The New York herald., 1869-02-24

q
clnc MAIL Fort Wayne and MichfEan southern Thc
nrst mentioned went down 70 100 amid much excite
ment reacted about half 70 equarteFs per cent
then went down 70 s1k and finally closed at s7,S me
losses entaed by the "drop" In this stock are very
large and there II no small amount OF indignation
At the action Of the prominent directors In advising
its purchase at ngures twenty per cent above par.
To-day the street was inclined 70 "kick the dying
lion'' by starting all sorts OF rumors Prommens
among these was statement that one OF the steam
ers Of the line had been lost and another disabled
Another and very lively contest s preparing IN
Michigan Southern. The annual election comes on
next month, and the veteran Commodore has
entered the lists for the purpose OF ousting
the present management--a feat which ne
came very accomplishing compile
Of years ago-in furtherance OF his plan for
consolidation Of all the railways connecting the
Central with Chicago, thus making out one corpo-
ration between New York city and the metropolis
OF the West Rumor has Il that the Harlem and
Hudson Inver are to be consolidated with the New
York Central and these in with the But1ao aud
Erie Railway which connects with the recently CON
soliiAted Lake Shore road extending from Erie 20
Cleveland. The Commod0res possession OF the
Michigan Southern, which runs between Cleveland
and Chicago would consummate his plans. The
hight ls going 70 he hard one, ana
viii he all the more interesting that 1t
has three sides to it-hrst, the Vanderbilt party;
second. the Northwestern party, who control the
road al present and third, the Erie clique The
great struggle win he between the first and second
parties The Erie clique, who made treaty OF peace
with the Central party on condition OF being let into
the secret OF the recent scrip dividend win nse their
nnuence the Vanderbilt side for the sake OF the
Immense profits likely to arise from 'cornering" the
are also manipulating Fort Wayne, and the indica-
ons are that some OF the directors Of the latter
psny are inclined to desert the Pennsylvania Central
account OF the bad faith Of the latter in making
lease, through the Pan Handle Company, with the
Columbus and Chicago road, ana aid the movement
OF Erie for through connection to Chicago. What
ever the strategy underlying the present movements
OF Fort Wayne and Erie there Is interesting time
coming and the street IL evidently ON the eve OF
considerable sensation. That the Erie party are
entering largely into the contest both in Michigan
Southern and Fort Wayne IL betrayed In their heavy
sales to-day OF gold and OF Ohio and Mississippi and
other stocks, which they seem inclined to throw
overheard. IN order to get funds with which to sus-
tain their efforts In the two stocks mentioned
The .vanderbilt stocks" were strong in SYM
parhy with the Michigan Southern movement
and the Erie STOCKS correspondingly weak,
open board as follows:-CumberIand, SO a
80; American Express, 43 43x Adams
Express, e31x es1l; Merchants Union Express.
17,s bid; Quicksilver. 243s q rs; Canton, 80 q 81;
Pacific Mail. esA osa. Western Union Telegraph,
37ss 81 New York Central, 1885, I63l6; Hudson
River, 1861 1877; Reading, S2 q 92l4; Alton and
Terre HaIte, IS 39x; do. preferred s. bid; Toledo
and Wabash, 661s 66x; do preferred, u IS; Mil
waukee and st. Paul, 651 G5i4: do. preferred. II y
tx; Fort Wayne, 12214 122&; Ohio and Missis-
sippi, 33z ssJs; Michigan Southern, s8 y 96l&;
Illinois Central, 1l3 l47; Cleveland and Pittsburg
s0h eos; Cleveland and Toledo, lo51 i05h;
Rock Island, 1854 l27; Northwestern, s2ss s27s;
do. preferred s0zs sos<; Mariposa, So q 91s; do.
preferred, 2os1 . 2sH; Harlem, 1891 lS71s; Lake
Shore, los bid.
In subsequent street transactions the market i'm
proved upon these figures especially ss money was
quite abundant at the close OF banking hours,
balances being freely offered At four and five per
cent. The ruling rate during the day was six ana
seven on call, with exceptions early In the day at
seven mixed coliateras. The closing street quo
latons OF this evening are appended to the list Of
stock sales.
An Albany correspondent wrltes:-
1t Ii the intention OF the Special Railroad CON-
mttee to hold sessions New YORK city during the
recess that will commence ON the 29th inst. One
goes far TO incline To the belief that the Erie
road will ind that the first attention Of the commit
lee will be directed TO Its afrairs-and with kid
glove delicacy viii they stop on their search-and
That Is that the chairman Of the committee Is under
be aggrieyed holder Of tine varying stock
Df that company, shut out by Revolutionary action
rom his proper and rightful knowledge Of the ar
airs OF the road, to the injury OF his peace OF mind
md the integrity OF his pocketb00k. II may be that
win THINK nanciers often do, that viii
,e more nseu In turning back his lost ducats than
ctlve and bitter warfare. II va, Mr.. Fisk may have
he painful pleasure Of looking forward to being the
asst one devoured.
The Senate Railroad Committee win report on
Tuesday night the result Of their investigation INTO
he affairs OF the railroads Of the State. IL IL under
stood that they will make the whole matter the sub
OF their report and not give piecemeal the
.us Of their labor. The report has been entirely
rewritten, the first dram not meeting the approval
,f the majority Of the committee, and some doubt
Exists n the present one viii fully satisfy the ma
orlty. The report b In the nature Of legal nnd
ng. and will ne supplemented by bill In which the
senate will suggest the remedy and apporti0n the
that, In the judgment Of the committee
4 due 10 the corporations The argument against
he roads s that by the general law they re-
stricted TO dividend Of ten per cent, and Ii the
can Increase their stock eighty per cent
Or any other amount, the intention OF the statute Is
II the companies can pay dividend OF
ten per cent on capital double that allowed by the
original charter. from the proceeds OF the road
then they should reduce their fares one-half aud
their freights proportionateIy. and not water the
..tI