, 1870-03-18
MONETARY AND COMMERCIAL,
MONETARY.

inc stock0otGeI8 01 lhe ChictSo d NorI0-
western Hallway will be interested to know
that, on Tuesday last, the Wisconsin Iegisla~
lure passed eill for The classification Of rail
way Directors, the real intent and purpose Of
which IL to nd Iing Of Specializing New York
capitalists to Gobbla up the Northwestern and
use it u sort Of second eddie 10 the Mil#au-
kee s. st. Panl: We have not seen ; copy Of
the net passed By the Wisconsin Legia1atuza.
but II ID alleged 10 be eimilar TO the one passed
by the Legislature of Illinois, March a. 1859,
IN which it is made lawful for any rail-
rcsd company organized 1nder tho aNs
Of Directors into three classes. NUM-
bered coneecutiEely. the term Of Office
Of The first class to expire on the d1S Of tue
next annual election, the second class one year
thereafter, ard tho third class two yeara there
after," Ihe terms OF serFice OF the second
and third c1aases Of Directors a1e made longer
In the Wisconsin act Than in tho onein thisSt
! but it VIII only better euablo few 11ng-leadera
| ia keep themselves in Office and turn out any
| minority that may oppose their schemes. By
turning out one minority after another and
| clecting putty men III their places, the entire
contrnl might soon be placed in the bands OF
ring OF not more than four or i've persona
act above mentioned, together with the
one Just passed by the Wisconsin
Leeislatu1e, some such attempt may bo msae.
Fer instance, tho "6t Paul Ring" Of Direc-
tors in the Northweste1n-Hessrs. Alexander
Mitchell, Russell Sage, " S. Gusnee, aud +.
terest ia said 10 be in the Milwaukee, & St.
Paul, rnay gradually turn out Of the Directory
and the Offices every m1n who8a interest IN
the stock Of the Northwestern amounts to
anything, and run the whole vast consolidation
/ Of roads OF the Northwestern Company for the
benefit Of the Milwaukee ST. Paul. II the
| ring Of four or fve Directors can firHt secure
their Own continuance in Office for, say three
| or Eve Year,, and can secure smother set OF
1 manageable men for the second class, they can
I manage the elections for tho remaining third
Of the Directors 60 aB to control the manage
ment OF tho road In this position
without owning more than hundred doln1a
worth Of stock each, they could control ant
manage the whole fifty millions OF propert.
represented by tho stock OF the Notshwester.
Noaf for the benefit Of tho Milwaukee y st
Paul Road, and to some extent also Tor tn
benefit Of he trado Of tho town Of Milwaukee
Those who ire conve1sant with the history o
trade and railways in the country northwest Q
( this. know that ior ton years past there Ia
been q contest between the various roada cen
tripg in Milwaukee {and now represented b
tl.a Milwaukee d st. Paul Copncanyi on -. =.
! for tho trade Of Minnesota, and lstely fot Ii
, controlling connection 1ith tho Norther
PaeiAc. Thus therc is double incentis
TO tho strategy which, it il alleged, is conten
plated ia this classification Of directors o. ii
Northwestern Road: FhE,i it would be a briI
iant Safeguarding, operation for the "s
! St. Paul to par large dividends and pnt th
, stock up to fancy price, while tho "Hng
:, would bave the use Of the enormous revenue
Of the Northwestern for their apeculatious
.. Wall street generally: and, finally, it would
TO the advantage. Of Milwaukee,, who doubles
beneft. II The attempt should be made /
las las been en- tntiinsted, the stocEholde
Of the Northwestern should conte
its legality in tho courts. Il is contrary to Il
= rrint iples Ct common Law that Board Of 7
!, rectcts, who were elected for year, shall
= : qualified by Subsequent laws to classify he1
a a selces, witEout recourse to vote Of the Btot
loldciH, 20 that the term OF office Of FIVE O
Of seventeen Directors shal be extended
+ Gyo years instead Of one, and that they sh'
70 atla to sAy to five or si1 others, " Il
sG10 be turned out on the LIST Of next Juno!'
= Indications Of tie growing trade OF CMcat
! ! with the Southern States multiply. The NJ
2 Orleans Republican calls attention to tho co
;. ;. centration Of the iyet earring trade ut Cal
= instead Of St Louis, and Says:
s. houls p psses I s1e nov pnF re3
its cheaso aaa t. ea ea q A ana
II iriend, or you wlll lose The race"
n An Atlanta paper also calls attention to I
o ! fact that large shipments Of wagons, uanuft
}. tuted in Chicago, arc passing through Mas
u vile and Chattanooga to all parts Of tho Sout
d In tie annual report. just publiahed-of- t
II President Of the Illinois Cent1A Railroad
a tho year 1863, be says: "As the southe
8, States have become more prosperous, our tt,
II tlc with them has considerably increased.
ii recommend the most intimate relations vi
10 the railways OF the South, and with TINT ii
n deem the construction OF \ line from Column
a | 70 Cairo most fortunate fog this company,
n distance being only twenty~fou miles and t
e line when built placing us in connection "
te ! the Mobile i Dhio noad." These aneoursei
Ic features OF new trade show that il the one {
n pressing cause, in the huctuAting value Of I
~ currency was removed. We Womb hsave grour
70 for expecting great Increase in the voiu,
il ! and profits Of trade this year.
r The local money nz1kot continues quiet, q
Ia TIE supply Of losaAb1e funds ia ample. 7
g. chief borrowers continue TO be the grain dc
n. crs, who find no difficulty IN getting what
4 commod.tons they ask foE.
" Exchange Was finn at 50 cents per e1,i
Of premium for salae betweaa banls 1t /
10 counter Lankors soil 1t lilo premium and I,
II at lilo discount.
10 At the Stock Board to-day sales were;
a sa,tt0 American gotH seller %. o0........,-....ll
- I shares RrEnhrc Insurance f1nfnr,Anr