The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-01-05
FINANCIAL AND COMMERCIAL.

rtNANCiAI AND COMMEnSiAL.
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MONDAY, Jan. E6P. n.
There are sad hearts and empty pockets tonight
among the fresneniers Of the Stock Exchange.
Cause-a heavy .,uIopn in Central That man
may be great and not know It Is quite possible.
Mhether Commodore Vanderbilt knows that he Is o
great man does not AFFECT the fact that he is
report that he was mortally sick, that he had been
thrown from sleigh and fatally injured, conJured
Sp such gloomy prospects for the railway which
recognizes him for head and CHER that ITS stock
took q sudden downward turn and was accelerated
al its fall by other dsparagng rum0rs more or less
influential IN their eject upon the market. 1t Is
said that OF best things the great Rothschd
did before dying to direct his family and friends
to ''sell Lomhardy snares shortn well knowing that
his death would proauce panic IN those securities.
MIR. Vanderbilt should be equally obhging To his
friends and give aus notice OF his intended demise,
IN order that nobody might be taken unawares with
heavy load OF Central on hand. The report OF the
accident for which there was no foundation, gave
the stock its starr downward The opening price
was 1904, from which 1t rapidly settled 154Z.
Thence followed rally to 1864, decline to 1924,
reaction to 1854 and return to 152s< at the
close this evening. he slegning story having
been disproved, report was set in circulation
that an injunction had been granted by Judge
Cardozo, at the si OF Mr. jerks, putting some sort
OF an estoppe tie scrip dividend lately declared
by the board OF direc Rumors, too, had 1t that
Governor Hoffman, IN his message intended to take
ground against egaiizing the conversion Of the
scrip INTO stock. NAen ali these were followed by
stringent money market the load was too great
to bear, ana Certral had sunk at the close
full seven per cent from the opening price. 1t is
difficult to fath0m he motives OF the various cques
who now control wall street. This latest move in
Central may just likely not, be another piece OF
strategy preliminary to another rise. The clique who
hold the stock disappointed at the failure Of their
original scheme to send the price up to the vicinity
OF 200. 1t Is significant that buyers to-day bid
ding 169 with thirty days options. When Central
was going down just previous to the declaration Of
the scrip dividend large bid Of this kind was made
20 apparently In the interest Of the clique that the
street laughed at Ii very "thinn attempt to boil
ster the falling price. The device showed very
profound knowledge Of human nature as 1t exists in
Wall street. few days after the street laughed the
other way. II previous experience be any guide,
the indications are that the clique erected break
IN the market for the purpose Of buying in more
Df the stock preparatory to the declaration of en-
Additional scrip dividend Of twenty-five per cent,
making one hundred In ALL and then unloading
At the high prices which this action must
bring about. The prospect for the future
is very dscouraging unless they resort to
some suca step. The news from Albany
reports the probable choice for Speaker OF the As
sembly OF Mr.. T. G. Younglovc, one Of the ablest
and most determined opponents OF the measure to
amend the law SO as to permit the New York Gen.
trail Railroad to increase the rate OF fare caucus
Is to decide the question Of his choice tonight.
Should he be selected it viii be severe ifnot fatal
blow TO the prospects OF the clique. Originally the
only stumbling block was Governor Fenton. 1t
would be all right, they thought, when his sue
into nQiaa Rntff Ia hof Tho
new Governor is not their friend. Whatever the
present harmonious relations OF the rival cliques in
Erie and Central the former bear not the best feel
fngs toward the latter. The Erie party number
among their members the two great wirepun-
ers OF the democracy who manipulated the
last Legislature and win seek to control
the present. The Governor is their friend,
very naturally. Will not their enemies be his
enemiesa These considerations, showing the hope
iessness OF any legislation for the profit OF the specu
lators in Central stock are the secret OF the
ments now on foot The story about an Injunction
may he true or not. Its object however, is only TO
temporarily depress the price, that the clique may
gather in more against the RISE An injunction can
hardly afect the scrip, whatever the Legislature may
refuse to do towards its conversion. The scrip IS
obligation just binding as the mortgage bonds Of
Che road, and the attempt to discredit 1t springs
from purely speculative motives. When the price
has gone low enough another dividend will be de-
clared and the whole load worked on upon the street
81 highly remunerative figures. The rest of the mar
ket to-day did not sympathze so closely with Gen.
tral as would otherwise have been the case. The
decline in the price Of the latter from causes
within Itself and not from any general influences.
Hence prices OF other shares were strong when Gen.
tral WAS weak but the whole market gave way ut
the close in consequence OF continued stringency I'm
money. Erie was more active nom feeling the effect
Of the repeated statements ofmeasures for through
line to Chicago ana TO the Pacific railways. The d.
version OF attention to this route caused dropping
tendency In Ohio and Mississippi, which, with Its ST.
Louis connection, is likely TO be oversaughed in the
movement for Chicago connection. At the close
Michigan Southern was largely dealt in. Toledo was
neglected. Boston, Hartford and Eric was pro-
gressive account Of the prospects for Erie. Rock
Island was steady. The cliques all talk grandilo-
quently OF gigantic railway schemes for the future
whereby there will be dozen or less through rail-
way routes from the Atlantic to the Pacific. Every
Zine running East and West which can by any posi-
biliy form connection Is Immediately bcspoken as
splendid investment for "outsiders.r s-r fe.4
The money market in the forenoon showed easier
symptoms, and the prevailing rate on call loans was
seven per cent in coin, with good deal done at
per cent currency on first class securities.
On the other hand weak houses and inferior colate
rails paid commission OF one-sixteenth To one
eighth Of one per cent per day. Towards the close
OF banking hours these rates advanced, and borrow
srs became quite plentiful and SOLICITORS. The strin-
gency at the close Of such severity that three
sixtcenths and onequarter were paid for the Of
money over night 1t was very evident that the ex-
pansion looked for had not come. Money is not yet
released in sufficient quantities the market.
Whatever sums the banks are ready to lend are
more than Offset by tire demands from oul-of-town
institutions and others meet calls for interest and
withdrawals Of deposits. Discounts remain dull,
without any concession IN rates.
Cold nuctuated between 1876 and 1861. The open
ing pffsc was 1854 and the closing quotation ~ five
O'Clock I$s 1891 holders Offering to 'split' at the
sixteenth The carrying rate was nine and ten per