New-York tribune., 1874-03-11
WdLLST. INCIDENTS.
BEARS IN ERE-PINANCIAL UNcEKTAiNTY-A MASS
MEETING CALrED-A PETITION FOR INrLATIoN.


MEETING cALLED-A PETITION FOR INrLATIoN.
The same unsettled feeling was noticeable
on the Stock Exchange yesterday which has prevailed
for several days past the downward tendency OF prices
being Increased carly In tho day by decline In Erie
from AZ to t3i. in sympathy with decline OF two per
cent IN London Ths In the face OF the from
London that the loan was selling readily u TO H.
caused some surprise, until It became known that dis
patch had boon sent to London from person in
Ncw-York to the effect that there we're strikes Of
ployes all along the line and that tho Company
greatly disorganzed. When contradiction was sent
TO London by officers OF the Company prices rallied IL
is said that there is strong clique of bears in Erie
IN New York, who have g0no short" from $1,000 to
100000 slnrcs. on the belief that the loan would
not succeed, and that Its failure would deprecatc the
stock. 1t Is said that these "short" sales exceed
tho amount Of stock 10 this country and that
/ an advance OF any considerable extent would
subject the sellers to great oss and they making
strenuous efforts 10 put prices down. Tho operators
constituting this clique freely named. private
dispatch received yesterday from r. Watson Pres
dent OF the Erie Railway Company. saying that his
business proceeding satisfactorily but that he wa,
sick Near the close Of business yesterday tho market
rallied reports from Washington that Senator Nor
r from Maine had expressed the opinion that the legal
tender circulation would be fixed at 100000 ooo and that
ton would also be authorized. This advanced
both stocks aud gold, and tho markets
closed noary tho highest prices OF the day. Brokers
ana business generally feel that business can be
conducted safe basis while the monetary Interests
OF the country be seriously Affected by vague
rumors and vagicr prophecies Of contemplated Con-
grcsonal action and great anxiety manifested that
some definite policy shall be at once adopted. Many
say that woulu rather have the Government take
the course most directly opposed 10 their own views
have matters longer In the present state OF un
certainty Accordingly the following call for mass
meeting mentioned 10 THE TRIBUNE of yesterday has
received a largo number Of signatures:
Wo the undersigned request the citizens OF New York
to assemble in Cooper Institute on some evening 10 DC
hereafter designated TO gyo expression 70 their opn md
their protest against the delay OF Congress 10
concluding etectyo legislation on this subject as we
Opdyke, william NJ Vermiyc. Elliott Q. Cowdln, Bthan
ode:, nsR SIS William n haSy and cyr%s W Tcd act as an
executive committee to carry out The objects oi snls
call and with power to I'LL vacancies aud TO add 70 their
"i%TSis' FE7Ea coorps ELwoop wA1rna.
j. d. VEEAiiLrEA.. cc 9TswAkT ,1nWs DIOsS'
s. H. CIurTEsDBs. IrBRroET MORGAN.
X. J.. & a. STUART. WM. L. JENKINS.
III. X. THURBRR A. E BRhh,
BABCOcK, BROS. Co. CHARLES i. LByEriou.
g. 4. NJ BARLOW, Ana many others
peiItion 10 Congress in favor OF tho imitation OF the
currency was put circulation yesterday and received
the signatures OF large number Of brokers' and 1t was
said OF merchants II IA designed to counteract the
influence OF the petition sent Washington a short
time ago. which was signed by many Of tho most prom
pent bank officers and merc hants of tho city II was
that second petition would be sent to Washing
ton last niglt with about coo names and that others
would be subsequently forwarded. Tho petition is
| follows:
TO ne Hon. he Seane and House Of Representatives. IN
Congress ascBLted Your pe ioners beg leave respect
uy to tnst they are greatly alarmed at the
efforts made by money lenders to induce your non
orabe body to pat stop To tho further Issue OF loyal
tenders by the Secretary o the Treasury and 10 compel
him the bonded indebtedness OF the Govern
order " cancel aud destroy the TOO limited ana
only currency on which the whole people draw interest
Increasing taxation for the benefit OF the foreign
| Tae rapid and Immense increase Of the industry,
resources and wealth OF tho country under tho 5ono
confidence aud interest demands ITS increase rather
than destruction Tue experience OF the last fow years.
especially in the Fall WHOM the agricultural products OF
| the year mast be marketed. has demonstrated that
thero insufficient currency 10 do the legitimate bust
ncss the country. Hence there has been Increasing
strngency IN tho market. causing great distress and
alarm by which money lenders have been able to prodt
for weeks and nouhs To the eGtont or 0ne-eghth JO
one quarter Of one per cent per day and IN e1trene
eases. as nigh as two per cent per day. or from
center 10 90 Of the Continent This
| difficulty, and thus command their own terms-not
| few of whom are now asking your honorable Dody to
contract the currency, that they may more enoctuay
These causes produced lato disastrous and runous
panic which will undoubtedly be reproduced Witn aiill
| more prOstratng effects, unless resi nc Afforded
Your petitioners therefore respectfully ask that The
Volume of the currency be- increased, especially tho
legal tenders ana that provision OF elasticity 10 made.
| so that business may again DO safey resumed
The Board OF Directors OF the New York Central Rail
road declared yesterday the usual seinannuli dividend
| OF 4 per cent, payable April 16 The transfer books
| Will be closed on Saturday
The dividend OF the ~. Paul and Milwaukee, Rlroad
Company is paid in scrip when IN less sums than $1,000
| and IN the new consolidated bonds when above that
| amount The scrip was sold yesterday at IT to 10.
The auction sale OF oOoO Of Lake Shore and Michi-
gan Southern Second Mortgage bonds Advertised by e.
| H. Ludlow & Co. took place yesterday. Tho bonds
brourbt 90 per cent and all bought, 1t is said. by
| Commodore Vanderbilt.
Al the annual election OF Directors OF the Cleveland.
| Columbus Cincinnati and Indianapolis Railroad Com
many in Cleveland. Ohio, March i329AG shares were
of which tho old Board received 744A j.
II Deyereux voted stock representing T.5Ooco0 in
favor of the old The two tickets were as
| follows:
Present araq,m,ptJ H. Deyeent Stmsn Witt b. NJ i!ubb,
r. A Shoemakc ParSo1s s. IT, h Batlou H. h. HnrbDt X
r. Rsnney s. C. OTIS W. Ii. Upon, T. H. Wstsoa, Wn Butler
observation-disclosures NJ Broup Anssa Stone. ir Royal Phelps Wal
ton Frguon J. H. Wade. b. Wade, w. j. Boarinsn william Col
lin, rr1n Leland Meaacthon Barnett, stunsn WiI David Kill
| gore Begjania 8. Brown.