The New York herald., 1869-03-25
FINANCIAL AND COMMERCIAL.

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WEDNESDAY,, March 2-eP. II.
The availability Of the law for the purposes Of
stock gambling has never been 30 completely demon
strated as within the past year In this city. The
story OF the Erie combination and the utter failure
OF any legal effort to throw the AFFAIRS Of the Erie
Railway Company into the hands Of o receiver are
stl fresh In the memory OF all who gave the least
heed to the remarkable litigation In which that cor
poration became involved. 1t was the elder Mr..
Weller who deemed an alibi the great panacea Of all
legal instruments, but doubtless the venerable Tony
was unacquaintcd with that other jurisprudential
proceeding--the injunction-or he would have
been as willing to cxtol Its meritor0us character.
At the close Of business last night New
York Central had touched the highest point
IN rs history since the issue OF the oitigated scrip
dividend. This morning the rumor OF "corner"
was freely circulated; but general comparison Of
notes showed that the cash stock was 70 be had in
abundance and could be found In nearly every
brokers' Office in the street The discovery OF this
fact, well sudden activity In the money
market, caused pressure to sell, under which the
price went down to lt0X; but the report was then
set a1oat that the Union Trust Company were pay
ing the four per cent the scrip and had already
liqudated the interest eleven millions OF the stock.
Hereup0n there was fresh advance TO 1884, and
affairs looked couleur de rose again, when another
Injunction appeared, and the stock went down to
1GoA. The injunction was sued out at the instance
of Mr.. Granville W. Nichols OF the Board Of Brokers,
who, after alleging the facts already contained in
the withdrawn Jencks suit, goes on to say
That, as the paintfr IS informed and believes, the
defendant, III violation OF the PLAINTIFFS rights, in-
TENDS and threatens to apply TO the Legislature OF
ths State for authority to pay SAID certificates or 10
issue stock therefor.
That special committee, appointed by the Leqis-
lature to investigate the anairs Of said company,
has been in session in this city for several days past
but has not yet made It's report.
That, as the plantr IL Informed and believes, the
said committee sat with closed doors and refused to
the reporters OF the press to De present or to
be informed Of the proceedings; that some OF the
tatlOn with one OF the directors and officers
oil said company and that Q majority OF said CO IL
and oiccrs that The said conmittee should report 70
tne Legislature bill TO legalize said resolution and
certificates.
The petition asked that the defendants be restrain
cd from applying 70 the Legislature for relief, which
the Judge Of course refused to grant, such right
being guaranteed to everybody since the days Of
KING John and Magma Charta. The order commands
the company to refrain from paying any money for
either principal interest dividend upon any certi-
ncate or certificates, commonly known as interest
certificates and described In the complaint whether
already issued hereafter TO be issued, until the
further order OF the Court. Under thus staggering
blow the stock was weak and depressed until late
In the afternoon, when another report was put
In circulation, that the company had gwen
bonds TO guarantee the plaintiff in the suit
and were allowed to proceed with the pay
ment Of the interest ON the certificates. Under
thls influence the price was up to 1881 just be-
fore SIX o'clock this evening. Such Is the latest
phase Of this very complicated stock operation.
The purchases at the close look like movement for
another "twstn OF the shorts, but the sbears" say
fhof ttSa f, 10
worth, even with an uninterrupted payment Of the
scrip interest. As Wall street is a place where
people pay literally for their opinions they have the
right TO express them just as freely.
Money was suddenly quite active and gold interest
was paid in many instances, while at some OF the
banks accounts were not maze up until halfpast
three O'Clock. sudden demand 10 reported from
the Country. but it is too sudden not to suggest ar
ncal influences A million OF dollars s reported
shipped to Philadelphia, but 1t could easily
have been sent for the account Of the clique which
ia now at work upon the stock market There are
Of course, natural causes in operation to make
money active, but these sudden spasms are the re-
suit Of deliberate Withdrawals OF currency. 1t is
significant sign that the brokers OF the Erie "ring'
kept up the appearance Of active money BY 'shin-
Aing around the street very extensively this after
noon.
sendency at the opening which was counteracted
IN . degree by the nrmer tone Of the gold market
Later In the day the advance Of nve-twenties
IN London TO s3Z created q better feeling
IN the 62's, and the list closed with the follow
ing quotations at i've o'c0ck:-United States sixes
1881, registered, lis 1151; do coupon, 116 1l6k;
a0 hvetweaties, registered, 1131z ia; do, coupon
1S62, 1854 llss; do, 1864, ia 1141S; do, 1885,
1lo Q 116H; do, new, 1865, 1l3 113k; do, 1857
113H 1l3k do, 1858, 1l3 1l3s; do, ten-fortics
registered, 1o4X 105; do, coupon, los . 105k;
currency bonds, 1035f 1o4.
The gold market opened with afeverish feeling. on
account OF threats to make "squeeze;' but the
bears are so confident the present price cannot be
maintained that they sold freely In the beginning
and kept the figure at 1914 . 13l,s. Cash
gold was scarce for delivery, and loans were
made az high IS Is ana 9e4 for borrowing,
but the price at its highest touched 1917. The fact
evinces the weakness OF the premium, which is
but natural In the presence Of such q deluge OF
foreign exchange. The bills drawn against bonds
have glutted the market for the latter which very
heavy and working OF very slowly. the time for re-
mirtances TO Europe having gone by for the goods
purchased In the fall and winter while present Inn
portatons win not have to be paid for before mid
summer. The present price Of exchange would
allow of the importation OF the smaller American
gold coins-known on the street as "chicken-
feed"-while . very small decline would make
II profitable TO snip sterling this way. The
steamship Westphalia, which arrived to-day from
Hamburg brought 5000, ,ooo francs In specie Late
IN the day the advance in bonds at London caused
Q yielding in the Market The range Of price was
o. fonows:-
10 y0A.M...........1311 A. 2P. P.M.............l31k
10:22 A. M...........13lN 3P. .18lH
lo:2s a. .M..........isix $3.50 ?. M........... .lMX
III "A. .l3lk $40 II. M............1J1k