The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-25


The Stock Exchange has been the scene OF great
cline In Erie The stock pressed for sale ct the
opening In large amounts, and sales were made
~ low "a 1891, from which point there was rally
70 143, but the Improvement was not sustained and
gradual decline to l40 succeeded, following which
again there was rally to 14l1s and a subsequent
relapse to 1894 at the close large amounts Of stock
being offered at this price. The fact Of many OF the
certificates OF Erie stock aoat being Of recent
fer has given rise TO surmises which by no
means tend to reassure stockholders, and
heavy sales are said TO have been made
under Geographic advices on English account. the
general railway list began to give way late in the AT.
aernoon. and the whole market sympathized with
the downward tendency in Erie more than ii had
done previously, while the dealings in the latter
stock partook OF the character Of panic; and, TO
show the sentiment OF the street with regard to it,
we may mention that bets were offered freely that
would sell at So on Monday. The as
pect OF affairs In the railway share mar
ket has seldom appeared more critical
than II is at present, and the banks money lend
ers generally express more than usual anxiety for
their own safety In lending stocks owing to the
extremely high prices current, which would rem
der panic more than ordinarily disastrous Erie
n now entirely thrown out as a collateral by the
money lenders, owing to Its supposed worthessness
IN the present financial condition OF the company,
and hence those who carrying It ON
margins md great dificulty in holding it.
10 has been suggested by Of the
most reputable members OF the Stock Exchange
that II should be entirely thrown out OF the dealings
nj the board; but this proceeding would leave it
almost without market value and thereby involve
Wall street in heavy losses II Ii hardly advisable. II
noticeable that the fall IN Erie Is forcing those who
have been carrying TO sell out their otner stocks to
some extent as well as this and hence the entire
market weakened aud this feature Is likely to be-
come still more conspicuous.
The proposed amendments to the constitution and
bylaws Of the Stock Exchange and open board
discussed Friday In the regular board when, Is
stated, the old board by vote OF 223 10 IS enacted
that hereafter the Initiation charge for members
shall be $4,000, and that all presonk members be
invested with a property value In their seats,
subject to voluntary sale and tfaasfer lby
consent " the Executive COMMITTEES Of the
Board) In the lifetime OF the member, for his own
benefit. or al his death by his administrators for the
benefit OF his famiy-his creditors being FIRST salts
ned. The seat IL also TO be held subject to sale aner
twelve months, for the payment OF the debts OF de-
faultlng members-that Is, year Is given TO such
members to settle up the claims against them and TO
retain their Seats but II such settlement he not then
completed the seat Is sold TO the best advantage and
the proceeds applied pro rata 20 the creditors
At the ten O'Clock open board the stock market was
heavy and New York Central sold at 1879. a l27a.:
Erie, Al 42L: Hudson River, 1886 1877: Reading, 9s:
Michigan Southern, 81 a ST.; Cleveland and Pitts
burg. ss1s q ssss; Cleveland and Toledo, l0lis
1o4AS; Rock Island 1907 io7; Northwestern, eois
soal: preferred, slh q1s: Fort wayne, ll4s.
lis; Milwaukee ana st. Pau preferred 1o4; Ohio
aud Mississippi, 3lis 3lk: Pacific MAIL 1917; West
ern Union Telegraph, 80; Mariposa preferred, 23Is.
Al the first regular board Erie rallied TO a., but
other stocks were nrm under the call. New York
Central closed y lower than Al the same time yes
fcrdny. Erie 81. Reading. s., Michigan southern y,
Cleveland and Toledo y, Fort Wayne =. Pacific
Mail 1. Tennessee skies, coupon, q, issue =.
North Carolina skies 4 and new issue s, while
Hudson River was I. higher Cleveland and Pitts.
burg :. and Northwestern preferred l. Govern
nent securities were steady but inactive. AZ the
open board n one O'Clock Erie relapsed TO 49,.
and New YORK Central sold ~ l2Ii. 12iaf: Hudson
Biyor, Isl is7is; Reading. W. eiA: Michigan
southern, so't sc'.; Cleveland and pitsburg. ss;
Cleveland and Toledo, i08t a Io8l,: Rock lsland
1915 1867 Northwestern sS3 ~: do preferred.
NV. 20: Fort Wayne, 1874 a III: Milwaukee and
~. Paul preferred lU; Ohio AMI Mississippi 800 a
go't: Alton apd Terre Haute ~: Toledo ana Wabash
sss GSlS Pacific Mail l26 :; Western Union ,rele
graph, ss,l sss.; Nariposa preferred, 2lis Ner.
chants Union Express, 2aA4; Tennessee sixcs new
tissue, CO., TO- There no later session " either
abe regular or the open board hut business was con.
tinned IN the lower hall with considerable spirit
anil tour O'Clock and afterwards on the street untn
nearly ak O'Clock, when the market closed weak,
especially for Erie. at the following quotations.
Pacific Mail l2e l26ga; Western Union, 3e'. a 81
New York Central l2egs i2eA.; Erie. ~. a So.
Hudson River. iaG. Heading Michigan
southern, s5a< so pit,sDurg. s7h s7al: Rock
Island, 1857 1861; Northwestern, 80 So 4: North.
western preferred, 20 a ooa; Fort Wayne, 1884 a
1ldls; OHIO anu Mississippi, "a 81; Marposa pre-
ferred 22ss a 22'.
Government securities were steady AZ the close at
Jour O'Clock a. the following quotations. Registered.
1851, Ilt1 l14a coupon. 1851, no.. il5h; s2os,
registered, 1862 1907 1915 52O's coupon, 1867, 1885,
all3k do 1864, III x aiII.s do, 1865 IilA lli7s:
do, 1861 January and July 1903 nos; do, 1857.
1lO1 nos. do, 1904 liOa All; ioios, registered,