The New York herald., 1868-05-30
FINANCIAL AND COMMERCIAL.
FRIDAY, May 2o-sP. M.

FRIDAY, May 2o-6PM.
The gold market was heavy during the early part
of the dav and after opening at 1927 1t declined TO
Iaax hut from this point reacted to 1917, and the
laest transactions prior to the adjournment Of the
board were at this price, following which there was
= further advance to 1sox 1904. The decline Of the
morninr was mainly owing to the advance in hve-
tventies abroad; but the steady outward drain OF
specie for some weeks past Ia favorable
20 hrmness. There was . moderate borrowing de-
mand for coin and loans made without interest
and ct per cent for carrying. The gross clear.
ings amounted to $40 900, which shows that the
volume Of business yesterday was about double the
usual average Of late The transactions to-day were
also large. The gold balances ST. 6SS, 1877 and
the currency balances 81 ss4 ,oA2 The shipments
OF specie tomorrow win, according to the
amount already entered, exceed million. The con-
versions OF seven-thirty notes at the sub-Treasury
continue large, those made to-day aggregatlng
$6.s2o,95O. American silver is quoted ut 6a7 per
cent below gold ana Mexican dollars are in limited
demand at 103K 1OsX.
There Is no change to note In the condition Of the
money market, the supply Of loanable funds being
In excess of the demand at five per cent on call,
while in many instances four is accepted, the lead
ing dealers In government securities being amply
supplied at this rate and In some instances balances
are left with them at three. There is increase In
the supply Of commercial paper and the best grade
passes freely at 5N a 6A per cent. The railway
share market active during the day and at inter-
walls excited. very buoyant feeling prevailed In
the morning and prices advanced, Erie, New
York Central and Reading still leading the
upward movements but at the first regular
board there was q relapse under considerable
sales to realize profits, and In the afternoon there
were slight but feverish fluctuations which caused
prices to close lower than at the opening. The feel
ing Of the street is bush but the ''short interest
in the market having been almost entirely covered,
the latter is without that element OF support.
The Rock Island contest Is being conducted with
considerable spirit on the part OF the stockholders
who look forward hopefully the result Of the elec
tion at Chicago on the Sd proximo. The main ques-
ton involved in the present controversy is whether
the latter, who have been unable to secure an
election since the reorganization Of the company in
1885, to be again deprived Of the right Of select
ing their own directors 1t is not denied
that there has been no election in the inter-
val nor that the directors intend that
the annual meeting and election shall be
deferred for another year. They claim that they
have authority to defer the election and extend
their term of oice in the act Of theowa Legislature
which declares that no election shall be held until
June, 1869. The stockholders on the other hand,
claim that this act is invalid for several reasons
OF which Is that the Rock Island Company is ILL
pOs corporation and therefore not subject to be thus
controlled by the Legislature of Iowa; and another,
that as they allege, the act was procured by mis-
representation and corrupt means The stock
holders desire to present this question to
q competent tribunal for settlement, and
to this end have called the meeting and given notice
of their intention to hold the election the date
mentioned at Chicago, the time and place being
those specified in he original charter Of the corpora
tion. The question arises is there anything wrong
Or improper in this and how otherwise the case
be presented to the courts for final adjudication? II
the election is invalid no one will suffer beyond the
stockholders, who will have devoted their time and
means to fruitless purpose, and they ask who can
rightly object to their holding the election with q
view to submitting the title Of their elected candi
dates to the courts.
The directors insist that the act of the Iowa Legs
laure referred to is vad but as they directly In
terested in the result OF their decision they
not be allowed to be judges in the matter The stock
holders have already secured o decision from the
Supreme Court OF this State and district to the effect
that the corporation is not subject to the control Of
the Legislature OfIowa exclusively for the reason that
the corporation was originally created under the
laws of Illinois and is still domiciled In that
State. The decision OF Judge Cardoz0 alluded
to is based upon and sustained by several
decisions one Of which was rendered by the
claim of the stockholders Is therefore not only
plausible but would seem to be well founded, and
aside from the merits Of the original controversy
the right Of the stockholders to choose there own d
fectOrs annually ought to be beyond dispute The char
acter of the committee representing the stockhold
ers sach as should inspire confidence that the task
committed to them has been honorably undertaken,
and that only just will be employed to secure
the desired object The stockholders, as the owners
of the property are entitled to select those by whom
It shall be managed and It is to be hoped that In
this they will be successful.
At the commencement of business the stock market
was strong and active and at the early session Of the
open board prices higher than the close last
evening, Erie selling at 70 73H and New York |
Central at 134. At the first regular board the
ket continued active but there were large sales to
realize, under which prices declined, and Reading |
closed IL lower than at the same time yesterday,
Cleveland and Pittsburg y, Cleveland and Toledo u,
Rock Island TX, Northwestern IL, do. preferred S,
Milwaukee and st. Paul preferred u, Ohio and Mis- |
sissippi u, Quicksilver n, Canton y and Western |
Union Telegraph 4, while New York Central was |
lower, Erie ,G, Michigan Southern y, Fort Wayne
l5s and Pacific Nail a. Government securities were
strong ten-forties excepted, at an advance OF AZ
per cent. Ten-forties lower. Missouri skies
advanced 1S. At the open board at O'Clock rail-
way shares higher, Erie selling at Tx, but Pa
cinc Mail declined to 95K. At the second regular
board the improvement not fully sustained, and
Michigan Southern closed q lower than at the first |
regular board Cleveland and Pttsburg ~ Cleveland |
and Toledo q, Northwestern preferred Y, Fort Wayne
u, Milwaukee and st. Paul u, Ohio and Mississippi /
u, Pacific Mail X and Quicksilver u, while Erie was
higher and Northwestern ". Govern
ment securities were u Q u per cent lower,
but active under sales to realize. At the |
open board at half-past three prices were |