, 1870-01-22
MONETARY AMI COMMERCIAL,


FRIDAY EVENING, Jau. 81.
New Yo5k dispatches OF this afternoon an.
nou1ce that there has been an "oyer,issuen Of
the stock OF the Chicago, Rock Island & Pacific
RR1lIoad Company Of 81, ,00c, and that IN cou.
sequence Of this Increase Of slocE without the
thirty daJs' nut.ce required By the rules OF the
New York Stock Board, the Rock It1aud has been
ruled cG The list Of stocke. This proceeding ac-
qulreB its Importance from the fact that is
equivalent 10 chaTRs tnat the atock has been
"watered to the amount OF 1a oo0, QUO by secret
!ssue. There IL large amount Of the Rock
1s1aud stock Owned in thts vicinity, and the
holde1a naturally feel lively interest to
know whether their property has really
been diluted to that extent or not. matter which
seems Ea:her dIit1calt Of explanation Just at
present The Only circumstances yet known to
the public leave the matter In }us. tha! condition
OF uncertainty which delights the gambling pro.
penstses Of the Nuu street clique Who are the ex-
cluaiVe pTDpFttto1s OF the positive Information on
the subject. At the annual mesttng OF the share
holders in this city in May last, the report Of the
financial condition Of the company showed that
the sum OF s3,sss.l2o would be required within
the next thirteen months TO meet the following
maturug Indebtedness.
Bonds o. TIE Bridge Company, due jan
Borass s' of f tic Chicago i Roci Islsnd *''0''
Kalf1ond COMPANY. d1e Iaruere,1s7o 1.se7,coo
OLe-n8lf cost OF brloge at Rock Island 100000
new tTERnf nuildfuEB and A1Q]tiOu3l
srarkf iu CITY OF Chicago. ..--........... 7.0,le0
NeF equipment. .... 5sI.G09
Tcta1 1..............-...,.... s.. i4s, 120
To provide for this eu2 the Directors we're au,
thtr'zed to resort 10 an increase Of ita capital
ttcck, and the sale OF this same or a fur.
lhcr isPEc Of It's mortgage fozds, either or both,
Of which were fully authorized. TIE issne
Ct this stock, therefore, ts perfectly legal.
only that 1t has been conducted IN a
m.nrer that had snmewna. excited the suspicious
ef the pIhl.c ch!Cnv because the thirty days TO-
tee OF the Issue OF new STOCK had never been
qtsep- The Thirty dasa' notice, however, 1s no.
q legal requirement. and II the proceeds Of the
salc Of tie STOCK, have been applied to the pay
Ment Of the obligRt!ona Ia the above schedule,
there can be TO objection made, except that the
B1ock has been manipulated, and the stockhold-
crs In gereral kept ia the DARK The belief that
the proceeds have been 80 applied has caused an
advsEce IN the htock to day.
In the local uouey market there WAS & little
more appearance OF activity to-day, owing partly,
pe1hsps, to some Increase Of demand from wheat
operators. Money, however, co.tauea N ID.
eERteiy easy. Soe Of the banks report their loau-
able surplus vetJ smali set, eut othera gay that
deposits are iscrcasiDg q little Money Is easier
for shorter tine paper than for sl1ly or ninety
days, and come bankers are Offering money on de-
nsud loans, on government bonds, at and S per
cent. There seems to be 70 good paper offered In
the open market now, and, altogether the aspect
Of The money market has changed to IN easler
cord!t1on than few days ago.
There vas sight revival OF shIpncrts 10 the
country to day.
Exchange wAs weaker To-day and some sales
were rnate between banks at par, though suo per
si,cto premium was demanded in mos; Instances.
At the counter bakers still sell at 40 premium
and buy at from par to 40 discount.
Sales At the STOCK Bo3t1 to-day were:
xe,eeo American gold. buyer ..1ai9