The New York herald., 1868-01-30
FINANCIAL AND COMMERCE.
wEpsEsDAr, Jan. 29-eP.

IA
osing transactions prior TO the adjournment OF the
sard at l4l following which the quotation declined TO
taoz q l407s The .shoTtn interest being small, tho
borrowing demand for con not active and loans were
hiads at rates varying from four 70 seven per
Dent Tor carrying The gross cleaTings amounted
70 t65, ,43l 900, the gold balances "a $2S9S,oaS
And the currency balances to S32l7,S9L Specu-
eAuon has been diverted from the gold room
aurng the las, few days. owing to the excltement on
Che Stock Exchange and particularly the Erie strus-
Eic which last decided this afternoon IN favor OF
Che bulls and all the indications arc favorable 10 much
higher prices With The exception of the Vanderbilt
ptocks which happen to be the most strongly held OF
a quotations for railway shares are no. high and Erie
b ridcuIous,y low compared with the shares OF the
ether New York railways. The present artificial de.
hresson IL therefore likely 10 be followed by q sharp
upward reaction.
Money continues In very abundant supply at per
cent with most OF the transactions al five and the drain
or currency from the West and the interior generally
Oisadiy augnontng the volume OF lognabe funds this
ceutre The banks lind difficulty In keeping their sur
plus fully employed and at tho lime The balance In
thc SubTreasuy is about seventeen millions larger than
Il was three weeks ago. tho amount this evening being
$Ill, ,0S3, ,3S7.
Erie sold low 74s At the Fifth Avenue Hotel las!
blight. undera false rumor doubtless anufaciured and
pany had issued its convertible honda in exchange
xor the construction bonds Of the Boston, Hartford and
Erie Railway Company, upon which Il guaranteed the
tntsest The day OF Tho last annual election OF tho
company to tho amount OF four mllions and further
ore that the bonds mad since been converted into stock
IN order to refue this is Only necessary to say that
The bonds OF the Boston, Hartford and Erie Company
Kered to have not yet been ssued and can only be is
sued TO represent road actually constructed and that the
Erie Company has no authority. in any event. to make
any such exchange, or yet 10 Issue convertible bonds
Tor any other purpose. Moreover the secretary and
directors Of tho company have gvon this invention OF
the bears explicit deniai and they have
neither issued convertible bonds stock for any plr
pose, nor do hoy Intend to do So the authority 10 do
sither being wanting. Nevertheless men known to
have common and TO pretend to respectability
were unscrupulous enough to make OF this absurd
story deprsss the stock and fnghten those who
held 1t into selling out in order that they might buy
at the decline. Such rascality deserves pun.
tshmcnt la peni entary, and 1t serves to
ehow how little better than common thieves
many Wall street spectators really are-although
they may control large suas OF money and enjoy good
credit among their fellows Some OF these. men
s'short' OF Ere and others merely trying to buy
back at a. large profit possible the stock which they
uoid At higher hgures but the motive which actuated
them in each that Of personal gain at the
pense Of the public this they deliberately
cocted AMI endorsed He The recent issue Of new
Rock Island stock by men upprncipled them-
selves suggested the idea 10 them, and owing TO
the Rock Island being fresh in the
public mind, importance was attached
TO this Erie than would have been
undor other circumsances although is hard under.
sand how Wall street could be fourd creduious
enough TO swallow bait insulting to their sagacty
and ordinary intelligence. cause that needs bolster
ing by misrepresentation Of facts must be very feeble
one and when stock canno. be got down without II It
sla sure sign that II is being depress'd against its
natural tendency aud that strong rebound Is inevitable
At the commencement OF business Erie sold at 75I
S6H. and at the carly session Of the open board
steady feeling prevailed, with sales OF Erie at 75as
At tho nrst regular board Ere was Grmer, with
bales az 751 75ss. but on tho second call
II declined TO 75j1 New York Central closed II lower
chan at the umo yesterday, Erie x, Michigan
Southern u, Cleveland and Toledo Il, Northwestern
preferred y, PStr Wayne II, Atlantic Mail 81 Canton
was IL higher. Government securities were barely
steady. SKIES Of 1881 closed ,s lower. coupon nvc-
ewshtSs OF 1885, X new Issue OF jse! y ssy,g thriies
second series u. Express shares we're I az per cent
higher After the call the rumor respecting Erie was
revived for speculative encc. by parties engaged in
hammering the market, and the stock dscned in tho
midst OF great excitement TO 74 but recovered
under q rush to bay, and at the open board at one
o'clock II cold at 7S,s 1874. AZ the second regular
board Ero improved to 1885, ard Rock Island 10 99s
tho markct generally beiny frm Erie closed II higher
shan At the rst regular board, Rock Island q, Pacific
Mall 1. Milwaukee aud st. Paul was 2 lower. Govern
Jnent securities dull At the beard al haltpsst
three tho volume Of business was rather light aud
Erie sold at 75A, New York Central l3l, Reading oe,
Rock Island 99s, Northwestern preferred IA sub.
sequsntly there strong and excited demand FOR
Erie tho rumor concerning which had cs lis force and
ssss Of the stock made high 75, and Mt the
close few before six O'Clock, the market was
strong at the supIoined guotationsNew York Central
S31 131i5 Erie 75I 757s; Reading e5S o6sf
Michigan Southeru SSts aSssS; Cleveland and Pits
burg. 97h 9Tet; RecS Island, eoJa oaIs, Fort
Wayne. 1855 lo3&; Northwestern 5o'S COS: do
preferred, 74ss 741; Pacific Mail, 1i4si IFS; Ohio
and Mis- ssipp certificates. 80 33ls; Western Union
Telegraph. 375s a 377{.
Government securities have been quie, but the invest
nent demand continues good at the counters or tho
principal doalsrs. Tho ycstarday caused
By speculative sales to realize profits, aud
hesh speculative demand began to 10 felt
sbs afternoon In view f the plethora OF capital seek
ing investment prices are likely TO go on improving
governments being still much cheaper in proportion
than the high priced railway stocks There Is a fair
investmeni demand Tor Central Pacific and other bonds
o( tho same substantial character
Tho foreign exchange market wns somewhat variable
but the whoc steady. and tho transactions
very limited sca!o Bankers' bills England al sixty
days quoted al tho coso at 1oe-i at threo days.
lloH slio&; commercial bills, losI iooi. Bills on
fsr,s ai sixty days 6I6< a5i5 at three days, SIS
6l3x.
Tho annual meeting OF tho Little Miami Railroad Com
Dany hold yesterday, and the following gentlemen
Wers elected directors: :-Msssrs \. W. Woodward. Lagre
Anderson John Kisour, VIII Clement, l. y. Harrison,
Charles p. Cassey, Edmund Dexter, Joseph q Butler
Henry Hama, John Bacon. Abraham Hvelag and Jo-
seph X Swan Subsequently, The board held meeting
and chose the following ofncers:--Presdent Il. W.
Woodward Secretary, Charics d Cassoliy: Treasurer
4 Wright; Auditor, ID. O. A. Davenport; General ~.