The New York herald., 1868-03-06
FINANCIAL AND COMMERCIAL,


Tho gold market continues unusually inactive, and
pnor the adjournment OF the board the fluctuations
from l4l to 141k, with the closing transactions at
l41 subsequently. however, there an advance 10
14lH, and the latest quotation tho street was
14lX 14lH. There was q moderate borrowing demand
for coin. and loans made at rates varying from
four six per cent for carrying The gross clear.
ings amounted to only $3 $500 900, the gold balances
to ST. IT'S, and the currency balances to 50 l6oG2
The steamer Hansa took out SS5s.e4 in specie and
bullion.
There was q marked contrast between the dulness
Of the Gold Room and the activity OF the
stock market, OF which Eric is still the engrossng
feature The 1uctuations In the stock from 7AA
to and the interest In Its movements was quick
ened by injunction. hereafter referred TO- which
stays the proceedings alrsady commenced against the
Erie directors and suspends Mr. Frank Work from act
ting in his Official capacity at tho Eric board This is
diamond cut diamond with a vengeance aud it rominds
US that swhen Greek meets Greek then comes the tug
OF war;" and in this ths seems likely to bs
both bitter and desperate. Tho street Is beginning to
sides in the conflict already. and just now the pro-
vang belief Is that the Erie party, jacks in Office
will be ultimately successful while the bull party OPP
posing them will reap crop OF disasters and como out
'at the small end Of tho horn" in the
long run. Hence the street Is afraid to hold
Erie and tho clique supporting 1t has to bear Its full
weight and there rumors aoat that tho amount OF
common stock far larger than Ii generally supposed,
owing to the conversion Of old bonds into stock and
the issue OF convertible bonds to extent which
It Ia at present di1cult to estimate Tho clique 10
therefore trying create the impression that Mr. VAN
derbt is buying the stock In order 10 induce the
outside public to assist in taking It or their hands;
| but thero is good to believe that such Is
| not tho case, although 1t s not improbable that
| the bulls in the stock, whoever they are, may
tho;r IN I'm
| OF advancing its price upon the prestige which
supposed attach TO his name and in this connec.
tion may mention that petition Is circulating IN
the part Of this State representing TO the Legs
laturs that powerful moncyed combination OF specu-
lators. headed BY Cornelius Vanderbilt are seeking TO
control all the great railway arteries leading to this city,
and that In pursuit Of such object they have already
obtained control Of the Hudson River the Harlem and tho
New York Central railways and seeking to obtain
control OF Ee that In view OF tho great danger of
allowing tho contamination Of scheme fraught with
such imminent danger to the prosperity Of the State
they the petitioners pray for tho passage OF IN act
| making directors OF the Hudson and Harlem railways
| ineligible as directors OF either tho New York
Central or tho Erie Railway Company, and
| for such other legislation as shall enectually
prevent such DISASTROUS resultn Competition Is tho
life OF trade and II Is undoubtedly contrary to the pub
lie interest that any combination should mo-
L -
| they would thereby be enabled 10 exact from tho
public higher rates fare and freight than would be
otherwise altanable II is immaterial to the great
mass Of the community whether railway corporations
grow wealthy and pay large dividends or not but 1t ID
matter Of vast interest to tho public that the railway
| system OF the country should not be controlled by
monopoly and that railway fares and froghts should be
cheap Railways exist for the benefit Of the public and
not tho public for tho benefit Of railways, as the Van
ktrH arl aIv
the passage Of such . bill that prayed
FOR in the petition referred to the ground Of public
| necessity. The railway management OF this country
has been notorously rotten since railways wore first
built and Erie has been exception to the rule; but
this 10 phase OF the subject which Affects stock
holdcrs only and II is better that railways should be
managed contrary TO the interests OF the stockholders
than At the sacrifice OF those OF the public and pecua
tion, corruption and waste the part Of officials will
| bs remedied by time. Il Is understood that at
the meeting OF the Erie board last evening tho
proposed agreement for tho consolidation Of earn
| ings with tho New York Central and Penn.
syivania Central Companies was rejected. and that
plan for reducing tho tariff Of fares and freights
discussed That the litigation betwson the Drew and
| Work parties will result In competition Of this Kind
seems highly probable, and m anwhlo the public will
do well leave Erie TO the belligerens, for is liable
| 70 fall again rapidly than It rose, aud to
Il
fessiona gamblers handling loaded dice. The general
market Is unsatisfactory condition and dependent
entirely upon the support or the respective cliques;
and while affairs remain In thoir present state the
outsiders have do with railway tho better and
especially with such high priced ances
1 common Money was In abundant supply at six per
con. ON CALL with exceptional transactions vo on gov.
srnment securities, while nrst class commercial paper
| was taken at soven per cent discount
i hava hoen dali scd
prices receded fraction from tho closing quotations Of
yesterday, but at the decline the market was steady
The spectators endeavorsd mako capital out OF
tho unlimited paper money speech Of Mr.. Henderson in
the Senate yesterday in defence OF Mr. Shermans dis
crsdiisble funding scheme, but thore no proba-
biy Of tho mistaken vews OF either Of these gente-
| men being adopted BY any considerable portion Of
either house. there for dIstrus this con.
nectiou, and tho tendency OF national securities 10
| towards higher priccs.
at she close the suboned quotations we're for
Registered, 1891, Ill nix; coupon,
1881, Ill 1llZ; 620's registered, 1862 106I 107;
b.20's, coupon, 1852, hoy l1oX; do. 1884, 107z
los; do, 1862 losl 100; do, 1866 January ana
July. losx ioo7s; do. 1857. 1867 1o71S; 1o4o's,
registered. 1oiS lolt lo4os, coupon, 1o1l lolx;
June 1905, ioszs 1907; July 1905, 1861 1907;
May compounds. 1884, lis; August do, III; September
/ do, l16K; October do, Il6.
At the commencement Of business there was renewed
excitement in Erie, which sold up TO 7&, but at the
early session OF the open board relapsod 7f4 whle
Rock Island advanced to 90 and New York Central was
arm M 1914. At tho first regular board tho market
was active and Ere declined the second call TO ~
under tho announcement that an injunction had been
granted by Judge Bhcom OF Droomo county, suspend
ing Frank Work from the duties OF his ONCE director
OF the Eric Railway Company, and restraining the
Attorney General from proceeding further in the
suits commenced against Daniel Drew and tho
other directors Of the company within tho jurisdiction
OF Judge Barnard. The defendant required to
| tho complaint at somo point about sxty mlcs from
Binghamton, cn the tn OF April which, considering
the state OF the roads, decidedly inconvcnent for
New Yorker New York Central closed y lower than
ct the came time yesterday, Eric ~ do preferred II,