The New York herald., 1875-09-21
FINANCIAL AND COMMERCIAL.
The. Stock Market Generally Firm with
the Exception Of Erie.
REPORT OF SIR EDWARD WATKIN.
Gold Strong at III Is and Money on Call in
Good Request at Higher Rates-GOv-
ernment Securities Firm.
WALL STREET,


The principal speculative stock to-day Erie, the
extremes of which 20 and 1S9{ The last special
despatch from London to the Evening Telegram states
that the market has been greatly excited for Erie
Railway shares. The fluctuations have been violent
and frequent, and all classes OF Erie securtes-the
bonds common and preferred stock-experienced
fall Sir Edward Watkn has given expression to his
views Liverpool and although full particulars
as yet received the general opinion is that his
report unfavorable The feeling OF disappointment
Mt the result of the mission the representative of
European shareholders to America had an immediate
effect upon the market for Erie and caused decline in
me common stock to 16 being quoted at 16A at the
close. The general markets present appearance OF
dulness"
special despatch to Mr.. Klernan's agency sets
forth that 'sir Edward Watkins report will be pub
lshed tomorrow and it opposes the raising of any
English capital to be applied the resuscation
of Erie and argues the short cut to sound financial
basis that the bond and stock holders should unite
common purpose to wipe out the existing burden Of
debt from the available net pro6ts the bondholders
accept instead OF cash interest payments obligations
alizable from future surplus profits. In other words
the proposition is to fund their coupons for the
present The report further recommends the mainten
ance OF the receivcrship, awarding high praise to
President Jewet for his careful administration of that
from which monthly statements of earnings and
penses to be regularly issued. The accumulation
and retention oftwo years. earnings are regarded
by the receiver, alike with Sir Edward Watkin, as
essential it being agreed that the London Committee
designate representative whose concurrent signature
with the President shall be necessary to the expend
ture OF all moneys from net earnings.
For the benefit of Americans who are interested in
Erie will be scarcely necessary to analyze the fore
going report 1t furnishes no facts that are new il
explains nothing that is irregular suggests nothing
that remedy, and represents only rapid railway
journey with lawyers officials and malcontents The
story of Erie and Its possibilities not to be written
by English gentleman, though he may have
conscientiousy spent two weeks in the companonship
of its best friends The rest of
may be briefly described 1t was Grmer than satur
day, and there many evidences that those who
were then On the short side of the market to-day
looking for higher prices. Considerable interest
attaches to Western Union, because Of the changes
which were expected, and there is at the close de-
cidedly favorable feeling expressed concerning
the stock and its possible combinations The nondivi-
dend paying securities exhibited frmness to-day
pared with late prices. Lake Shore advanced to SAX
and closed at 54s Northwest strong and rose to
39A closing at that figure. Western Union closed at
7sA, after selling 76s4 and 7sS. Pacific Mail
86 y, at which figure the final sales made. ST.
Paul closed at 35K 35sS for the common and 63S a
63A for the preferred the highest prices of the day.
Erie left off at 1917, the two extremes of the day having
been 20 and 1874. Hannibal and ST. Joseph common
advanced from 20H to 81 q The other changes late in
the day were not important
OPENING, LOWEST PRICES.
The following table shows the opening, highest and
eoft tha dav