The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-22
FINANCIAL AND CONNER CIAL.
FRIDAY, August 2l-6P. NJ.


down to "A. early in the forenoon it subsequently
advanced to 4s and finally closed at &C. The reports
which circulated yesterday with respect to the
purchase OF the lines OF steamers running from this
port towards Boston, and the lease Of the Boston
and Providence Railway for the ostensble
purpose OF extending the tranic Of the Erie
Company through to Boston are indirectly con-
tradicted by the COMPANY ana nothing has yet
transpired TO confirm them. Moreover the friends
Of the Erie Company deny that the present directors
are in any way responsible for the recent heavy de-
cline In the stock and attribute to the operations
of Mr. Daniel Drew ana other INSCRIPTIONS specuia-
tors opposed to The existing management Of the
company. In the absence of any better authority
than Wall street rumor 1t Is therefore unfair to ar
rive at conclusions Of an unfavorable character
which may not be justified by the facts and so far
At least a. the President Of the company Is con-
cerned there is reason for believing that he
b actuated by an honest purpose In the manage
ment while his ability q railway manager Is I'M
questioned. In reference to the early closing OF the
transfer books 1t IL explained that they were only
closed fifteen days earlier than last year and seven
aays more than in 1885, and that the object was not
10 shut transfers OF stock with view to secure
bhe reelection of the present board but to allow the
EXECUTIVE Committee to Undertake an official excur-
tion for some special purpose over their own and
connecting lines We feel bound to give this
and to remark at the same time that neither the
reports then referred to nor others of like
character have been revived on the street to-day,
the excitement upon the subject Of Erie stock hav
ing queted down. In other stocks there was not
h1uch movement and although prices improved
about noon the advance was NOT sustained. Money
Continues in abundant supply at four per cent on
cal ON mixed collateras, and first class borrowers
On governments are in some instances accommo-
Hated at three and three and half In exceptional
cases, however loans for small amounts are made
On miscellaneous colaterals at five The market Is,
however substantially in the position as 1t was
Bmonth ago.
The gold market developed an improved tone this
morning and sales made before ten O'Clock at
t4, but the earliest transactions after the formal
opening we're at 1857, from which point there was
steady advance to AJAX. The Improvement was not
Sustained, however, and the closing transactions
prior to the adjournment Of the board at three M.
were at 1443S, following which the bears made an
httack IN force, and the price declined to 1885, and
The latest quotation the street was 143zS l44.
There was a good borrowing demand for c0in and
loans were made at rates varying from one to four
per cent per annum for carrying. The volume of
speculative business was large, and the sales
tnalny on 'short" account, although the market is
already largely oversold The gross clearings were
tfmore than usual magnitude-namely, 800, go 900,
while the gold balances amounted to 81, oOI, 1877 and
the currency balances to S., 966,s52.
The case Of James Fisk, Jr., against the Union
Pacific Railway Company and the Credit Mobilier
came up before Judge Barnard on Wednesday and
was adjourned until Thursday next. The reluctance
OF the officers Of the Credit Mobiier to give any in
formation to the court concerning its affairs affords
ground for the suspicion that the allegations of the
plaintiff are true and that the Credit MObilier an
incubus upon the Union Pacific Company Of an ille-
gal character. It is contended by the plantr that
the former corporation reaps the profits which pro-
perry belong to the other organization, and that
these are enormous, owing to the government
subsidy OF from $4,000 to s4s 200 per mile In add
Hon to a land grant Of 500 acres per mile. The
stockholders Of the Credit Mobilier close corpora
tlon have in consequence received large dividends,
while those Of the Union Pacific Company have re-
ceived none. The plaintiff alleges that the directors
Of the Uni0n Pacific Company. instead Of construct
Ing the line or making proper contract
for the same, established the other corporation
In order that 1t might do the work and virtually
persede the original company. He further says he
believes that by some contract between the two
panies the bonds issued to the Union Pacific Compa-
ny by the government, as well as the company's own
bonds, have been transferred to the Credit Mobi-
ier and he therefore asks that the latter be declared
a fraud upon the stockholders OF the Union Pacific
Company and that the directors be held to have
acted o. trustees for the Union Pacific Company and
made accountable accordingly. motion has been
made to transfer the from the Supreme Court OF
this district to the United States courts under re-
cent act Of Congress giving the latter jurisdiction In
cases where a company chartered by the United
States Is party to the suit but whether it is
ried to federal court or not is mmaterial pro-
vided thorough Investigation of the affairs
OF the two organizations in question results the
litigation. should this fail, however, it is to be
hoped That Congress will see the ACCESSIBILITY OF APP
pointing q committee to inquire into their supposed
relations as well as Into the manner OF building the
Road The case continues to attract considerable
attention only in Wall street. but among all in
terested in railways, well in the proper employ
meut OF the government funds voted for the con-
erucuon OF the line across the Continent
There has been quiet, steady market for govern
mont securities to-day, with very few offerings and
more confident feeling among buyers. Anew orders
buy from the country reported but for moderate
Amounts only. At the close the market was
firm at the subjoined Observation-Disclosures 1881,
lis 1lsk; coupon, 1881, 11aH 11sx; 62o's, regis
fered 1852, 1881 1osK; 32os, coupon, 1902 11s,s
TAX, DO, 1894. 1osK 1oe; d. 1896, 111K 111h;
do 1895. january and July, 1914 1879; do 1857.
iOJk a 101x; do, 1868, 1915 1911; 10-40's regis
Tered i6sts q 1o4; 1o-4o's, coupon, 1881 1os,s;
Sep,smber compounds, 1896, 1lsh; october do, u.s.
%The quotations for coupon fve-twentcs current
on the 31st Of October last were as follows:-
riye-twenties, 1862. 1928 Five-twentes new,
~, Five-twentles 1851. .10!h
n the commencement Of business the railway
Share market was unsettled, and Erie sold down to
H; but at the early session OF the open board Erie
advanced to ASK q Ask, and New York Central sold
at 1873 1884, At the first regular board the market
~as nrmer but not very active, and on the call New
York Central closed higher than at the same time
yesterday, Erie H. Hudson River 1Js, Reading IL,
Michigan Southern ~, Cleveland and Pittsburs 4,
Cleveland and Toledo l. Rock Island ~, Northwest
ern preferred n, Fort Wayne l. Ohio and Mississippi
L. Canton " and North Carolina skies, ex coupon,