The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-23
FINANCIAL AND cOMMERC IAL.

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carrying, and the volume of business moderately
large. The gross cearings amounted to s57,sl2 OOo
the gold balances to 81, 990174 and the currency
balances to $S,252.29s. The steamer Cuba TOOK out
100000 in specie. The Sub-Treasury dspursed
$4,000 in coin to-day in payment Of interest on the
public debt while the conversions OF seven-thirty
notes into bonds amounted to s496, 700. Inc supply
OF money continues superabundant, ana while the
general rate for call loans is four per cent on mis-
cellane0us colaterals, houses in good credit nave
no difficulty in borrowing at three on government
securities and other sound stocks. First class
commercial paper continues scarce and in request
at five per cent. The railway share market
shows strong upward tendency, and the volume
OF business is increasing. Just now the most active
and buoyant movements are promised In Cleveland
aud Pittsburg and Erie, although efforts to keep the
latter stock from rising still apparent. Reading
is also very firm and in good demand.
The market for government securities is firm, and
the indications favor higher prices. The principal
tivy at present Is in the fve-twenes Of 1867 which
cold at 109x at the first CALI but subsequently
there was some realizing by small holders,
who had bought at lower prices, and the
quotation declined to 1925 q 1924 The advices
from Washington continue to predict the failure OF
the Funding BILL and under all the circumstances Of
the case Its failure Is to be desired The country has
had enough Of financial tnkering this session, and
the best thing Congress can do In view Of its igno-
rance Of the financial question and its consequent
incompetency to deal with it in manner calculated
TO be productive Of good to the public credit, is to
leave matters as they 1t is better to bear the
evils that we have than fly to others that we know
not Of" and the recent agitation Of the question Of
paying the principal Of the bonds in coin or cur
rency has had disturbing effect upon gold and the
popular mind without in any way comforting COM
pensatory benefit. Let Congress 60 to work
seriously to improve the public credit, and
In this way In the course Of time specie
Will be reduced to par with greenbacks
anu the vexed question of gold greenbacks
will be solved in manner satisfactory to all. The
investment demand for bonds which was kept
back by the referred to is the increase,
and there is also brisk inquiry for shipment. The
new fye-twentes, for which there is foreign mar
ket are relatively cheaper than the old bonds, how
ever. At the close the quotations were as follows-
Coupon, 1881, 1154 115S; $685. coupon, 1862, 1l44
1i47s; do, 1856, 112H 1927; do, 1867 109%
1927; 1O-4O's. coupon 1885, 1881.
The case of James Fisk, Jr., against the Union
Pacific Railway Company and the Credit MoDilier
came before Judge Barnard yesterday on a motion
to set aside an order Of reference obtained by the
pant to take the testimony of three Of the defen.
dants. The motion was denied and the directors In
question were directed to appear before the referee
Amasa Redfeld, of No. 20 Nassau street. this morn
Ing They, however, failed to appear, whereupon
the Court issued an order requiring them to appear
before the referee tomorrow morning at ten O'clock
failing which an attachment VIII issue against
them, returnable the next day at noon, baia-
bic in $4,000. It Is stated that the defen-
dants attempted to remove from this State,
Snd upon an AFFIDAVIT to this effect Judge
Cardozo granted an Injunction restraining them
from 30 doing on Monday morning last. The evi.
rain n no Vofou dant RI
examination, as shown by their motion OF yesterday
and their failure to appear this morning, has excited
general remark In Wall street. and In view OF what is
known concerning the Credit Mobier Congressional
Inquiry Is expected to grow out OF the case. Why a
corporation like the Union Pacific, which is
constructing great public work, should shun
public investigation of Its affairs can only be &C
counted for on the theory that its relations
with the Credit Mobilier OF the character alleged
by the plaintiff In his complaint and II the
Congress appoints q committee to ascertain and
report the facts the better. In the complaint upon
which Judge Barnard granted order on the 80
inst. restraining the defendants from doing the
various acts complained of and requiring the de-
PENDANTS to show the 21st inst. why the in
junction should not Issue, the plaintiff makes vari
serious allegations against the defendants. He
begins by saying that the various grants and priv
leges conferred upon the company by Con-
RrcS5 are worm lar more In money than
the cost Of constructing and equpping the rail-
way, and that instead OF undertaking the
task OF constructing the line or making
proper contract for the work the directors In order
TO secure the profits thereof established the Credit
MObier and placed under its control the construc-
ton Of the road and telegraph line and thus ALL or
nearly ALL the pronts which should have gone to the
stockholders OF the Union Pacific Company were di.
vcrted to the Credit Mobilier The plaintiff also
says he believes that by contract between the
two organisations the bonds issued to the Union
Pacific Company by the government, as well az the
company's own bonds, have been transferred to the
Credit Mobilier or the control Of the same vested
therein. The dividends Of the latter have therefore
been enormous, while the Union Pacific Company has
never declared dividend on Its stock. The plain.
tin consequently asks that the establishments and
management Of the Credit Mobilier by directors OF
the Union Pacific Company be declared maud upon
the latter and its stockholders and that the directors
be held to have acted as trustees for the Union
Pacific Company and made accountable for all their
transactions; further that the Union Pacific CON-
pany tie restrained by injunction from paying or
delivering to the Credit Mobiler any bonds land
grants from the government bonds of its own
issue, and that the Credit Mobilier be simi-
larry restrained from receiving them; also that
all contracts and arrangements between the
two corporations be declared fraudulent and
set aside and that the Credit Mober return to the
Union Pacific Company an property 81 any time re-
ceved from the latter and that II be restrained from
paying any dividend or making any distribution OF
profits until the liabilities Of its directors and stock
holders to the Union Pacific Company are deter
mined. The company stands enioined in oil these
respects, and the public awaits the expected eypose
with considerable interest Thus far the case looks
badly for the Credit Mobilier
The railway share market was firm at the COM
menccmcnt Of business, and at the first regular
board there was rather large ana well !
distributed volume OF transactions, the Western
stocks being the strongest and most active.
New York Central closed u lower than at the same
time yesterday aud Tennessee Sizes new Issue, /,
while Cleveland and Toledo was n higher, North.