The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-02
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
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MONDAY, Feb. l-eP.N n.
S,s stocr market was in q decidedly erratic condi-
taon to-day and the fluctuations were frequent and
prices very Irregular By many these were thought
70 be the upheavas before the financial earthquake,
which, the "shorts' say, Is going to be the end Of
the present innation. But time goes by and the
prophesied "break" comes not, thereby setting az
naught all the experience OF the wisest operators
who have made Wall street study for lifetime.
There was good deal of waverng to-day, and the
decline OF four cent In New York Central created
no little apprehension; but the instant the stock
touched that figure there was perfect rush for it,
and within nve minutes the price had recovered
large fraction OF the fail. 1t is very GER
tain that the fluctuations which prevailed
to-day have induced great many to
70 short" The presence of this element
IN transactions is healthy one. The difference upon
the market would be readily felt case Of panic.
decline where there are no sshorsr Is like fall
ffom balloon-there Is nothing TO check the de-
scent. panic in a market well supplied with
'.shorts' is like fall down stairway where the
steps tend TO catch and arrest the descent. The
movements Of the cliques are again perceptibe. 1t
has been already intimated that their plan contem-
plated lobby influences upon the Western Legislatures
TO affect the prices OF stocks. We have already
the first results OF this policy in the Illinois Legsla
ture where q bill has been passed to reduce
railway fares. Ut hers are pending to pro-rate
freight charges and to prevent control OF
the roads By non-residents. The Northwestern
stocks declined in view Of these measures
but were Immediately bought up by the old cliques
which used to control them. and are now held by
these cques despite the damaging effects threatened
by the enactment Of these measures into Laws. The
eli ara ALI of tho and
aware that the bills referred to introduced for
stockJobbng purposes and viii be allowed to drop
when the proper time arrives, while the one which
has reached final passage VIII never receive the
Governors signature. Meantime, In furtherance OF
the same general plan they have visited the Ohio
Legislature and caused the introduction OF q bill
which in substance provides that person shall be
eligible for president vice president director Of
any railroad in that State unless he shall have
been resident OF the State for one year next pre-
ceding his candidacy for Office and unless he is
the bona tide holder Of at least 100 shares
OF STOCK. II he removes from the State his term OF
office shall then cease. The bill further provides
that at any election the OF stock in order to
vote, shall be obliged to produce certificate OF his
stock as evidence Of ownership and Of his right to
vote thereon. 1t is further provided that all meet
mgs OF stockholders, directors and executive COM
mttees shall be held at the principal Office OF the
company, which shall be within that State; that all
dividends shall be declared and made payable in
cash only; that all convertible bonds OF the different
railroad companies in the state may be converted
into the capital stock, but In no other way shall
the same be increased for any purpose what
ever; that the treasurer or financial agent
OF any company shall give ample security
for the faithful performance OF his Duties
and shall also keep hts office at the principal office
OF the company in that State: and that all moneys
belonging to such companies shall be kept on de-
post In the State or the object OF this bill
tsvery visible Toledo, Fort Wayne, Ohio and Mis-.
sissippi, Wabash and other railroads crossing or
touching the State OF Ohio were aimed at. Timid
holders to-day frightened into selling and prices
declined. Doubtless good deal Of uneasiness
occasioned by the less nattering prospects Of the
great Erie projects and by the delay removing the
Injunction In the Jencks-vanderbilt scrip dividend
ease. The Erie was not called at the boards to-day
the officers maintaining dgnifed opposition the
brokers on the subject Of registering the stock 1t
II asserted that the clique unwilling TO expose
the amounts OF over issues which were necessary In
order to raise money to consummate the recent
numerous contracts and leases which they entered
into with various Western Ines Registration would
expose state OF affairs, perhaps, Of most startling
character Many brokers oppose the expulsion OF
Erie from the call list, and as there Is penalty
attached to transactions in the Long Room the
street they dealt In the stock to-day. Under rcsou-
ton Adams WellsFargo and United States Ex-
press were also passed over The express stocks
were generally nrm In the ebb and now OF prices.
Adams touched 69z under large purchases, said to
be made by officers for the purpose OF paying the
officers OF the Merchants Union, who have surren-
dered their principal routes The delay in register
ting has inspired the belief with many that the
Adams stock has gone or is undergoing watering
IN order 10 carry out this arrangement. New York
Central In Its decline went to 1854.
The transactions in gold were below the average,
but the premium steadily declined under a
pressure sell the inference is reasonable tnat most
OF the sales were on speculative account The high
price prevailing up 10 Friday OF last week has in
dueed the 'shorts' to take hold OF the market and
they hammered 1t to-day quite successfully. The
opening price 1861, from which it had fallen to
1851 at four O'Clock. with upward reaction later
in the afternoon. The range IN price was as fol-
lows
.0A. M............ 136& 2 p. M..-.......... 1851
1906 a. M......... 130% r. NJ. 1861
IL A. M............ 1891 345 Y. .......... 13J4
L. 1876 $3.50 II. M.,...... 1853.