The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-29
FINANCIAL AND CONNER ClAL.


steady to-day. and Wall street altogether has worn
ianguid aspect.
Money is abundant at six per cent on general corlae
rails. with exceptions five per cent on government
securities In the discount line there is a very mode
rate degree Of activity and the best grade OF
cia paper Is quoted at 6 ~ per cent The fact that
lenders are generally able to get six per cent for
loans returnable on demand shows that there
s somewhat quicker movement of cur
rency than there in early part Of last week.
and the belief that the Treasury will continue to hoard
at this centre larger amount Of current funds than
usual 10 preparation for the compound interest notes
mature in June and July estimated at from eighteen 70
twenty Millions inspires confidence among the banks
that present rates will be maintained The semannuaI
interest ON portion Of the seven-thirty has also
TO b provided for on the 18th OF June and July 70.
spcctiveiy. No apprehensons Of strngency are how
ever justified by any Of the probabilities Of the sua-
ton There has been for week two past increased
activity in some departments Of the trade Of the city,
and somewhat more cheerful feeling Is observable than
- been noticeable for months past In dry goods
however. . dull, unsettled market is reported The
demand for domestic cotton goods Is limited to few
fAvorlte makes and there is only moderate supply
- these they remain steady, while Of lower grades an
excessive supply keeps the market depressed Jobbers
are keeping their stocks as low possible and buyers
their immediate necessities
At the nrst regular board railway shares were dull
New York Central closed u higher than at the same
time yesterday, Erie y, Reading *, Michigan Southern
X, Rock Island " Northwestern u, do preferred ~
Fort Wayne y, Pacific Nail ~, Boston Water Power
TX. Ohio and Mississippi certificates were X lower
Government securities barely steady. Coupon ive
twenes Of 1852 declined u. and seven-thirty
the second series u. State stocks were buoyant and
IT.
lima skies new r. The July interest on the Tennessee
bonds is in part deposit here the present time and
the State authorities cay that the full amount will be
certainly forthcoming before the lst OF July.
At the half-past two regular board the market was
dull but steady Michigan Southern closed X higher
than at the first regular board Northwestern n Fort
Wayne u. Pacific Mail was u lower Boston Water
Power TX The annual auction sale of the latter COM
pany will take place in Boston the 9Th June whom
more than million feet OF land will be disposed or the
company receiving onehalf OF the purchase money in
stock at $50 per share Government securities were
inactive but steady 10 tome Missouri skies declined n
During the rest OF the afternoon the market quiet
and at bafpast i've the following quotations were cur
rent-New York Central os35 y; Erie, 5SX a So;
Reading, 1881 Y; Michigan Southern, 81 u; Cieve-
land and Pittsburg Aa X; Rock Island, s7k a X;
Fort Wayne eoH u; Northwestern, SIX u; do
preferred, SIX II Ohio and Mississippi certificates
FAX Is; Canton, 42H X; Cumberland sou AZ
Tho gold market has been dull but steady The open.
ing price was 1861, followed by advance TO 1917
and subsequent decline to closing quotation
The gross cearngs for the amounted TO $50
and the gold balances to 81, 500, 500.
There has been very active market for foreign ex-
change, and the aggregate of transactions large.
Banksn bills on England at sixty days quoted at
1ooX 10; at three days, 110aS n; commercial Bills
~ III. D~-s. ~
q thrse days. 5.l2k G10K. Othcr continental bills
wsre without change - to rates ".
The case Of Rufus Hatch against Albert l. Pritchard
Treasurer Of the Chicago ana Northwestern Railway
Company attracts much attention In Wall street. and
the argument before Judge Sutherland, the motion
for amandamus was continued this afternoon The
principle which the rclator seeks 70 establish IL %
clearly wrong and wanting in equity that there DO
but one opinion on the subject. What security have
stockholders that their property will be protected
few Wall street stock obbers can By paying oneeighth
Of one per cent commission to . number Of brokers
borrow al the shares necessary to secure . majority
votsi This 10 just what is being attempted In
the present instance, and what has been often
successfully accomplished before and owe much
Of corruption that underles the management Of the
railways Of the country including may add, the bad
working condition Of many Of the roads and the numer
GUS fatal accidents which have occurred In consequence.
Il il 70 DO hoped that in the Of time cvsry State
In the Union will pass laws 80 stringent that none but
actual stockholders will be suffered TO vote at an annual
election for directors may DO mentioned that the
object OF the reaor in these proceedings TO discover
the names OF all those who are registered stockholders
on the transfer books in order TO canvass them for
proxies before tho day OF election. The testimony
taken in the case before the referee appointed BY the
court 10 Interesting both this connection and Afford
inG an inside view OF Wall street strategic operations
generally.
Tho first witness examined Kenyon Cox Of the
rm OF Robinson, Cox Co.. stock brokers' who testified
chat the day OF the closing OF the transfer books
May H. and for days previous TO that his nrm had
transferred TO their name stock to the amount OF
sixteen thousand shares portion Of which
was bought and the remainder borrowed. About ten
thousand shares were borrowed by them from various
parties the usual terms the borrowers giving their
checks for the stock at the market price and the lenders
allowing them three four per cent interest till the
stock returned TO them in the following week The
stock borrowed at the instance OF Rufus HATCH who
agreed 10 givc the 1rm one-clghth OF per cent
commission and interest at seven per cent, the
interest to run until the return OF the stock.
The stock was borrowed subject 10 the call
or the parties from whom 10 borrowed and many
instances II returned before the books closed
although the object keep until after the books
were closed the presumption being that IL for the
purpose OF controlling the election. The firm owned
none Of tho stock OF the company.
Henry s. Fearing, OF the Arm OF Fearing Campbell
stock brokers' examined, and testified that he
transferred TO his firm at the instance OF Mr. Rufus
Hatch about six thops2nd shares Of the stock of the
Chicago and Northwestern road and jus. prior the
closing the transfer books on same terms as wers
stated by the previous witness or this from 5000
a 500 shares were borrowed aud the remainder were
being carried for the customers Of the firm. The
borrowed stock was returned after the closing Of
the transfer books on the 11th Of May,
with tho exception o. returned previously The
witness gave Mr. Hatch proxy that stock after the
borrowed stock had been returned the proxy being to
vote upon the shares OF stock standing in his name
che hooks Of the company The witness confessed to
owning two hundred shares but The irm owned none.
Theodore ID Stout Of the nrm Of Stout Dickinson,