The New York herald., 1868-04-02
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL
.t-- a -~>~~~~~~~>~~-~~~~~~-~~
WEDNESDAY, April 1-6PM.
The gold market opened at l3sz, from which point
there was O steady decline to l3Sx, under LIVER
pool despatch reporting sharp advance In cotton
ss well AS pressure to sell coin for cash In conse
quence of the monetary stringency. The closing
transactions prior to the adjournment OF the board
were at 1854, following which the latest quotation
was 1887 1891. The difference between the cash
and regular price was at one time eighth per cent
and rates varying from 3el to ll8 per diem and 10
- IL per cent per annum paid for carrying. The
gross clearings amounted To SAL, ,S24 0oO the gold
balances to s19l6,s9l and the currency balances to
$2,7O6,26s
The money market has been considerably more
stringent than 1t was yesterday, and seven per cent
m gold, was offered freely by first class houses for
call loans government securities, and In many in
stances commission OF an eighth and even quarter
per cent In addition to the legal rate OF interest was
paid. The general rate for turning" railway shares
until tomorrow was an eighth, but In not q few
cases quarter per cent was submitted to- Appli-
cations were made for loans up to half-past three
O'Clock, and houses failed to make their bank
balances good, although they offered commission as
;well as interest for money In such cases they n.y.
pothecated securities with their bankers sufficient to
make good for the time being any cash deficiency.
The SubTreasurer bought seven-thirties and sold
gold to about an equal amount, as usual of
late, SO that relief came from this
source, and as the currency balance in the
,6ub-TreasurY last evening was only twelve mil
hons it is claimed that the government has no
power to mitigate the severity OF the pressure. Un
less artificial means resorted to it is fair pre-
sumo that there viii be somewhat better supply of
money next week; but many OF the bank officers and
private bankers contend that the return ow OF cur
yency from the interior will not begin to be felt here
until after the 10th Of the present month, and that
meanwhile there will be very little abatement OF the
existing stringency owing to the limited
Of the banks at this centre. The real estate specu-
htions now going forward are absorbing very large
aggregate OF capital, much Of which has been with
drawn from Wall street. There is no business doing
In the discount line, and commercial paper is with
out market.
The steadiness Of the stock market under the sharp
demand for money was remarkable Prices declined
from a to " per cent before noon, but during the
remainder Of the day they well supported by
the bull cli4ues, who have acted thus far with indif
ference as to the price Of money! but 1t Is neverthe
less certain that If the pressure continues much
longer it will result in heavy break in railway
shares The fluctuations in Erie were from 72Z to
"A, and in New York Central from 122 to 1913, and
fese were the most largely dealt in of the specuIa
tve stocks At the first regular board prices showed
decline OF q 2Z from those current at the same
time yesterday, Fort Wayne being especially weak,
and governments were about % lower. The
pressure to sell for cash came afterwards when the
lowest quotations of the day were made At the
second regular board prices were IL higher in
some instances than at the first board but following
shis the market was dull and at intervals somewhat
dropping, and at a quarter to six O'Clock the follow
O. tUar No
121% 121a4; Erie, 1871 a 732l; Reading, s9x so1;
Michigan Central, 113; Southern, SsH ss1z; Cleve-
hnd and Pittsburg, 9o2l 9114; Cleveland and
Toledo, 1881 103a4; Rock Island, ok a 90; North
western, "a 65; preferred, TAX lax; Pacific
Mail, 1038 103X; Toledo and Wabash, so q SOY;
Western Union Telegraph, s51{ 355s; Fort Wayne,
e9K 99I. The market is sustained entirely by
artificial influences, and this is especially the case
with regard to New York Central and Erie, and the
outside public will do well to keep out Of it. The
scene in the State Assembly to-day when the pot
called the kettle black on the subject Of bribery and
corruption in connection with the recent adverse re-
port Of the Railway Committee the bill legalizing
the acts Of the Erie Company excited much amuse-
nent on the street. and it goes to show If the
ti0ns Of Mr.. Glenn are true, that the "unanimOus
vote'' Of the committee against the BILL and the vote
Of the Assembly accepting the committees report,
were paid for in the Central interest.
The memorial Of the Chamber OF Commerce of this
city TO the State Legislature against the practical
consolidation Of the Erie and the New York Central
Or any other railways Of this State by permitting
them to be placed virtually under one management,
has drawn public attention to the evils resulting
rom monopoly, and responsive action has been
taken the subject by commercial bodies at Chicago
and elsewhere The memoriaists refer back to 1852,
up to which time the Erie Canal the only high
way to the lakes and the West and which controlled
me whole Western trade to New York. the several
lines now composing the New York Central Offering
opposition because OF the tolls imposed. In 1852
the Erie line was opened, and the Shore line from
Dunkirk to Chicago and New York had the first and
enly rail communication to Chicago. In 1853 the
roads OF the upper line were consolidated into
the New York Central, the tolls were removed
and another railway was opened through
sanada to Chicago, thus giving to New
York two railways besides the canal. Subsequently
the Pennsylvania Central was completed, while the
Baltimore and Ohio was extended to Wheeling, and
north Of the lakes the Grand Trunk Railway was
opened for trarlc between Portland and Detroit The
memorialists say that while New York has made no
progress in extending its railway connections with
the West since the consolidation Of the New York
Central lines, II we except the extension OF the
Erie by the Atlantic and Great Western, the Bal
tamore and Ohio and the Pennsylvania Central have
been actively engaged in perfecting a system OF
roads designed to control the entire trade OF the
West. The Pennsylvania Central communicates with
al the main points Of the West by its own and two
other lines exclusively In its interest, namely, the
Fort Wayne, with branch to Cleveland and the Pam
handle, both OF which reach Chicago and by lines
which they have leased or otherwise control extend
70 st. Louis. The Erie railway has only one broad
gauge connection, and in transporting freight to and
rom Chicago and all points except those reached
must necessarily break bulk, and the only way to
ebvate this difficulty is by extension Of its broad
gauge to Chicago and all experience shows that
through freights where there Is ransshpmcnt are
much lower than where bulk has to be broken. The
high charges made by the New York railway compa-
nieshave always been promptly seconded by the Penn