The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-13
FINANCIAL AND COMMERCIAL.

TUESDAY, Oct 12-o Pm.
The money market continues abundantly supplied
and the movement OF currency 0utOf the city 10 very
hight. There are orders from tho South and
Southwest which are filed az best they can be;
but the inquiry beng for the small denominations
which have not been as yet supplied from Washing
ton It is impossible to send all that Is required. The
remittances westward are merely nominal. In the
discount market rates are steady at from nine to
thirteen per cent for primo accepances The
proposition from Lockwood Co. for
settlement was modified to-day 80 as to
allow them to pay ten cents in sixty days
instead OF cash, and tho balance OF the
dfty cents on the dollar, as previously proposed
The committee who have In charge the investigation
OF the AFFAIRS OF the Lake shore Railway Company,
a. affected by the failure, in to-day pre-
pairing a report for the meeting OF the directors to-
morrow. Lesrand Lockwood being individually
responsible for the moneys held by him In his posi-
ton treasurer has made assignment OF his real
estate and personal property for the benefit OF the
company Report mad 1t to.day that Daniel Drew
took the assignment, with the understanding that ne
Will make good the Indebtedness OF MIR. Lockwood
and hold the assignment as collateral Pledge for
his eventual repayment. With reference TO the dis
puted certificates the following note was TO tho
Stock Exchange to day.
LAKE SHORE AND MICH. g. RR. Co.,
NEW YORK, Oct. Ill, 1859. J
Mr. WILLIAM II. NEiLsoN, President New YORK
SIR am authorized by ths committee referred
to In advertisement Of the sth INST 10 say that OF
the certificates named III said advertisement nIty-
two nave been presented and certified as genuine,
and the cominittee would be glad to have the
baiance presented for their action. Respectfully
d. r. BARhiDr. Transfer Agent.
The object of tho advertisement appears to have
been force the return OF stock held as collateral
ANA not to discredt the certificates.
The annual election for directors OF the Erie Rail
way Company was held to-day. The old board as.
sembled in the forenoon and adopted ths follow
Mg:-
Whereas the Legislature of this state, at Its last
session, passed an act authorizing Tie directors OF
this corporation to classify themselves so as 10 hod
once Tor various terms,
Resolved, mat the propriety OF such classification
be submitted to the annual meeting Of the stock
opportunity OF determining ITS eiilciency.
At the subsequent meeting Of the stockholders
vote OF about $685. 600 Of the stock was poed and
the following resolutions adopted:-
Resolved, Thai this corporation hereby accepts the
amendment to lIs charter made by On act OF the Lee
glslaure OF the State OF New YORK entitled IAN acl
10 chapter 278 OF the Laws OF 1858 entitled an
set III relation to the Erie, New York Central, Hud:
son Riyer ana Harlem Railway Companies, passed
May 90 1869, being chapter 9ld OF the Session Laws
authorized to classify themselves, 80 that as nearly
rs may be ono fifth Of their number Shall 20 out oi
Office at each annual election.
Resolved, That the board OF directors this day
elected De and are hereby required ana directed 10
classify themscves In accordance with the act aloie
RGld.
Jay could, james Fisk Jr.,
VIM. NJ. Tweed, Frederick A. Lane,
Alex, s. Owen, Justin d. White
John Ganson, OrioW w. Chapman,
BOraJio n. OLls, Charles Il. SlssGn,
Abram Gould, Homer Ram3uell,
hensy Thompson, join Hilton,
Henry N. Smith, ID. X. Slmons.
George Z. Hall,
TIE board OF directors elected Jay Gould
President, and James FISK, Jr., Vice President tyce
A. s. Diven resigned), or the road for lsc97o.
1t will be noticed that the above list the name OF
Potter q. Sweeny, member OF the former direction
does not appear.
The gold market was quiet and the price huctu-
sted only from 1So4 to 1908. The Cold Exchange
Bank Is working, under the new receiver, upon the
unfinished business Of Thursday the 23d ult. From
the fact that the Third National Bank stood largely
creditor at the Clearing House this morning and
that Mr. Jourdan Is Its cashier 1t is conectured that
1t has undertaken to assist the Gold Bank OF It's
difficulties the stock certificates OF the latter being
doubtless pledged by the stockholders as a guar
antec against loss the former institution. In
another column we give the text Of an april
cation made to Judge Blaichford. ~ the
United States Court, by some OF the cred
itors. to have the bank declared 1nsolvent
and forced into bankruptcy. The matter came up
for argument to-day but the case was dismissed by
the Judge. The government sold S1,ooo,ooo in gold
to-day. The bidders forty In number and their
bids ranged from 1856 to 13015 for total OF
nearly 81, 100000 Tue awards were made in the