The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-05
FINANCIAL AND COMMERCIAL.

again turned up as o marpot to their plans. New
YORK Central, instead Of going down to q point at
which they could cover their s'shorts' with profit
has persstently gone up under the influence OF pur
chaSes made by combination said to include Mr..
vanderbilt, prominent ex-hotel proprietor and a
wen known democratic ex-State Senator. As the
slime for the fuflment OF these contracts was APP
preaching, and as Central was at very high figure
recourse was had to the courts and. an injunction
procured restraining the Central directors from
making further conversions Of bonds into stock
from receiving the vote at the annual election Of stock
issued in excess 81 the original consolidated capital
and from paying any dividend upon such additional
stock. The news OF the injunction reached Wall
street about noon and panic in Central was the
consequence, the price declining from 1884, to 1885,
The profound strategy of the clique in this move Is
as admirable as that displayed in their manipulation
of Erie. In the first place they created panic on
the subject OF the dividend. the about which
had given the stock its greatest support. This would
not have been sufficient for their purposes, however,
as the Withholding of the dividend would not send
che price low enough. paragraph was in
serted in the Injunction creating the impress
sion that the directors were about to
overssue stock or convert bonds which the legal
way Of doing the same thing. This was blow num-
Der two. The grand coup Of all was the portion Of
the order forbddng the transfer of the stock issued
in excess Of the original capital Of consultations
measure calculated to throw doubt upon the value
OF some six millions OF stock which has been for
years floating upon the market and has been always
regarded as q legitimate portion OF the capital
stock 1t will be at once seen that many
curious issues are involved, and that end
less litigation may be forced upon the
directors IN their effort to supersede the injunction.
At such time there many different views taken
OF the situation. One Of the most novel is that the
Central combination .iong' Of the stock, and
took advantage Of the rumors about dividend to
unload at high figures, and then in turn put out
line OF sshorts" II this be the then the street
Is not to be wondered at for the very profound sur
mise that the Erie clique and the Central combina
tion are really working together, and that the In
junction and the litigation threatened as its c0ase
1uence, are only ruse to help the breaking down
of the market 1t il hardly to be supposed, how
ever, that Mr.. Vanderbilt who has the reputation OF
being most deeply interested in the stock, would
ally himself with men who 80 lately sought to sub
vert his control Of the road The facts as above
however, and the "outsde pubic' meantime are
nearly crazed in the effort to understand 'things."
The rest OF the market sympathzed with the decline
in Central, but not 50 much might be expected.
There was falling of ia the general list at the regu
lar board and the second open board but the market
remained firm and steady, with 'convalescent"
feeling at the close. Sngularly enough the st. Paul
and Northwestern stocks improved during the pc
ROD OF greatest weakness OF their companions on
the list Toledo was weaker, despite the
dividends, the eject or which had been dis
counted beforehand. Michigan Southern was
under tho additional depressing influence
of statement Of declined earnings. The cx-
press stocks were duh on account OF the trouble
have ct last been opened to permit transfers. Mer
chants Union was quite weak. selling down to 16x.
Gold was strong all day on account OF the an
nouncement that the Sub-Treasurer would sell no
more government gold this year after the weeks sales
are concluded and account Of the advance In the
Bank OF England discount rate The price opened al
1851 and advanced 10 1854, where 1t remained Tor
very brief time only and then was steady for the rest
OF the day between 1867 and 1867, closing at I'VE
O'Clock at 1881. Cash gold was plentiful and oaning
at 2 to per cent for carrying. The government
gold brought 135.l5 The ross cearIngs were only
$685. oo0 the gold balances $685. '4s and the cur
rency balances $1,32o,235 Foreign exchange was
weak In the carrier pars Of the day and prime bank
ers' was quoted down to I00H. subsequently 1t be-
came nrmer and closed with the quotation 1924 to
1ooX for best bills. Money was in plentiful sup
ply at the last rates. Commercial paper was duler
morning, but improved under the effects Of large
investment demand from the country banks ana some
city institutions who wish to realize the January
interest. This inquiry advanced prices about an
average Of an eighth upon those Of last night. At
half past four the street quotations as follows
United States SKIES 1881, registered, ITO q 1l0L;
DO coupon 1881, 1861 115< 6-2o's registered, 1904
q 1oz; do. coupon, 1852, 111,s l11h do do, 1894
1913 107x; do. do, 1896, 1881 106k; do. do,
new, 1885, 1l0< 1l0H; do. do, 1857, 110ss 11os<;
do d. 1868, 110X Ill; 1o4o's, registered 1882
1Usss; do, coupon 1861 1864.
Street transactions IN stocks were animated. New
York Central opened at 1857, but declined to 1881
before the board. Pittsburg sold ut SsH and Rock
Island ut 1851. The quotations OF the first open
board closed as follows on the call:-Cumberland
IS 40; Wells Fargo Il Co.'s Express, 26s<; Ameri-
can, A o As; Adams, 40 80; United States, 45j,s
tsls; Merchants Union, 10 1GA; Quicksilver,
22k q 2ax; Canton, 4oh so; Marposa pre-
ferred, 2oh q %; Pacific Mail, 1893 l16I !;
Western Union Telegraph, 37x; New York
Central, 132x 1S2k; Erie, 37al IS; do. pre-
serred, IS q 90; Hudson River, 1913 1904;
Reading % o 9sa; Chicago and Alton, las; do. pre-
ferred, 49, Bankers and Brokers', 1903 1os; Alton
ana Terre Haute 3s1i a 10; Wabash, So 5s5s; Mil
waunee and st. Paul. CO.. 81; do preferred, se,s
se,s; Fort Wayne, lie 1l2A Ohio and Mississippi,
30h q 500; Michigan Southern, SO S91x; Pittsburg,
ssx a ss5<; Toledo, 1915 1olsl Rock Island 1854
. loss.; Northwestern, s5,s o s514; do preferred.
SSK q $50. At the regular board New York
,Cczfral wss u lower Hudson River u lower,
Milwaukee aud st. Paul higher. do. preferred II
better, Fort Wayne Il lower ohio and Mississippi u
lower, Michigan Southern lower, Toledo y higher,
Rock Island y lower and Northwestern x lower. In
the Long Room during the between the boards
Mans sold at Ask and New York Central was
austed dom to 1904 1904. The sales at the sec.
ond open board embraced the Observation-Disclosures
Express, As; Adams Express, 49,; United states
Express, 4eI; Merchants Union Express, 16h;
New York Central, 129%; Reading, 9sIf; Fort
WAYNE 111y; Michigan Southern, ssh; Pitts
eurr. s71; Toledo, 1oiss; Rock Island,
los: Northwestern IS; do. preferred, ssh.
Prices at the last regular DO ard closed as foows:-