The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-19
FINANCIAL AND COMMERCIAL

FINANCIAL AND COMMERCIAL.
TUESDAY, Feb. ls-sPM
me gold market steady and quiet to-day in the ab
ssncs OF any Washington sensation the nuctus
lions limited to n per oent-naney, from l4oL to
1Hk the closing quotation late in the afternoon hav
ing bean l4OX I4i There was a moderately active
borrowing demand for coin, but the supply was
than equal TO it. and loans made about four per
cent for carrying. The gross cearngs amounted 10
354 0oo, the gold balances 81 474 and the
currency balances to $lso000L It will be observed
that the Senate Committee Finance reported adj
yerssy this afternoon the House bill orbdding the &C.
slgnation As public depository of any national bank
within ny miles Of United States Sub Treasury. This
goes 70 show that the national banking interest 10 stu
powerful In Congress- and that tbs banks are bestrrng
themselves for the protection Of the privileges they
nave hitherto enjoyed.
> There was diminished excitement In Erie, and some
what anguid market for railway shares in general.
Late In the afternoon rai1 carried prices down.
and Erie after selling ysh at tho second regular
board, declined 76H. II is probable however, that
ahs relapse will be followed by quick recovery, all
the conditions affecting speculation on tho Stock Ex
change being favorable 70 . rise The preliminary
papers having been served upon Mr. Drew In tho suit
commenced by Mr. Frank Work. nothing neF In relation
70 il TRANSFERRED but the suit has every appearance
Of being undertaken In earnest ana there is NO
prospect whatever Of . compromise. II will
DO carried to It's legitimate termination, and
the contract between Mr. Drew aud the Erie Railway
Company in relation to the 1000 shares ef common
stook entrusted to him security for his three million
loan will probably be declared Illegal 1t areprehen-
sibe tho part OF the directors Of the company to
mako such negotiation with OF their number,
the more especially r. as is alleged, they authorized
him 10 use the stock in his speculative transactions
The law and public opinien are Sike In favor OF the
stockholders represented by Mr. Work. and 1t is to be
hoped that these proceedings VIII result in taking tho
son!rOi Of the company out Of Mr.. Drsw's hands.
With honest management there is no reason
why Erie should not DO regular divi-
dend paying investment and worth par M least
Western Union Telegraph remains weak at about "a
owing to the unsatisfactory condition OF the companys
finances It is apprehended that the next dividend may
be passed. owing reasons Of which Is that
the company reported 70 have recently made q
tract with the Union Pacific Railway Company to erect
its poles along that ne instead Of getting the rail-
way company to erect them and charge taris the
wires Is the the other Pacific railways It is
roughly estimated that the outlay for this purpose will
be about two hundred thousand dollars. Ultimately
will be to the advantage Of the telegraph company to
put up Its poles but the temporary effect s not en-
couraging to stockholders II is supposed that the
yangement the other Pacific roads with the Western
Union because Of the heavy preliminary cost.
There Is no change TO note in the condition OF none
tary anaira such the abundance Of oanabls funds
~ this centre that the banks could spare large amount
sf currency without loss exsrng any material infu
upon the money market the ratio Of interest," but
n not probable that the banks will continue 10 lose
currency ct this About tho end OF March the
legitimate demand for money will doubtless increase,
owing to the maturing Of contracts in Pennsylvania and
the Eastern States the LIST Of April out this will be
OF very temporary duration, and the return now will DO
quick Following this there will DO heavy drain Of
currency from this until tho autumn, when the
usual Cow westward to move the crops will set in
How far the general tradc of the country will improve
In the meantime uncertain, but in proportion does
the movement capi al will DO Quckoned and the
surplus Wall street dim nlshed In event. however,
81 this likely be he such extent disturb
monetary ease, although may possibly have the effect
Of advancing the rate Of interest Loans are still made
at four per cent government securities and Ave
mixed collateras and the supply Of money TO the Stock
Exchange fully large has been at any time for
months past Although trade prospects Frightening
aud in the department Of dry goods particularly substau
ta improvement has been experienced the wants Of the
rnsrcantils community continue light. First class
msrcial paper is in mi,e supply and rated at six
cent and in few exceptional instances at Ave. while
good, but not strictly prime passes at per cent.
Government securities continue ia moderate invest
mont demand, but speculative operations are still on
restricted scale The underone Of the market is very
nrm and the Sherman funding bill receives
It's quotus in the S,nate it will be likely to improve
andsr the prevailing glut Of money Five-twsntes
still the cheapest Wall street for the interest
Shsy bear In currency When . per cent railway
block ike New York Central is quoted at 1913 six per
paratvey low At 10S. Ten.for,ies have experienced
Further advance Of u y. under demand supposed to
b mainly foreign AT the close the market
MAS steady the suboined quotations Registered,
tsSl, 1l1X nix; coupon 1881 111T l12h; 5-2o's,
registered, 1861 1917 1857; 5-20's, coupon 1862,
111k nix; do, 1854 100 10eh; do, 1855, 109x
hooX do. 1865, January and July, 1917 1os; do,
1851, l0sh 1osk; lo-4os registered, 1913 10l%;
104o's, coupon 1851 . 1855; June 1905, io7K a
CORK; July 1905 l07K lo7z; May compounds, 1885.
lily 117x; August DO. 1i61I ll6 September do,
tl6 l1ok; October do 1l5k 116.
AT tho commencement Of business the stock market
was dull, but steady Erie excepted. which was active at
vs. 7sk. Al the early session of the open board the
sales Of Erie aggregated $500 shares while the price
remained at 7ex. In the other railway shares the
transactions were very moderate scale, the specu
Eatvs interest In Erie causing them DO comparatively
neglected Al the first regular board the volume Of
business rather light and Erie continued the nrmost
and most active Of the railway stocks New York
Central closed lower than at the time yesterday
Reading y, Michigan uthern 4, Cleveland and Toledo
-, Rock Island y, Fort Wayne Il, Atlantic Mail =,
Western Union Telegraph u. Erie was higher ceve.
tand and Pt,sburg Y. Pacific Mail IL. Government
securities were dull Sizes OF 1881 closed y higher
Coupon nvetwsnuss Of 1862 y lower issue OF
hso5 ~ Tennessee sizes, new, we're in demand at &c.
sharo3 anil nd al q The
open board at o'clock prices were in some
Instances q fraction lower. and there was an
absence Of excitement In the dealings Erie sold at
S7T Mr.. j. D. Williams, OF tho firm Of Williams Co,
yesterday admitted a member OF the open board.
iha I'd LII