The New York herald., 1868-03-13
FINANCIAL AND CONNER CiAL.
THURSDAY, Msrch l2-6 P. NJ.

The gold market has been unsettled to-day, and
the fluctuations were from 13oIa to 140ts with the
closing transactions at 139ss 139A. The gross
clearngs amounted to $52 $4,000 the gold balances
to 81 9S2 and the currency balances to S3l53 $685.
There pressure TO lend coin and also 10 sell it
for cash at one time, owing TO the continued none
tary stYingency, Snd loans were made high 1882
per cent per diem for carrying although the rate
generally varied from six to nine per cent per an
mum. The demand for money was even more active
than yesterday, and the stockholders made
their applications for loans early in the day and
seven per cent TN gold freely orered and paid in
many instances to the private bankers; but the banks
that had money to lend as a matter Of course de-
clned to receive than the legal rate in currency
Towards the close there was marked abatement OF
the demand owing mainly to the wants of the Stock
Exchange having been previously supplied Com
mereal paper difficult OF sale and the best grade
was quoted nominally at ia per cent.
The stock market has been rather duh and un-
settled, the monetary spasm having deferred the
operators for rise from buying, while 1t has not
been sufficiently severe to force the holders of
rites to sell 10 any considerable extent. The nuc-
tuations were limited to about one per cent, and while
the bull party did nothing than hold the stock
steady, the bears remained inactive. The headquar.
ters OF the Erie Company are now established at
Taylors Hotel Jersey City, and the members of the
executive committee, including Mr.. Drew, have
taken up their residence there, in order
to be out OF the Jurisdiction OF the courts OF this
State. The litigation between the contendng parties
stands precisely 1t did yesterday, but 1t Is under
stood that the serious charge OF speculatng in Erie
stock with the Vanderbilt party made by Mr.. William
Belden against Judge Barnard will be placed before
the Grand jury who will investigate 1t and make q
presentment 70 the court In relation thereto. The
war Is being waged with much bitterness on both
sides, but the immediate result Ia very uncertain.
although there be no doubt that II the Vanderbilt
party buy and hold majority of the stock they Will
be successful at the next annual electon but that s
an event half year or and the object aimed at is
the appointment OF Mr.. w. II. Vanderbilt as receiver
In the meantime. The public would probably side
with the Vanderbilt party in the contest II II were
not that huge railway monopoly will be established
II they victorious and In this connection we are
informed that resolution was offered at a meeting
OF the Chamber OF Commerce to-day 70 the effect
that the business interests Of this metropolis require
the great lines OF railway centrng here TO he under
separate and independent ownership and control.
The general stock market was somewhat depressed,
but at the close II showed an Improving tendency.
The Stock Exchange being apprehensive Of fresh
issues Of Erie stock passed the bllowng resolution
this morning declaring that certificates OF stock
delivery
Resolved That until the transfer books OF the Erie
Railroad Company shall have been reopened no cert
hcates OF stock issued by said company dated subse.
Quently TO the 7th OF March, 1868, Will be good
delivery on any stock contract; and that holders
Of sucn stock shall have reclamation on the parties
from whom they received 1t.
II this is intended to defeat the purposes OF the
Drew party II Is not calculated TO succeed: for II
they are determined to issue more new stock they
cnn iiv dat =.
Others thrown upon the market last Monday, as
any other time; and moreover II more new stock Is
legally issued irrespective OF date, the Stock Ex-
change has no more legal right to refuse IL than any
other part OF the securities OF the Erie Company.
unless s enjoned nom so doing by process OF law.
We regard this merely from legal point OF view
and without prejudice to either the bull or the bear
party In the stock.
At the commencement OF business the stock
market was quiet, and at the early session Of the
open board Erie advanced TO 7e,s. After the call
prices began 70 droop and at the first regular board
railway shares were heavy and the transactions
were a limited scale. neither bulls nor bears show
ing much speculative spirit. their preference being
TO remain inactive. New York Central closed S per
cent higher than at the same time yesterday, Read
ing k Cleveland and Toledo 4, Fort Wayne ". To.
ledo and wabash 4, Ohio and Mississippi Y, Pacific
Mail n. Erie was Y lower, Michigan Southern !,
Rock Island l. Northwestern I, Northwestern pre-
ferred u, Milwaukee and st. Paul Y. North Carolina
skies advanced ls. while the new bonds declined Il.
Government securities were dull and barely steady
Coupon ave-twenties Of the new issue OF
1895 were " lower, but other quotations
were unchanged. AT the open board at one
O'Clock, Northwestern common having meanwhile
sold mp to SO under purchases TO cover short CON
tracts, the market steader In tone and Erie soid
at 10, while Northwestern common-which ~ heid
almost entirely by the Keep party-was "cornered,'
and sales made at prices varying from osS 70 ~
for cash and 81 IN the regular way, these purchases
being caused by loans Of the stock having beep caed
In by the party controlling II. The preferred STOCK
remained dun, however, a; i3 a T3S, whhe hooN
Island was dun at e4x a.. The argument ~ tbe