The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-18
FINANCIAL AND COMMERCIAL.
The Great Popular Move
ment in Erie.
Evidence OF Restored
Confidence.
A HINT TO ERIE BUYERS.
GOLD AND GOVERNMENTS FIRM.
The Money Market Easier and
Foreign Exchange Steady.
RAILROAD CONSOLIDATION.
WALL STREET,

WALL STREET,
SUNDAY. March II, 1872. I
The past week has been one OF much excitement
and great interest In Wall street, recording an
event Of more than ordinary moment, involving
results greater than usually take their origin In
such questionable shape.
THE ERIE MOVEMENT. a.so
the history of Wall street for the past week, 80
far az IL has reference to The dealings the Stock
Exchange IL connected with the revolution In Erie.
With that stock reinstated In It's old place az q
leading speculative favorlte o new force ia intro.
duced into the market other than has been oper-
ative there for some time past, capable OF In
fuenclng and a1ecting all the other con-
stltuents In this way the immense movement
in Erie Of the past week has started
into marked activity the express shares the reason
being that one OF them UNITED States) beng likely
to be benehted by the change In the Erie admins
Eation, the others take part In the excitement In
Cident to this prospect. Again, Boston, Hartford
and Erie has become lively and Duoyant, In reality
more through the sympathy OF Its name than any
share It mas In the new dispensation This Erie
movement is Of the eras OF speculative history.
lts grand distribution both sides OF the Atlantic,
the great popular sentiment 1t expresses,
and the thorough lnsignihcance Of mere clique
or ring, as compared with this exhibition,
stamps 1t as exceptional 1t also demonstrates what
has been SO often before said, how damaging has
been the past scandal to American credit every
where, for In that universal buying fever, equally
nigh In London, Frankfort and Berlin, as in New
York and San Francisco, we see as much entnust
asm for restored reputation belief in Erie's
sources. Where the stock may 60 to- or how soon
Il Will recede, would be difficult to tell Yesterday,
when 1t was most active and excited, the selling
sentiment OF the mass OF dealers was In the majority
at AN, and the stock broke. But the buying feeling
back TO 45A, the subsequent steadiness at Is ASK
being the neutral ground on which the two senti.
menus became evenly balanced, to be swayed in one
direction or the other, as the future shall develop
for rise or fall from this temporary equi-
librium.
Pending the election provided for In the Erie bills
which have just passed the Legislature, much ex.
element, and fancy prices, may be looked for,
but 1t would be well to bear In mind, where the
STOCK IL sought as an investment, that the price Of
Fort Wayne and guaranteed per cent stock Is only
eS, ana that thus far the most promising prospect
which Erie presents Is the hope of a to per cent
dividend The great popular movement IN Erie
entirely swamped the clique contest In Pacific Mail,
which mas lost mucn OF It's interest pending the
argument upon the injunction before q
referee and the action OF Congress upon
the subsidy matter. Canton was active during the
week upon the visit Of Dan Drew and others to BAL
timore to view the property. At the close the mar
ket generally was high, reaching forward IN sym
pathy with the Erie advance.
THE MONEY MARKET
has been unsettled and irregular during the week,
the large volume OF dealings In the Stock Exchange
growing out of the excitement noted above Great
ING an unusual demand, which was met however,
with the payment OF q small commission. At the
close OF the week an easier feeling prevailed. and
the market left on at the regular rates.
THE BANK STATEMENT.
The weekly statement OF the associated banks 10
without important feature except In showing q de-
crease OF over millions deposits rejecting
shipment Of legal tenders to the country banks ana
. contraction in loans, both indicative OF prepara-
tions for the April settlements. The variation OF
the surplus the required limit OF legal reserve
d trlHing gain. The statement compares with Its
predecessor as follows:-
MdfchQ 9. March 10.
Loans ..........,... 1881, 242 400 4270, 868 900