New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-03-18
SArrRnAY. March lG-P. n.

The chief interest of the week in Wall-st.
circles ceuered in Erie Railway shares 10 the almost
utter exclusion OF all things else. For long time all
efforts TO that road from the clutches of the cor
rupt that had for Slapped its best IN
teress had been unavailng, the Legislature OF the
State and the judiciary being apparently in league to
thwart all honest cudeavOrs To Dust from their places
the ring which has well nigh ruined one OF the richest OF
the State franchises At length, however, strategy ac-
complished what all other efforts had failed To Drng
about and in the brief space of week we find recon
struoed board OF directors composed Of welknown and
prominent gentlemen, who the public are satisfied.
will manage the IRoad in the future in such
manner "a will promote the best interests of the stock
holders The Infamous Classification act is no longer in
force and bona fde stockholders henceforth VIII
have their say to the class Of men whc shall be put
into Office The price the stock made sharp
upward Of l2 per cent despite the close working or
the money market During the entire week the mon
etary situation has been stringent and though the bond
houses and the very best borrowers obtained their
requirements at the legal rate, yet as rule
the stock brokers have paid coin interest. 1872
and currency interest, and in many instances
bonus OF l-lG has also been charged by
the lender. Doubtless artificial means have been
made Use harden rates. but the natural course OF
money is the reverse OF easy Next week il is expected
that the banks will commence to send away currency
INTO the country to prepare for the first OF April settle
ments, and money is likely TO rule close for several
weeks vet To extent the foreign capital employed
here likely to modify the strngency remains TO be
seen According to Cable advices money In the open
market in London is shade more active, but not suf-
GENTLY 50 warrant any change in the rate OF discount
by the Bank of England. and 1t still remains at per
cent. though the bullion was decreased 12s7,eoo.
There is therefore, reason to apprehend
any withdrawal Of capital from this Side. Tho
prices OF United States bonds remain remarkably steady
in London, keeping pace with British consos. De-
ao rafn
of Parliament discussing the Alabama matter, the
shrewdcst OF the forc bankers believe the question will
eventuate in early settlement and are therefore buy
Ing up bondsi in the home market in very large
amounts This has been going quietly all the week.
and no undue prominence was given the fact
lest too sharp advance should take place.
From two to two and half millions have thus been
taken at pretty high figures, the market having been
firm all the week and buoy ant at the close Gold has
kept within remarkably narrow range, and very little
business has been done. The price has been flrm how
ever, owing I'm great measure, II not wholly, to the
condition OF foreign trade From the official Stats
tics recently published extract the following sum
mary OF the movement for the first five months OF the
current fiscal year. July to Nov. go 1871
roHKGs TRADE UNITED sTalEs-FvE NoSTHKs
R6ipored t. other markets. S6Sl8l
To,. q. for unl.4 state, ss5iOl91l
Ia I ToSi Now 81 65Gia a2e 19i
Tos taken for $40
Exports American produce gold value loJ blO33i
Trade balance Jny 10 Nov J0.............. $8j5O568i
Exported In domestic EJs't5ll
Ii ported 10 foreign ''f'o'
Together. $s!eeep4
Lees foreign, imported. o."%f'J
Net oaeo Of 226rOM
Apparent ba,uoe against United State. s6Ion 6o
The possibility that this deficit will have Ia Do met by
shipments gold tended to prevent the price from
going lower although the condition of the foreign
changes Is not such 10 warrant such shipments
now II we correctly Informed there are reasons
for surprising that with the prompt settlement of in
ternatonal questions, field will be open for placing
American stocks and bonds that will 90 far toward
diminishing the exports OF gold, and mitigating the de
mand II is yet early TO approximate the amount Of
gold likely upon the street from the redemption
OF $40 100000 Five rwenties
The stock market yielded to the sway of Erie during