aspect and was found that had been duly
paid Tho fluctuations In the prices Eric were from
SSH to 67. and very besrish feeling prevailed with
regard to It, The general impression on tho street is
shat the stock will 60 considerably lower before II OF.
psriences any material Improvement that as IL sank
to point about fifteen per cent below
fts present price In the early part OF
last year II may possibly do 90 again.
although there Is no immediate probability OF this II
Is nevertheless evident that speculative director ana
his party have full control OF tho stock and their policy
appears to be TO depress possible for the
double purpose OF pnnishipg Their adversares in the
Vanderbilt interest and raping harvest Of profits
-on their own 'shcrt" sales The suits commenced
against Mr. Drew, 1t Is positively by tho Work
party will not be withdrawn and therefore the quarrel
between the contendng parties IS likely 10 become
Dtter with the lapse OF tme and II Is difcult to tell
now far it may lead the Eris party to cut down rates
sld otherwise damage the vatue OF the stock
10 order to inhct similar injury upon the Wander
FbiIt roads Meanwhile there Is no combination
~ forces to resist the decline individual holders OF
she stock are poweress against tho bear inf uonces
welded BY the speculative tor who although sus-
pended from the board by the Supreme Court, is in
iac as much It's controlling spirit as he was and
on the same principle that Love laughs at ocksmiths
he laughs at injurcons The Vanderbilt party are sus-
Calming their stocks with remarkable nrmness and the
Keep Lockwood party doing likewise with respect
90 theirs; but so long Erie remains unsettled other
Nocks cannot experience any material advance and
eheir tendency will be downward rather than upward
The extension OF the Atlantic and Great Western Railway
from Akron to Toledo will, It Is expected be COM
pseted IN about year, and It IL generally
believed that It will ultimately be of great advantage
che Erie Company but have criticized tho policy
sf establishing tAis broad gauge route between Now
York and Chicago. and in doing have claimed that
viii be detrimental tho interests OF the Michigan
Southern Company BY Of tho extra cost OF work.
ing broad gauge. The objections advanced, however
are hardly strong the arguments in support OF the
project In this connection the following communica-
aon has been addressed 10 by stockholders
che Michigan Southern Company
As TO the amount Of through business heretofore
100000 is entirely too low an estimate But
were tt no Than this without . connecting
such connection. As 10 the estimate or So 500 900
expenditure for ,hs additienal track. IL Is likely tho
mates Of their ~hcS " w unaor
stand place the amount at considerably than half
that figure Our interests a. stockholders demand that
the Michigan Souisers directors should do N this matter
what win be profitable for the company After inquiry
among them parties not Interested in the Hiohlsan
Southern road, We have found the weight Of opinion
sizant OF tho fact that capitalists lot before interested
IN the road since hearing the terms OF the contract
entered into with the Eric Company for this
OF wide gauge to Chicago have bought tho stock Of
Michigan Southern road for investment believing tha.
the doubling or that ronds facilities eastward viii add
immensely to the trac Of the road In fact suppose
otherwise seems to would be like saying that the
growth OF New York would BE- promoted bv tear ng up
che rails Of all the roads running into New York except
those comprising the track of tho Vanderbilt Hudson
River road The reasonable conclusion In that tbs
great cities or the East and the West, New York and
Chicago will not submit 70 the restrictions upon their
Intercourse that SUCH policy would impose.
Among the miscellaneous shares there some pres
sure to sell Western Union Telegraph, and tho prco
declined at one time 10 33S.
Money was In abundant supply at six per cent call,
and the leading dealers in government securities were
enabled to borrow laree amounts In at
I've, while first class commercial paper bought
freely At per cent discount aud In tho Of
sextra gilt edged" at u per cont below this ratio.
Tho statement Of the caed city banks for the week
ending on Saturday, published this morning. differs In
no respect from tho figures which have already
given, the loans showing a decrease when compared
with tho for the previous week OF S525,o65 the
specie OF $422 339 tho circulation decrease
Of $l3 sOo the net deposits decrease Of s4is 773 and
tho legal tender a decrease Of s., ,31532s.
comparison OF tho pre- statement with those for
the corresponding 1865 and 1897 respectively
shows tue following chauges:-
Marsh ., 1867 Feb % 1885,
Loans. $500 l66,43l 1nc. 81 T0Ii2t7
specac ................ l,5IQ3sl Inc. l05i226
fCnculauon........... 33,Z941 15j Ioc.. 1Vi,I9o
Deposits l9S Olo 9ll Inc. 0G32. 63t
Legal tendeis.....,.... 6S0l4 100 Dec. 4,s60 5SS
FEB "a 1896 FsI. 20, 1903
Loans ....S239 lIt 700 Inc.. ST 36f AIS
Specie. .............. ia 2l3, 35l Inc. 1873 29i
sCirculatoil .......... 22yo9vl5 Inc. lLl25 sos
Ueposiss.. .....s.ss... lo3 z4-4Vt luc Z9flui ~
L6Rh tenaefS...sss.s oltoVZ 40 Dcc.. 3.UlJ lly