The New York herald., 1869-02-05
FINANCIAL AND CONNER GAL.

iNANClAI AND CONNER GAL.
THURSDAY Feb. 4-6PM.
Tne STOCK market to-day was quite feverlsh and
weak At one time in the forenoon affairs in the
Long Room looked like panic and stocks were
thrown on the market IN large qualities. The prime
cause OF the uneasiness which led to this "drop''
was the announcement OF another defeat Of the Erie
clique In the sudden passage Of bill In the Penn
syvana Legislature continuing three.fourths OF the
present directors in ONCE beyond the next election
This was another blow the interests OF the
Erie operators. ut never rains but 1t p0urs" seems
true saying with reference to the mlsfOrtune5 OF
THIS institution. The defeat OF the Pills
burg scheme was followed by the refusal
OF the Columbus and Chicago stockholders to ratfy
the lease OF the route to the latter CITY, and now the
last card in the game for through Erie connection
10 the metropolis OF the West seems 70 be played In
the hostile action OF the Pennsylvania lawmakers.
II was feared that the clique would be forced to sell
their stocks, and hence there was general decline
In those OF the list which supposed to be IN their
hands or under their manipulation. Through sym
pahy the rest Of the list wavered and Declined but
not to the same extent. New York Central was
quite nuctuatng for these ana other reasons.
IL Is reported that the decision IN the
Jencks- Vanderbilt suit win be unfavorable
TO the removal OF the Injunction, while 1t
is feared that the Albany legislative jobbers will re-
sumo their usual annual attack. correspondent,
in speaking OF the introduction OF the last resolution
an investigation OF the affairs OF New York Cen
trial. Erie and Hudson River, says It indicates "a
great job SURPRISING the feeble efforts OF past years.
the Senatorial contest OF 1882 in the great and
unprincpled effort OF It's principals, surpassed the
similar contests OF the past is about to be sprung
upon the people. That Vanderbilt should bleed be-
cause he has unlimited ability to do so, Is an argu-
ment that with peculiar force to the minds Of
the lobbymen who surround the halls OF Albany
legislation. OF course there is moving cause for
thus action, and what 1t Is is an inquiry
most important and suggestive. No man, or
men, who have Central stock, except as
the gamblers OF the Stock Exchange hold 1t, are
parties to this proceeding. No complaint comes
from interested parties that the interests Of bona
Jde stockholders should be taken out OF their own
hands and passed over to committee appointed
nf tho option OF the Speaker OF the Legislature Not
but that Speaker Younglove will do his whole duty
IN the premises That is not the matter OF complaints
1t is merely that no shadow Of Of right ap-
pears on the side Of the of rnis resolution TO
enter into any such inquiry. The fact that similar
inquiry was pending before the Senate Railroad
Committee stated in the House. but had no erect
TO change the evident intention OF the members to
try their hands.i' New York Central sold down to
l6ok. ---~sf' = IS
The attacks upon Elie and its expulsion from the
list at the boards have provoked good deal OF Ill
win among brokers who wish to deal In 1t. 1t Is q
erchantable article like everything dealt In by Wall
street. they claim, and should not be prescribed In
this harsh manner. Mr.. Fisk threatens to establish
10 separate board for its sale and purchase. Erie
stock II certainly preferable vehicle for speculation
and investment to the numerous trashy mining coal
and miscellaneous stocks on the regular list. The
price to-day settled to 35 35k. Adams Express
was quoted at esH and Wels-Fargo at 80.
The effect OF the decline was most perceptibe In
Fort Wayne and Ohio and Mississippi, Of which the
clique are credited with being very 'Iong." The
former at one time touched l16k and the latter
B5X-rather s'raggedn figures In contrast with those
ruling last week. How far this Generalization may
extend II Ii impossible to say, for Wall street u
always great riddle. The immense rise in stocks
since January attributable to sympathy with the
reported enterprises Of the Erie Railway. The
FAILURE OF the latter to carry out these magnificent
schemes robs the market Of one great element OF
strength. The advance may be traced
to two sourccs-the efforts toward exten-
sion by the Erie Railway, on the one
hand, and by the New York Central on
the other. The latter stock now supports the mar
ket. The general list fell or from two to five per
cent. Pacific Mail was nuctuating. owing to the
stories about dividend. II touched 115ll at one
time. Merchants Union Express was buoyant.
Gold continued 10 decline and fell on to 1861 ut
one time. Late In the afternoon prominent repre-
sentative OF one OF the ciques attempted to restore
xhe tone OF the market and offered 80 quarter OF one
per cent to call gold at 1856 In 1fteen days." The
range OF prices was as folows:-