, 1873-07-12
MONEY AND COWMERCE
MONETARY.

"uA btoeoAJ """c7' hllu tnht tho paper IL bcirE
Offered around from banl to bank. Tloro iB M
uoibt that oven Honlo Of Tho best houBca stii
aeel tho offocts Of tho disappointment III
sho spring tr'de and tho prcsont duiluosa
OF business, aud find it necessary to borrow
moro than they ubnaly do Mt this
boason Of tho ycar. Still, money II
plenty enough, and ali tho No. / papor oycnt,l-
ally linda takors, If not ut ono bauIs, Mt n,othor.
Iho railroad law haa undoubtedly intcrfcrod tc
some oxtent with trade, but tl,oro Ia stl largo
supply Of grain Ill the country to come forward
and largo crops aro now assured. Somehow,
theso products will como forward in spite OF tho
fallroad law, trado will royivo. and the merchants
VIII got tho bonoflt Of tho marketing Of tho cropa
IN Increased aa1os OF goods
New York exchange WAS sold ut from par to
25c per 81 1000 premium to-day.
Sterling exchange was up to tho specie ship
ping point III New York to-day viz: 11o1 for
sight bills. This, with tho export Of 81. 600, 600
pf apooio from Now York yesterday, Hhows tho
possibility of falling OF in the exports Of do
mostio products, though ono OF tho inducing
CAUSES ia probably tho payment Of tho !July in
forest on Govornmou. aud other American So
curities hold In Europe. But whatever tho cause
'of tho outflow of specie, It Indicates an outflow
of money. aud consequently reduction III tho
amount Of loanablo capital in Now York.
THE UNION PACIFIC 1NJuNOr1oHs.
Tho Credit Mobilior is producing f1ourisllinE
crop Of lawBuita and iniuuctions, the lhtost indi
cations being that tho ontiro stock OF tho road
may be tiod up aud matlo unsatablo by an in
junction to prevent the transfer Of Hhares from
holders who received thom without the payment
of any valuable consideration, to innocent hold
org. Tho great suit instituted BY the Govorn-
mont is based upon tho ground that stockholders
who received shares without tho Payment Of any
valid consideration are IN law and equity still
owing. tho Company for them, aud tho pay for
them is now demanded.
Tho injunction to restrain tho payment Of tho
interest on tho construction bonds Of tho Union
Tactic is intended to reach tho members OF The
Credit Mobiler who received such bonds as
diydcnds on tho stock Of tho Company held by
them. Thoro arc S27, ,297, 900 construction bonds
outstanding. It is understood that these bonds
only cover tho franchises and road-bcd of tho
Company, and thas the lant-grant bonds are as
yet untouched by thoinjuncton. OF these inter
bonds thero Is supposed to be SIC, 1000 out
or those ADO, 490 acros have bocn sold for $2 l02
1896, or Oil average OF 34.29 per acre. or tho
proceeds, 2o94 AT wero in land notos, aud
81, 600 hnl boen taLon up in lanl-grant
bouds redeemed.
The belief tint tho Immigrant bonds will es-
cape, in1unctions is shown by the fact that suit
was brought O few dnys ago il an Iowa court,
BY J. B. stowart to compel tho Union Pacific
Company to convert 1000 OF their constrlo-
ton bonds, ClasH D. owned by Stewart, into now
Immigrant bonds, in accordance with an alleged
compromise agreement nude in january, 1866,
The defenscs set up by the Company are: First
the construction bonds referred to were legally
issued; aud, second tint no such agreement as
is clai1ncd by Stewart was mado to substitute
Immigrant bonds for construction bonds.
Whilo tho innocent hutders Of both stock and
construction bonds need not fear having to pay
tho 1ebts Of members of the Crodit Mobil;er.
taof iraHn fro thor nfToo+
ol tho stock and bonds bong rendered unsal1-
bio by the njulctions, mud it in unfortunate that
the anits could not have been instituted againBt
the individuals Of the Credit Alobilier instead of
the appointment by tho Government Of a Re-
cci7er for tho Company would bo better for tn
nocent holders OF tho stock and bonds.
COMMERCIAL. TROUBLES IN AUSTRIA.
Tho Vienna correspondent Of the Now York
1riou"e, writing under date of June 10, gives
rather gloomy account Of tho condition Of things
existing ut that time as follows:
:, The financial criss In this city has probably done
Us worst as far as affects specnlators ~ su Bourse
Inc Individual hanErlptB are counted by hundreds,
aud bulbo banks aud building societies by thu scoro
t'blcsl down like houses Of cards at the first bast of
The Storm Some dozens Of ruined operators blew out
their brans or leaped into tho Danube, und much
greater number look flight with whatever Of their
epa @da s'b5 bss
70 grcat CAUSE for grief. People who speculate on
Change take the chances Of oss io when
sas ss or s Sa, isrpp,i1 @ ,;sS: til. s,res ssf
tradc and industry enaugled With the affairs
Of e nonrxe that whom ono is taken aica, TO use the
Asran brokers' phr9se tho other must suffer The
1t gives signs Of convoeucouce but the great ner-
Satie ana manufacturing interests Of the Empire
commercial craeh nppeara im1niuont. Thu Dourao
panic destroyed confidence and that rlant Of prover-
n nfn NIL f1,1as
except It prses fur below thslr worth and money
1 5nd manufastasers ha1s' heavy bils isilins
will not lend them money on tho papcr which thoy
nave heretofore been abla to have discounted, and
they az not get aaststanse hundreds must ,a who
vii! fellow can scarcely be estimated. Tho whole puu-
ness Of he country il built upon credit, and the full
o. cue man knocks down nnny others l3ko bricks In
TOW: If this threatened lIsustcr ca,,,lot bo pycrted
the labor system will be seriously diaorganizcd fac
Of construction inrHt suBpeul operations. aud
many thousands Of laborers will have no means Of
nances wonl undoubtedly follow, for nothing hreads
1!os and revolution In cne nnnarchical countries ay
surely and quickly as wait Of employment for tho Ia
Tho fact TINT the dreaded 1st Of July rneu-
tionod in tho above letter has been passed. o
good while, and that no such commercial crash
aB was feared has occurred shows that the dan
gers Of the situation we're exaggerated, and it ia
probably tho roalixation Of this fact that has
helped to restore confidence in tho Europeau
money markets to so.no extent since JULY |.
The condition Of affairs in Yicnua, however. ~
described above, il Of interest because it ro-
yoals causcs TINT were disturbing confidence in
London and Frankfort month ago. but wore
not fully understood at tho time Oh this sido the
Atlantic.
LOCAL STOCK AND noND aARKET
Mossrs. Iunt, Preston & Kean quota as fol-
lows this p M:
Buying. Selling.
o-2os Of 62, ..l1RJ1 1l7I:
h-Has Of % -.....................lI7H 1l71<
t-sos OF -. .....................11aA 11B5i
b-20s OF 'G5, Jun. mud July. .lI7lt lii
6-2os Of 'G7 Jun. aud July, OK. int. .llaa; ll8zf
6.2os Of o8, Jan. aud July. ...........1ls,. 1I83.
197ees .............s.,.......ll4L liz
y. z bs (!iew 1sa!1o).... ll51t
Gold Null we1ght] .....,............. ..ll5E 1l6