The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-11
FINANCIAL AND COMMERCIAL.

Superabundant and loans were made at 2 q 4 per
Gent for carrying The gross clearings amounted to
ga 93l 0oo the gold balances to 81 992 and the
currency balances to $1,7O7,o74 The Sub Treasury
disbursed s635,0o0 in coin in payment Of interest
on the public debt and converted 81, 083, $50 Of
seven-thirty notes into fve-twenty bonds. The
operations Of the forger Of Fort Wayne certificates
20 which We referred yesterday have been more ex-
tensive than was at Hrst supposed. Messrs. Look
wood Co. announce that on the ed Of June seven
certificates OF Michigan Southern stock were issued
In their name for one two and three shares EACH
u escrbed in their notice giving the numbers-viz.,
2226e to 22,270, 22,2n and q, 272 On the 18th Of
June there also issued in their name eight cert
dcates Of New York Central numbered from 6s,732
10 6S 1877 for one share each, and Nos IS, 1888 and
6s 73o for two shares each. Little or nothing Ii
known Of the antecedents Of the forger, but 1t Is
tar to say that he was not member OF either the
regular or the open board and that no member Of
either organization is involved witch him in the per-
petraton Of these frauds, and that nothing has been
heard Of him since the discovery of the three altered
Fort Wayne certificates. Whether he has succeeded
In similarly altering and utterng any Of the other
certificates bought by him has not yet transpred,
but brokers and others handling the securities which
ne ID known to have secured possession OF should
hcrutinize the numbers carefully. 1t Is suggested
chat in order to efectually guard against such alter
AtiOns every corporation should nave Its hundred
share certificates printed tinted paper of certain
eize with water line marked "hundred shares"
running through It, and that its certlhcates Tor
smaller amounts should be on differently tinted pa
per Of smaller Sizes according to the denomination.
1t is also suggested that the corners might be cut or
holes be punctured in the face Of the certificates
20 indicate their denomination. The old sys-
tenn OF guarding against fraud was to trans
Ter stock every time 1t changed hands, but
the labor attending this system and the occasional
Interruptions to which it was subjected by the CLOS
ing OF transfer books led to its abolition. There Is
no occasion for apprehension arising from the present
frauds their utmost extent is already ascertaned
and the amount involved Is not very large but the
possibility OF such forgeries calls for a remedy.
The railway share market has been on the whole
strong, especially for Reading, which advanced to
OK, but the volume of business not large. Erie
was an exception to the rule late in the afternoon
and declined to TO- apparently under hammerIng
process. At meeting Of the Erie Board,
held to-day, some important business transacted
Messrs. Daniel Drew and d. s. Gregory resigned
their positions as directors, and Messrs. John
Steward and James II. Banker were elected in their
stead. Mr. Drew's resignation was rendered neces-
nary In order that contract made with him by the
company might be carried out, and vacancy will
not unlikely be created to enable him to return to
Drew py the company Of the fifty-four thousand
shares Of stock hypothecated with him at seventy,
Ehe present market price. The board retired the
whole OF the floating debt of the company, amount
png to about three millions and half and voted to
withdraw five millions OF the common stock from
The hands Of the public, and to advance the rates
Df fare and freight. The resignation Of Mr.. Drew
left the Treasurershp vacant and Mr.. Jay Gould was
elected in his place. 1t Is probable that these
changes will restore perfect harmony between the
Erie and Vanderbilt parties the two directors,
Aessrs. Steward ana Banker, being nominees of Mr.
Vanderbilt, and the effect upon the affairs OF the
Erie Company can hardly fail to be beneficial.
Government securities have been very dun all day
nnder an absence Of outside demand, but the
9narket, although weak during the morning, was
eteady In the afternoon, and the nve-twentes OF
4sG7 after selling down to 1osx, advanced to 1881
bid Although the financial portions Of he republi-
Ian and the democratic platforms are sub
btantially alike when they are critically
Examined, the wording of the democratic one has
had disturbing effect upon the public mind. be-
cause 1t speaks Of redemption in lawful money
where the promise to pay in coin is not distinctly
Specified in the authorizing act or on the face OF the
bond. But there is literally nothing better than this
i'm the Chicago platform, although the impression
|pneant to be conveyed Ia that all payments viii be
made In coin. The party Is not bound thereby TO
make them In coin, however, and the large repubi
Fan vote which soon after followed in the House OF
Representatives IN favor Of taxing the interest
khe bonds at least ten per cent showed how easy It
Is to whip the Devil around the stump.
That income from United States bonds should be
BAKED alike with income from any other source is
Ipnly fair towards the taxpayers at large and
London Times in stigmatzing this part OF the demo
cratic platform as partial reputation takes incor
b. v;o fhcc Thafh hot ,arfioc sbo
De In favor of paying the national debt is OF Itself CAL
tuated allay alarm the part Of the bondhoders
Ind strengthen confidence in securities whether
khe interest them is taxed or not. At the close
the tone Of the market was rather heavy under the
prevailing stagnation and the following quotations
&yere current:-United States 6's Pacific Railroad
ho2Z i03 United states 6's registered $751; 113i.
= l13h; do, coupon, 1l3% l1316; 52Os, registered.
Ao9x; 5-20s, coupon 1852. 113h 113A; do, 1864,
A10k 11ol; do, 1885, 1l1s 11h; do, new, 1865,
bOsx 1857; do, 1867, 1851 1887; do, 1865 1857.
y 100: 1o4os registered, lo7 1914; loo's, coupon
So7Ia 1o7X; 1905, second coupon, 1883 1855
haOp. third coupon, 1857 1887. The circular Of a
Nrlate banking house says IN relation to day
BUSINESS
The government bond market has been very varia-
blt to-day. There Is a total ul in the investment
6enand, and the ups and downs In prices nave
Ewaied according the heavy purchasers Of yester
sig renewed or withdrew their support, the i've;
avenues Oh 1901 having Dceu Cuiei ouJcCS VI
1Iterest upon which the contest between dealers
centred. The prevailing sentiment IL undoubtedly
IA favor of decline, ana the cable intelligence that
tie taxation Of bonds is branded AZ partial repu
6lation," confirms our remarks OF yesterday upon
,Tlat point.
At the commencement Of business the stock
market was dull but nrm, and at the early
session Of the open board Reading sold al
eek and Erie ct 7ox. At the first regular
board the market was dull and slightly lower,
except for Reading which was strong. The latter
closed v higher than at the came time yesterday,
Fort Wayne Y, Milwaukee and st. Paul preferred
u, western Union Telegraph ", and North Carolina
skies. cx coupon, v; while Cleveland and Toledo
was lower, Rock Island lx, Northwestern pre-
ferred ~ and Tennessee skies, ex coupon, n. Gov.