The New York herald., 1868-03-17
FINANCIAL AND COMMERCIAL
MONDAY, March le-eP. y.

MONDAY, March l6-SP.M.
Tne gold market was unsettled. but on the whole,
nrm to-day, and the fluctuations were ffom 1904 to
lseX, with the closing transactions ct 1884, There
was . good borrowing demand for coin, and loans
were made at rates varying from four to six per
cent The gross cearings amounted to $e2 112, ,OO0
the gold balances to $l,s42s4o, and the currency
Balances TO s. 735 459 The weak and excited cond-
cn Of the stock market dwarfed interest In god but
the advance in the rates Of foreign exchange
Dad tendency to impart strength to the premium.
The fact that Mr. Ingcrsolls resolution In the House
Of Representatives, providing for an increase of
legal tender circulation to the amount Of the green
back contraction, was virtually killed by being re.
SeEred 70 the Committee Of Ways and Means by q
vote Of ninety to tyeght, shows that the majority,
a this branch OF Congress at least are opposed to
Anation, and this Is good sign for the future The
country requires neither expansion contraction.
The stock market has been in a whiri of excite
ent all day, and Erie is still its absorbing feature
The fluctuations in the stock were from 73'S to 6e4,
and despite heavy purchases by brokers supposed to
- acting for the bull clique the decline made steady
progress: II is therefore to be presumed that the
bull party is powerlcss to support 1t, and,
this being the case, it is difficult to say
how low the stock may not fall. The hun
dred thousand shares OF new STOCK sold
hast Monday is so much added to the weight which
the combination In question before undertook to
carry. Much Of this stock was bought by 1t above so,
and the loss in which II Is already involved probably
aggregates more than million and half OF dollars.
The side pool, which was formed to cooperate with
H. has sold out at heavy sacrifice, and many
Of those who bought largely when the Van
0erblt movement became q matter Of street
notoriety have found themselves compelled to part
with their stock under similar circumstances In
connection with it and the general market the failure
~ three broker firms reported this afternoon,
two Of whom belonged to the regular board and one
20 the open board One was identified with the
Atlantic Mail interest and another with Canton
and both proved milst0nes round their necks
BY the reverses which the Vanderbilt party
has sustained in this campaign Its leader
has undoubtedly lost much Of h Is prestige,
and there is no knowing how much his capital may
ee ultimately involved in 1t. Moreover, the public
has no sympathy with o movement designed to
secure monopoly Of the leading railways centring
at this point, and 1t would have been better II the
controlling spirit Of the New York Central the Hud
son River and the Harlem lines had contented him.
self with their successful management, instead
Of thus attempting to control the Erie as
well. AS Wall street operation this 90
called Vanderbilt movement has turned out
disastrousy, and 1t has not only demoralized the
bulls in Erie, but the bulls in all the other railway
shares and the desire to sell among holders Of stocks
has rarely been more general. The litigation be-
tween the eontendng parties was further compli-
Gated this morning by the issue Of an injunction by
Judge Cerke, Of the Supreme Court Of this city,
staying all proceedings on the entry Of the
srder appointing the receiver for the proceeds
Of the sale Of the ten millions OF new stock
and preventing the receiver from acting until
such time as motion can be heard on the first Mon
day Of April. This is In direct opposition to the
action OF Judge Barnard on Saturday last and gives
new turn TO the proceedings in favor Of the Erie
party. The general public as well as the street nat
urally regards the stock with great dgtrust in view
e this tigious struggle and its uncertain results
and both win dowell to leave it severely alone The
bears predict that it win sell below fifty within avery
1ew weeks, while the bulls venture no predictions
with regard to II, although few are disposed to
Mcve that II has touched bottom The banks are re-
1uctant to lend upon it except in small amounts with
wide margin, they fear further issues OF new
stock there being no limit to the amount to which
the company can issue convertible bonds, and
Quently new stock, under the provisions Of the
statute.
The money market was moderately active at seven
per cent for call loans, below which rate there were
no exceptional transactions, even on government
securities. Some surprise is expressed that the
Treasury does not purchase seven-thirty notes in
order to release portion Of Its Idle currency balance
the especially they considerably lower in
price than when the government made its last pur-
chases. The amount OF money locked up in the
wants Of the subTreasury would be OF public service
y disbursed, whereas It now merely tends TO aggra-
waite the prevailing monetary activity.
The statements OF the associated city banks for the
list two weeks include the following ,otals:-