The New York herald., 1868-03-27

6lVely 10 the bun cnques, the speculative brokers
acting for themselves and few other professional
spectators. partial abatement OF this extreme
strngency is looked forward to after the 1st proxi
mo, this being settling day in many OF the States;
but last year the banks here continued to lose de-
posts until after the middle OF April. The national
bank returns will be made up the 9th, this being
the nrst Monday In April; but the banks Of
ths city Will show in their statements their
condition on the morning OF Saturday, the 4th and
hence they will be much disposed to extend their
loans on that day, II they in position to do so
as on any subsequent one. The flow Of securities
into Wall street for some weeks past and the stimuli
taneOus withdrawal of money have been greater
than usual at this season, and this is traceabe in
degree to the active speculation which is going
forward in real estate Capitalists small and great,
have been exchanging their stocks for houses and
lands, and hence the advancing tendency OF prices
for the latter. Hence, too, the enlarged demand for
money from the Stock Exchange for Wall street at
present Is carrying heavier load Of securities
than 1t Is accustomed to HANDLE the ten millions OF
new stock recently issued by the Erie Railway Com
pany beng of itself large addition to the aggregate
burden This vast weight rests mainly upon the bull
ciques, and II their support was Withdrawn the
suit would be as severe panic as Wall street has
ever experienced. The artificial props by which
present prices are sustained are in considerable
danger OF being swept away, and the market wholly
lacks outside support for with the commencement
OF the Erie litigation decentralization set In, ana the
public rapidly deserted Wall street. Thus healthy
bull market was turned into aweak and dangerously
artificial one, which is liable at any time to break
down despite the efforts of the cliques to sustain it,
To-day, however, although it opened weak
it has been remarkably steady and Erie
advanced from 662 to 69h, closing at go,
under q rumor that the Railway Committee
n hn Acc had 10 tho
bill egazing the acts Of the Erie Company, owing
the latter having decided not to make fight over it
by expending money enough to carry it through the
Legislature. The affidavit Of Mr. Jay Could published
this morning. has been much discussed it goes to
show the animus of the suits brought against the
Erie directors by the so-called Vanderbilt party. It,
In fact embraces complete history of the causes
which led to this contest the first step in which was
the arrangement on the part of the Erie to open
through broad gauge route to Chicago. The Work
suit, it appears, threatened and the complaint
actually drawn up a long time before it became
known to Wall street, namely, before the last Erie
election, but it was postponed, owing to Mr.. Drew
joining hands with Mr.. Vanderbilt and others to
bull Erie The exclusion of Mr.. Drew from the board
of directors at the election was preconcerted affair."
and Mr.. Drew was admitted to the board to con-
ciliate Mr. Vanderbilt, agreement to that effect
signed by majority of the new board, having been
placed in the hands of Mr.. Vanderbilt on the morn
ing previous to the election. Moreover Mcssrs. Rich
ard Schen and Vanderbilt 1t is alleged in favor
of the vote OF the Erie board guaranteeing the four
millions of Boston, Hartford and Erie construction
bonds and the former offered to withdraw the suits
commenced against Mr. Drew and his co-directors if
he Drew, would take $500 shares OF Erie at rs,
give twenty thousand dollars to the poor Of New
York. These developments admin the public to the
secrets Of the rival parties and the question is what
nextS
There was moderate investment demand for gov
ernment securities at the counters Of the leading
dealers, and an improved feeling prevailed among
speculative holders, Notwithstanding that an eighth
Of one per cent per day is still paid for 'rurning'
them. The Sub-Treasurer is understood to have
bought small amount Of seven-thrty notes today;
but 1t claimed that the OF the Treasury
are not sufficient at present to enable 1t to afford
substantial relief to the money market either in this
way or by any other means, owing to the light reve-
receipts this month. The Secretary Of the Treas
ury is reproached by some for not having issued
the whole of the fifty millions OF three per cent
tifcates authorized to be exchanged for compound
interest notes. and would have been better had he
done 50, although 1t is doubtful, even II he had
whether the present pressure in Wall street would
have been averted; for stringent money market is
liable to while the currency Is being inflated
well as while 1t is being contracted in proof Of
which we may refer to the memorable monetary
spasm In the spring OF 1864, which resulted In the
great panic the Stock Exchange. When the supply
OF money becomes equal to the demand at seven
per cent sharp recovery In governments win take
place, but meanwhile the market Is likely to
remain quiet. At the close 1t was dull at
the subjoined quotations:-Registefed, 1881, 11oh
o 1lOZ; coupon, 1881, 110h 1109<; 5-2Os,
registered, 1862, 1861 1o61 6-2os. coupon, 1862
1n-q lA
los; do, 1865, January and July, 1867 1o6%; do.
1857, 1o6X q 107; lo-40's registered, 1o0x 10oI;
10-40's coupon, 1o04 1ooh; June 1905 1851 1o5S;
July 1905, 1861 1855; May compounds, 1894, 11S;
August do, III; September do Hex; October do,
lie.
The stock market was weak at the commencement
of business and Erie declined to e6k and New York
Central to 116 but at The early session OF the open
board prices showed considerable Improvement, Erie
selling at 67% q OK and New York Central at 117A
l17X. In Pacific Mall however, there was some
weakness shown and sales were made at 1o7k. At the
first regular board there was further Improvement,
except in Pacific MAIL but transactions were restricted
by the monetary stringency. New York Central
closed 2h lower than at the same time yesterday,
Erie 1x Reading x, Michigan Southern /, Cleveland
and Toledo 1X, Northwestern preferred 1H, Fort
WAYNE X, Toledo and wabash Il, Milwaukee and st.
Paul Y, Milwaukee and St. Paul preferred u, Ohio
and Mississippi x, Atlantic Mail u, North Carolina
skies q Tennessee skies, new, y. Government
securities were steady at decline OF Il per cent.
After the call Erie advanced to coz and then reacted
20 os&, and at the open board at one O'Clock Erie
sold at 6sz a 90, New York Central at 1l71s Pacific
Mail at 1868 and Atlantic Mail at 49, At the second
reouar board the market was dull, and New York
Central closed 4 higher than ut the first regular
board. Reading u, Michigan Southern u and Mil
waukee and st. Paul preferred Ia while Ohio and
Mississippi was u lower, Pacific Mail TX, Atlantic
Mail v and Tennessee sixes new, l. Government
securities were dull and steady at an advance OF y
AZ Az the omen board at half-past three the mar