The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-22


The Erie excitement was less absorbing yes
terday than on Thursday, and some of the
reports then circulated were .contradicted, so
that the stockholders have less need than at
first appeared to stand in terror of the present
directors of the company; and the fact of the
President being very able railway manager,
and one who Is, moreover, believed to be
actuated by an honest purpose in the manage
ment, is calculated to inspire confidence where
1t would otherwise be wanting. The whole
responsibility of the decline in the stock from
20 to A rests, 1t is claimed, with Mr.. Daniel
Drew and other spectators not interested in
the Erie management, but, on the contrary,
strongly opposed to it in consequence of hav-
ing no longer q voice in it. Thousands have
lost heavily by this unexampled fall in stock
which was more generally held than any other;
but, like all such sensations in Wall street, it
will be less than a nine days wonder.
Next to Erie gold has latterly absorbed an
unusual degree of attention, and the price
has fluctuated between 143s and $50 within
fortnight under the operations of spectators
who aim to, control it, but who would be much
better engaged in some other pursuit. The
indications now are that gold will soon be run
up again, and the political excitement attend
ing the progress of the Presidential campaign
will doubtless result in higher premium and
violent fluctuations, apart from the rates of
foreign exchange and other material influences.
We are just now experiencing the lull before
H.. a. L..
the shipment from Europe to this port of half
a million of dollars in small coin, which is
unstable abroad on account of light weight,
unless at considerable abatement from the
nominal value, and therefore the return of this
coin is without any significance whatever, and
by no means foreshadows other specie pay
ments, which the rates for sterlig exchange
on this side are too high to render profitable.
The case of James Fisk, Jr., against the
Union Pacific Company and the Credit Mo-
biler continues to occupy public attention
both in and out of Wall street, and the result
of the further adjournment of the argument on
motion to remove 1t to the United States
Courts is awaited with interest. Meanwhile
the evident reluctance of the officers of either
company to undergo an examination or furnish
any Information as to its affairs strengthens
the general belief that the allegations of the
plaintiff are true, in which event not only is a
judicial but Congressional investigation
called for, the grants made by Congress having
been to the Union Pacific Company and not to
the Credit Mobilier; and for the latter to exer-
else the functions and enjoy the privileges
Of the former seems Illegal on its face,
even If the motives involved were above
criticism instead OF open to condemna-
ton, as in the present instance. The
construction of the railway is source of
immense profit to the Credit Mobilier, which is
a close corporation, composed Of few of the
directors of the Union Pacific Company, and
large dividends are the result, while the Union
Pacific Company pays no dividends to its
stockholders Moreover, the road has been
pushed forward with view to money making
with such rapidity that it is said to be faulty
in construction; and this also is matter for a
Congressional committee to inquire into. Our
national securities show an improving ten
dency and money continues abundant at four
per cent