The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-21
FINANCIAL AND COMMERCIAL.
FRIDAY, Nov. 2o-o p. N.

say OF tina situation IN Erie large quantities Of which
srV In the possession OF the Clique without maTkeG.
We're It not for TACT that the overssues Of stock
nay be retired NJ any moment and the stock thus
get rid or without the honest dealers In Wall
street would have magnificent opportunity u turn
nR the tables on the swindlers by refusing TO make
. market for II. thus leaving them with their
load. Indeed, there Is = proposition to throw
sus the stock IN transactions among
seUkeFS until Is registered IN some
rust company or respectable banking house. Such
step would not Of course he OF any diroct injury
% the swinders, but II would put them to the moon
vonience OF retiring the overlssuss AZ there are
IN tho way from nifty TO two hundred thousand
mares on route from Europe consigned to them their
perplexity would be m ch the greater. They
Might be forced 10 take some step which the law
could punish Tie suit against the directors OF the
Eris Company viii probably be permitted to remain
n the pigeon holes Of the Supreme Court as the
10 chief operator the religious ex-dlrector and con-
sessed confederateo OF swlnders has compromised
and abandoned the fight minus . million and
quarter OF dollars. The 0yerlssues are now in
place where they can do no harm to the pubic,
4 the speculation IN Erie ceases. They are dead
weight to the sw.nl,ers, which they can get rid of
s0y By another bod step In their course OF fraud.
they take thus step hey confess the crime OF having
HaudHlently overissued the stock. II they do not
NAsy win be heavy losers II the outside public and
ne respectable BANKERS and brokers refuse to have
anything further ID do with Erie, old or new, CON-
mon or preferred. That they are embarrassed BY
sheir load would be proven by the fact thai
soday the banks refused to certify their checks.
They were compelled In consequences. TO
make loans OF stock along with the CIV
ing OF checks until the money was deposited
against the latter. This may DO some very deep
trick, and 1t Is suggested that It done break
me price Of Rock Island, which they reported to
pe gathering for another corner" That they felt
me sting of this action on the part Of the banks IL
seen In their running around later In the day Offering
70 lend money on call, which policy they thought
would onset any suspicion OF their solvency In
deed, when 1t was known that their checks would
not DO certified the street quick to spread re-
port OF their failure. Erie opened in the morning In
che vicinity Of A to 49, sold down 30 Al ana rallied to
AK, which was the bidding price at the close last
evening.
The movement OF the clique In New York Central
was complete nz1le. Finding that they were butt
ang against q stone wall In attempting to crcumvent
he Old Commodore they withdrew their f0rces-the
worse for the short contest-and are now making
eints In the direction OF several other stocks Rock
Island, Reading, Toledo and Michigan Southern are
mentioned as those on the programme and the con-
sequence was increased activity In these stocks to
Shat there would be no dividend this year.
The State bonds were dull. Tennessees declined
on account OF a report that the State was TO issue
$4,000, 900 new railroad bonds. North Carolinas have
mot experienced any improvement from the message
OF Governor Holden.
Gold was strong up to halfpast one O'Clock, but
fben became weak on the announcement that the
Treasury was to sell S3,oooOoo Of gold, commencing
on Monday next and Offering s5oo.ooo day for six
days. The price at i've p. "A. was 1s4k 1S4%. 1t
opened at 1saX ami sold as high as 1856. The
gross clearings in gold were $72.024000; the gold
balances 81, s64,1sA, and the currency balances
t2s76,25l. Money was easy At five, six and
seven per cent, according to the char
scter of the collateral and the standing
Sf the borrower. Foreign exchange was hrmer on
basis OF 1O9k 109s Tor prime bakers. The cessa-
non in the irregularty Of the loaning rate OF gold
which to-day was nonlnal both ways, the increase
IN the London discount rate aud the further de-
sreaso OF specie In the Bank OF France, are three
conspiring causes for this ADVANCE.
Governments were very strong, closing at the
following figures, which show decided improve
ment as compared with yesterday:-United States
axes 1881, registered 1l4h max; coupon, 1851,
i14Z I14X; 5-20's registered, I07 l07z; 5-2o's,
:oupon 1862, 11oX iiJX; do., 1854, 1917 q lo7h;
Co., 1885, 107k 1885, do. new, 1855, HOY ll0M; do
1857, IIoX llOK; do, 1868, ll0H 1l0x; 1o-4J's
registered, 104 10lk l0-4l's coupon, lo5H 1904;
At all the boards business duh except for Erie
New York Central, ROCK island, Reading and the
northwestern stocks. At the first open board the
quotations were:-Cumber and, 40; American Ex-
press. As; Adams Express - ASK; United states
Express ASK; Merchants' Union Express, 20 a 2o1s;
Quicksilver, 20 Q %; Canton, ~ bid; Marposa pre-
ferred, COX q; Paclc Mail, ll5 ll5s4; Western
Union Telegraph, 80 55ts; New York Central, 125ts;
Erie Al a41k; Hudson River. l24 q LIS; Reading,
ssx q e9k; Chicago aud Alton 1877 n las; Bankers
and Brokers', 107; Alton and Terre Haute, 391s
coz; Wabash, 66h 81; do. preferred, 70 bid; NH
waukec and st. Paul, 90 . 66x; do. preferred, s2a
%; Fort Wayne, 10s14 l0SK; Ohio aud mississippi,
cox sos; Michigan Southern, So SsA; Illinois
Central, I41 bid; Pittsoug. 90. soas; Rock Island
y07x q IO7K; Northwestern, S5h q $50; do. pre-
serred. SIX SIX.
At the first regular board Cumberland was steady;
wells, Fargo Co.'s Express, 2ox bid; Adams Ex-
Dress, n higher; United states Express per cent
tower; Merchants Union Express, per cent lower;
Quicksilver, y higher; Canton steady; Mariposa
Netter DO. preferred Y higher; western Union Tele-
graph, steady; New York Central, per cent lower;
Erie to per cent better; Reading, per cent
lower; Milwaukee aud ST. Paul. steady; Fort Wayne,
steady; Michigan Southern, V lower; Pttsourg,
steady; Toledo OK sys4 bid; Rock Island u lower;
northwestern. Y lower; do. preferred, X lower
Az the second open board the quotations Were:-
American Express, 43h 45; Mariposa preferred,
sDK Q q; Pacific Mail, li4h 1l5k; Western Union
Telegraph, SO 3oL; New York Central l244 l245s;
Erie, 43sS 43x: Hudson River, ia q LIS; Reading,
/ s9h ea,s; Milwaukee aud st. Paul, 64x s.; Fort
Il Wayne 1887 o 100; Michigan southern, sex a sax;
Pittsburg, COX q 9o1; Rock Island, 1914 ,o7N;
Northwestern, s5,s c5;s; do preferred, SIX sIk.
/ And rs follows at tie last regular board-Ameri-
ran Express 40 IA; Mariposa preferred, 2oH AL;
pacific Mai, Ilo bid; New YORK Central l2iS
i245s: Erie, AK a.; do. preferred, "a; Hudson
River, l2s a les; r. aiding. e9s ss's; Milwaukee
,nd 81. Paul 63 a Ca 10. preferred, S3,<; Michigan
southern, sess s6ys; PitsDurg, Sok S6ls North
western. s5 u SO; do pre- crred. SIX as7T.
The transactions ut the last open board were OK
sremely dull, with closing sales oi Pacific Mail at