The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-01
FINANCIAL AND CONNER GAL

board at lS6x. Owing TO the monetary stringepCy
from nine to ten and half per cent per annum and
Lag to 3.A per diem were paid for carrying coin.
The gross cleartngs amounted TO sSo, $780, 600, the
gold balances to 81, 1913 and the currency bal.
ances to $2,2SS,s75. The steamer AllemaUnia, for
Hamburg took out sl27 geo In specie. The Of
bullion in the Banks OF England and France contln-
ues to increase and the 18th instant the Bank OF
England held Ell AT against circulation Of only
f2S O27, 1925. At the same time the Bank of France
held the enormous cum OF zee, Ooe, making
total of fs7 esl, 427 In these two establishments.
The stock market has been variable, and Erie was,
as usual for some time past the engrossing feature,
its nuctuStions having been from 73H TO 75k, with
the closing transactions at 73N. The Erie Company
having acquired q locus standt IN New Jersey,
through the bill signed by Governor Ward, its pros.
poets in the contest with Vanderbilt begin to
brighten and 1t is reported that the directors will
call their first regular meeting under the new law on
Thursday next, in Jersey City. Under the autho-
rity Of this act the company can exercise the
same powers and enjoy the same privileges
in New Jersey that 1t could in New York.
and hence the directors in Jersey City longer
be regarded by their adversares as fugitives. That
they could all return to this city with impunity Is
evident from the fact that Mr.. Gould, recent deni
OF Taylor's Hotel, arrested at Albany to-day
On an attachment issued by Judge Barnard for con-
tempt and admitted to bail In the Of half mil
lion, and the mere circumstance Of such men having
to give bail Ia not even source Of inconvenience.
Mr.. John S. Eldrdge the President, who is also
President OF the Boston, Hartford and Erie
Company, Mr.. Daniel Drew, the Treasurer and
Mr. James Fisk, Jr.. still remain in Jersey City. 1t
Is considered probable that the bill egaiZing the
acts OF the Erie Company pending in the Senate
a: A!5Eny will become law, In which event the
suits brought against the directors in the courts OF
this State will be dismissed for want OF cause OF
action. The report Of the Senate Investigating CON-
mittee upon the affairs OF the company will, II Is
pected, be made tonight or tomorrow and this Is
awaited with interest. There were rumors OF a
probable compromise between the rival parties cir.
cu!ated on the street this morning, which led to
the advance in Er!e but there is good for be-
lieving that they were entirely without foundation
In fact. 1t is thought however, that Mr.. Drew has
been buyer of Erie for week past. and that he
contempates selling the stock he has thus acquired
very suddenly general impression prevails that
after the present monetary stringency passes away
the railway share market will become cuoyant, but
1t Ia hard to reconcile this theory with its
real condition. The only buyers OF stocks
under existing conditions are the cliques
and a,small section OF the street, and whatever there
Is Of buoyancy impaired to railway shares under
these circumstances win be artificial and likely to
Cost LUOse engineering WOre tHan II VIII prouuCe
The market was never in more dangerous condi-
ton for outsiders. and advice to them IS 10 leave
it severely alone.
The money market was extremely active, espe
cally towards the close, and per cent IN coin
equivalent to nearly ten per cent In cu--eccy--was
freely offered and paid by first class houses Ter cali
loans The loaEaoe resources OF the saass are so
limited ;hat they are unable TO dsco-a. fer their
mercantile customers, and the street commercial
paper even of the best grade, cannot be negotiated
unless at high rates. The Indications are that the
present .stringency VIII continue without abatement
ard with some aggrlvat!on during the remainder OF
the week. The climax will probably be reached on
Friday owing TO the banks calling in their loans in
order to strengthen their in preparation for
their quarterly reports. and 1t Is apprehended
that large commissions. In addition to the
legal rate Of interest," Will then have to be paid After
the returns are made up there will be a gradual
restoration Of ease; but abundant supply OF loan.
able capital is hardly to be looked for before the
middle of April. Lenders show more caution than
usual In their choice OF collateras, and Erie is In.
variably rejected unless to small amount on q
large margin when mixed with other stocks The
Litigation in which the company is involved has de-
stroyed confidence In the value OF the shares and
eavy decline In their price would be the result OF
the withdrawal OF the present artificial support,
Which Is liable to occur at any time. The rate paid
for turning" governments has been generally
abcut one per cent for thirty days, the prac.
tice In ench cases being 70 pay the market
price for the securities and sell them back at an ad
vance OF per cent buyer thirty. Railway shares
have been turned" among the Brokers In the same
way II the rate Of TX per cent per month. The
Subj treasurer was buyer Of seven-thirty notes and
seltv OF god 70 limited extent to-day, and one
Of the banks presented about two hundred thousand
H.
In retrbanks. q sure sign Of It's being short Of
currency.
Cover ument securities have been dull but steady,
at fr sctional decline in some instances, from
yesterda VS. prices, and in view Of the none.
tary ctr urgency they show q very firm un-
dertope. II Is not probable that prices will
change materially while the present pressure
lasts. but when 1t Is removed their recovery
will be Gu ck. At the close the market was steady
at the folio wing 1884, I10x
Ill; coupVn, 1884, 111,s 1llx; 62o's. registered,
1892 1904 as107k; $685. coupon, 1882 1921 1o9X;
do, 1854. 1os los; do. 1885, los 1os,s; do, 1885,
January and July 1904 1867 do, 1857 10. lo7h;
lo4os, regis tered. IooX 1ook; lo-4O's, coupon
1ook 1907; June zoos. lO5I a io5X; July 1905
lo5x q 1861; NAY compounds. 1854, 1Is; August d.
III; September do, HOY; october do, lle.
The stock market was heavy at the commencement
OF business this morning and Erie cold at 78x; but
at the ten o'c,ocksession OF the open board it ad
vanced to IAN while New York Central sold at 122x.
At the first regular board the market became
strong for Erie and New York Central,
but Reading was weak and other stocks were
dull and without material change. New York
Central closed higher than at the same time yes
terday Erie ~, Cleveland; and Pitsburg IL, Fort
Wayne u, Milwaukee and st. Paul N, preferred
~, Ohio and Mississippi u, Canton Company X and
Western Union Telegraph nj while Reading was
TX, Cleveland and Toledo Northwestern preferred
u and Pacific Mail ~. Government securities were
rather hesvy owing to the active demand for money,
and prices were about u below the highest point
touched On Monday. After the cali Erie
advanced 10 75K and New York Central
to 124k, under the manipulation Of the bun