The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-19
srooxa STEADY AND DULL.

Tne attention ofthe market ~ the Stock Exchange
was again almost exclusively occupied with Erie,
the only show OF activity elsewhere being made by
Boston, Hartford and Erie, which. by the sklful
management OF spectators, has been worked in as
q sort OF tender to the movement In Erie. These
parties intend running the stock up high as they
can and then selling out to Mr.. Daniel Drew, who,
since his lucky purchase Of Canton at IS a s5 per
cent, Is looking around 1or other valuable property
In which TO invest his surplus wealth. The opening
price OF Erie wss 46 which variation of over per
cent from the closing figures OF Saturday night
created considerable surprise. but subsequently
explained by the condition OF the London market,
where Erie was the great feature to-day, probably
because the resignation OF Jay Gould did not be-
come known to the British public until this morn
ing. A firm OF Geneva bankers were the first
buyers, taking between fifteen and twenty thousand
shares for their agency In London. These transac-
tons advanced the stock to 4s, at which 1t became
dull and eventually heavy, dropping back IS far
as 461s Here 1t was rapidly absorbed by some
fresh buyers, and advanced to and closed at ASK.
The extent Of the last order Is not KNOWN nor was
it certain that 1t had been hled at the time the
Stock Exchange came 10 the prompt adjournment
Ordefed by the rules for five O'Clock The buyers in
this latest instance were an American firm with
London connection, the foreign origin OF their or
ders being indicated by the simultaneous sale OF
as narrated above in the god paragraph. The
press statement by caole o lew days since, that
the London Exchange had withdrawn the prohibi.
ton against dealing in Erie certificates not stamped
by the Protection Committee, proves to be mistake.
The rule is still in force although with the present
status OF the Erie management 1t must be repealed
In few days at most The stamped stock In Lon
don advanced to-day to 45H-equivalent to about
55n In American quotatioIs-and the unstamped
stock which dealt in on the street and among the
bankers outside the Exchange, was only 8
per cent lower. 1t is easy to see, there
rore, why the stock advanced twice suddenly to-
day. Both the McHenry party and the protection
party are evidently buying the unstamped certi1-
Gates In the open market OF London knowing their
availability at the election. With continuance Of
such demand for Erie in London as has been eX-
perlenced the past week the American market
would soon be stripped OF the stock. As 1t Is the
tide ia steady from New York to London, the
foreign price having for few hours only
been on q level with the domesuc,
and most of The time leading 1t by several per cent
The rest OF the market calls for little remark and
was generally steady, winding up firm with the
closing stiffness Of Erie. Boston, Hartford and Erie
nuctuated between 6A and IL. The union OF the
Delaware, Lackawanna ana Western Railroad and
the Central Railroad OF New York Is consolidation
OF the closest kind without merging OF the share
capital. The eventual issue Of a common stock is
possible, but is not as yet contemplated. The two
lines will be operated as and the earnings will
be divided in the same rate per cent upon both
stocks. The consolidation terminates all litigation
with reference to the Morris and Essex,
which line. as part OF the consolidation by its
lease to the Delaware Lackawanna and Western.
viii in time be brought to common terminus at
Communipaw Liberty street, thus avoiding the
expense and indirectness OF the Bergen Tunnel
Boston papers say that at recent meeting Of the
Directors Of the Michigan Central 1t was deter.
mined to issue new bonds, to be negotiated in
Europe, where the obligations OF this corporation
are IN prime repute, the proceeds to be devoued to
double tracking the road between Detroit and Chi
cago In the miscellaneous stocks Hannibal and ST..
Joseph fell Off to Al. Canton, after advance to
9411, receded to 9la.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest