The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-15
FINANCIAL AND CONNER GAL;

THURSDAY, Oct. 40 NJ
the monotony OF the stock market gave way 70
considerable activity to-day, owing 10 heavy trans
actions In Lake Shore Railway stock, which rose
from s7l to 9lH. The immediate cause OF mis-
movement was the favorable Interpretation OF the
action OF the directors who, at their meeting this
afternoon, elected Augustus Scbell director in the
place OF ]. W. wetmore, OF Erie Pa, resigned
Mr. Wetmore resigned or course AT the solicitation
of his brother directors, IN order to make place
for Mr. schell who, as q friend OF Mr. Van
derbnt and as Secretary Of the Hudson River
Railroad, is regarded as another representative
OF the Vanderbilt interest In the Lake Shore Com
pany. The Office OF treasurer will be flhed by the
choice OF James Ii. Banker, also friend ana repre-
sentative Of Mr. Vanderbilt 1t viii be remembered
that Mr. Banker is chairman OF the committee
charged with the investigation OF the aars OF the
Company, as affected by the failure OF Lockwood
Co. In his capacity OF treasurer he VIII give 10 Inc
public Immediately upon his election q full state
ment OF the results Of this investigation. The buoy
ancy communicated to the stock market when the
above facts transped carried up the general list ana
ahe feeling on Stock Exchange was Tor time quite
.bulsh The rise would have been greater and
more marked doubtless, were Is not that the bears
have not lost courage but sold the market at every
step Of Its advance As to tine relations Of the Van
aerpilt and Lake Shore parties a curious parallel
wards other lines. Thus the New York Central
party are ayerse to making q total discrimination IN
favor OF the Lake Shore in the matter OF through
traffic to Chicago for the reason that they
have already strong affiliations with the
Michigan Central. on the other hand the
more conservative directors OF Lake Shore
deem II prudent no: 10 make any discrimination
against the Erie road, but II possible to work har-
moniously with both 1t and New York Central IT
is fortunate for the community that these opinions
entertained on both sides; for an opposite policy
would eadt monopoly. As IT is the diverse rela-
tons OF the four roads above mentioned viii serve
to stimulate a healthy rivalry. In the other rail-
ways the buoyancy exhibited in rise 10 III for
New York Central rs for Northwestern, 1oeX for
Rock Island and 63A for Wabash. The last
mentioned was strong In consequence Of
the approach of the time for the deliv-
cry OF the stock engaged to be bought
by the Lake Shore Company. In the final street
business, alter the closing OF the Long Room, the
market reacted and declined from the highest prices
OF the day. Exceptionally to the general current
Reading was weak and Pacific Mail underwent q
break. The latter went as low as 591s on the report
that that the Garrison party have abandoned all
effort TO control the next election The express
stocks were higher and active, owing to the APP
proach of cold weather and the expected
was unchanged and the rate on call ranged
from four TO seven per cent. Cotton is
moving more brisky, and the demand from the
South has led large remittances IN that al
rection. The banks this morning received the call
OF the Comptroller OF the Currency for report show
ing their condition OF the close Of business Satur
day the 9th instant. Commercial paper was steady
at from nine to twelve per cent for prime accept
ances. The gold market was dull, and the price
remained quiet at 1870 a 1908, The Gold Board to-
day held protracted and rather excited meeting at
which the report OF the SPECIAL committee was
adopted, favoriDg new clearing house outside Of
the Gold Bank. A full report Of the proceedings Is
given in another column.
Governments were dull and without feature the
price OF the leading speculative Issues not varying
over an eighth per cent. southern securities were
also very dun and weak for the Tennessees and
North Caroiinas, which are stin the most active OF
the list and the subject OF speculative interest.
The range OF the gold market was as fo!lows:-