Year: 1868

The railway share market was unsettled during the
week by the erratic OF Erle In which the deal


ngs very heavy and attended with great excite
mcnt, while the fluctuations were unusually violent,
namely, from SO to 711k with the closing transac-
tions on Saturday at 725S. The highest point was
reached about noon on Monday, and early In the
afternoon Of the same day there was sudden break
of eleven and half per cent, owing to the sale Of
new stock issued In exchange for ten millions Of
convertible bonds authorized by the board Of direc


tors to provide for the repair Of the track and the
purchase Of new rolling stock and other equipments
alleged by the executive committee to be necessary
to the proper working condition OF the road. This


fresh issue of stock made under the authority Of


order granted by Judge Gilbert, Of Brooklyn but
in violation Of one previously issued by Judge Bar


nard. The Vanderbilt party, who had been large
buyers Of Erie above so staggered under the
shock of this unexpected blow, and although the
price rallied on the same afternoon to 7sE it
experienced q relapse, and during the remainder OF
the week it was dropping, in sympathy with the
general market which adversely affected by
treme monetary strngency, owing to the withdrawal
of the proceeds Of the sale OF the stock in question


from the banks by the treasurer OF the Erie Company
to prevent its attachment by the Supreme Court of
this State On Saturday Judge Barnard appointed
Mr.. George A. Osgood, son-n-law Of Mr.. Cornelius
Vanderbilt receiver Of the funds resulting from the
sale of the stock; but these have been taken out of
the Jurisdiction of the court his appointment is likely
TO prove a sinecure. The president and executive
committee Of the board Of directors remain In Jersey
City, with the transfer books and other property Of
the company In their possession and this of course
tends very much to embarrass their opponents,


whose object is to supersede them by throwing the


affairs OF the company into the hands of receiver


preparatory to holding election As the present


aIo Ioct


however it is hard how they can be displaced
by receiver unless the company is proved to be in
bankrupt condition, which is not the case; and the
fact that the Vanderbilt party bought more than
hundred and nfty thousand shares Of its stock, at
prices varying nom 81 to s2A, would seem to furnish
proof conclusive that they do not think 1t is The
Vanderbilt party claim to be acting for the good
OF the stockholders; and as they are now sup
posed to hold more than majority OF the stock on
their own account Is probable that they are sincere
in their professions. Their great object, paramount
even to making money BY their Wall street opera
tion, Ia to add the Erie road to the monopoly they
already have OF the New York Central, the Hudson
River the Harlem ana one or two Of their Western
connections and thereby dictate their own rates Of
fare and freight with the consent of plant Legisa-
ture At present the Erie stands in the way of the
accomplishment Of their designs, and they arc strv-
ing to remove the obstacle at all hazards, either by
fair means or foul The Erie aroused the ire OF the


Vanderbilt party when 1t contracted to open through
| broad gauge route to Chicago by guaranteeing the
construction bonds Of the Akron and Toledo NINETY
six miles, branch and arranging with the Michigan
Southern Company for the laying Of third rail from
Toledo to Chicago and hence the present contest.
| Here was threatened an Independent line to the
commercial centre OF the West which would greatly
| benefit the Erie but damage the Vanderbilt lines
| and the New York Central party Mt once plunged
| into litigation and afterwards into huge stock


jobbing operation in order TO obtain control OF the
| Eric. As it stands their stock speculation has
| turned out q costly experiment. and unless
| they resume buying and advance the price
OF the stock it will end in disaster. That
| the virtual consolidation OF the four roads
| referred TO would be great public evil IL beyond


dispute, and therefore public sentiment s against It,
/ The competition for Western traffic which the Penn
1 sylvana Central and the Baltimore and Ohio roads
4 would offer to such monopoly would be small as


its influence would be paramount aud Its tendency
| would be to absorb other lines until the railway
system OF the country was In great measure undei


Its control. This, therefore, is matter for legsla


tire interferenco and law, since repealed was once
passed In this State disqusfying any person from
| being director OF more than one rsSway
! company within tho State. At the close
l OF business at six o'clock last evening the


market was extremely duh but steady at The follow


ing quotations--New York Central, 12o7s l27 Erie
72si; Reading, o27s %; Michigan Southern ssjE a


ssX Northwestern preferred, s27s 70; Rock Island


eiH o4tl; Cleveland and Pittsburg, %; Cleveland


and Toledo, 1o5K; Pacific Mail, 11oS lloss; At


lantic Mail, 90; Western Union Telegraph, 33x q
| 337E Fort Wayne, 1904 1Ooh. After the sharp
| decline in Erie from 75X yesterday morning IL is


only reasonable to anticipate an upward reaction


the more especially az the recent monetary strin
| gency has subsided.


Loans on call were made freely on Saturday al


the legal rate on mixed collaterals, and although


per cent may be the rule until after the nrst o.


next month, there is no probability Of any further


pinch being experienced. The city bank statement


for the week Ia again unfavorable as generally


anticipated; but the erect Of this has been dis