The New York herald., 1868-03-28
FINANCIAL AND COMMERCIAL.
FRIDAY, March 27-oP. N.

FRIDAY, March 27sP.M
me gold market was weak ct the opening this
morning, and sales were made at lSsk, but subse-
quently 1t gained strength and an advance to 1881
took place. following which, however itrelapsed and
she closing transactions were at 1884, There was
considerable pressure to lend god and although the
hortn interest has been largy increased within the
last fortnight the borrowing demand was not equal
70 the supply. Loans were made at rates varying
lrom seven to eleven per cent per aInum, and at
ls2 S64 per diem for carrying. The gross clearngs
amounted to SIS, ,443,0OO; the gold balances to
tl7so2Sl and the currency balances to 50, o23.
The speculative feeling In the room Is for the time
being bearish, owing to the dificulty and cost OF
carrying coin, but the unsettled condition OF affairs
st washington, and the possibilities growing out Of
the impeachment and trial Of the President operate
against any further material decline
The stock market continues duh under the exist
Ing condition Of local monetary affairs, but it has
nevertheless been steady throughout the day. The
news from Albany that the Railway Committee Of
the Assembly had unanimously reported against
She Eric bill, and that the report had been agreed
70 by vote Of SO to 80, hardly attracted
remark in the street. and It's influence npon the price
Of the stock was barely perceptble. The affidavit OF
Mr. Jay Gould, which goes to show that the Wander
bt party Is deep In the mire as the other side Is
In the mud continues to attract attention, and the
street is amused at the elimination and recrimina-
uen In which the rival parties indulge with regard
70 each other The claims of the Vanderbilt party to
purity and unseIshness OF motive in this litigiOus
contest are thrown to the winds by Mr.. Goulds un-
vanished narrative, and the animus cf the
legal proceedings against the Erie party Is
revealed. It was a stOckjobbng quarrel In
the beginning, but II has since assumed the mag
nitude Of q railway war. The representatives OF the
narrow gauge are trying to punish the representa-
tves Of the broad gauge and uce uesd and each side
threatens to bankrupt the other So that II both
to be believed Messrs. Drew and Vanderbilt will come
TO grief and some day be begging coppers In Wall
street. In connection with this contest the report OF
the committee OF the Chamber OF Commerce against
railway monopolies made yesterday Is interest
ing The committee made Q strong protest in
favor Of the separate management OF railways,
and recommended to the Chamber an appeal to the
Legislature Of the State to interpose its authority
against all monopoly. Appended to the report was
Q memorial to the Legislature on the subject par
hculary with reference to the threatened absorp-
ton of the Erie by the New York Central party In
which attention is called 10 the fact that the con-
vent0n which recently met to revise the constitution
Of the State reported one Of the proposed amend
ments to the same the following" The Legislature
shall not authorize the consolidation OF railroad
pOrations owning parallel or competing lines Of
road" and the memorial concludes with these fitting
Words
In consideration Of the facts above set forth your
petitioners earnestly urge upon your honorable
bodies TO take such early and efficient measures as
III prevent the control OF the various lines which
connect this city with the West from passing by any
combination or consolidation OF management, into
the hands OF restrictive monopoly. and to grant
every facility to existing roads to improve their
oatiOn, TO extend their lines and in every way to
eompete with the established systems above referred
and In .N,.ftr
pray
Is reported that the old directors Of the Chicago
End Rock Island Railway Company have resigned,
aad that new board was elected at Chicago to-day
IN view OF the expanded condition OF the banks
Of this city, far loans railway and miscella-
Aeous stocks are concerned, the amendment to
NJ. Oattell's bill relating y the national bank
currency offered by Mr.. Cameron In the Senate
ss-day was in the right direction, but 1t was
not put In o practical shape. II says:-"NOr shall
say bank located in said cities New York, Boston
and PhIadelphia) loan to brokers or other persons
engaged In stock speculations any portion Of their
1unds.n
There is no abatement OF stringency in the money
market and up to half-past two this afternoon the
supply OF ioanable funds was as limited as 1t has
been at any time since the present pressure set In
but after that time those who found that they had
secured more than they wanted were lenders and
were made at seven per cent In gold by OF the
banks as well as by nearly all the private bankers
bW the majority OF the former still adhere to the
principle OF not charging more than the legal rate In
currency II is not however, question Of price for
money so much as Of quantity. The banks here are
sub being drawn upon against country bal
anees; but at Chicago on Tuesday exchange
on this city was very scarce and lots sold from
sec. to roc. premium, while In some quarters IL was
thought that 1t would soon be necessary to remit
surrency II must, however, be remembered that
"Settiing Day" In various States will not be until
next Wednesday, and that preparations for the
quarterly statements of the national banks win con-
tinne throughout the country until the Saturday fol-
lowing Next week Is therefore, not likely to be
any better for borrowers than the present one has
been and an a9gravation Of the stringency to bor-
rowers miscellaneous collateras La not improba-
Bile. The banks have loaned so much on stocks that
they have means left for the discount purchase
Of commercial paper, and their mercantile
toners are complaining accordingly. Where
merciai paper is negotiated 1t Is either by special
favor or at usurious rates.
There was an improved feeling in the market for
government securities, and under moderate invest
meDt demand and some speculative purchases on
buyers options Of thirty days at per cent above
the current quotations prices advanced slightly.
The subTreasurer IL understood TO have bought
seven-thirty notes 70 limited extent; but as he
also sold gold the money market Is not likely TO ex-
perence any relief through the operation and II IL
claimed that his currency balance Is too small
TO enable him 10 do more than he
Is already doing towards mitigating the prevailing
strinaency. With the return OF moderate degree OF
ease governments viii be the FIRST TO experience a
reaction from their present depression and In view
Of the demcrali2ed condition OF the railway share
market capital is likely to seek them in preference TO
other securities. At the close the market was strong
but dull
The stock market was steady and dull at the COM
mencement OF business and at the early session OF
the open board Erie sold at % a 6ah ana New York
Central al 1lsh. AT the first regular board railway
shares were lightly dealt in with the exception OF
New YORK Central and Erie. Pacific Nah was
pressed for sale IN large a,nounts and n decline