, 1873-05-31
MONEY AND COMMERCE


MONETARY.
81. ru1,mr Evxx,xa May 90.
1n this and In tllo Lastom oitios generally to
day WAS observed as holiday by tho banks ant
In financial affairs.
THE CHICAGO NORTHWESTERN ELECTION,
Tho annl,al election Of tho oflicors aud Direct
ors of .tle Chicago It. Northwestern Railroad
takes place next weclt. Rumora havo again beot
busy, ~ they hnvo boon sovoral t1nlos before. il
regard TO aposhible change In tho administra
aon Of the road though it Is not probablo thai
any ono who knows what tho result viii bo will viii
toll OF 1t now. During tho administration Of
Mr: Tracy, tho Northwestern Roads aayo boen
Weu managed, aud even II thore should be a
change, It is not probable tloro could bo any I'm.
proyement In that rospoctt though 1t is possible
IL m1ght dorangh some local onterprlBoa.
NEsroAs1D1L1TY OF nANK-p1REoTons.
1nere l8 now a caao III the courts III thiB city
IN which tho Diroctor OF All exploded bank Iu-
the purchase OF stock, On tho plea Of having ro-
Bank at, man must bo tho bona hde holder Of
a. least ton ahasea Of stock to mako him oligiblo
70 the Office Of Director. II tie ploa Of tho
Ulfeotor IL question is admitted by tho Court,
9hero ID no roaaon why tho whole Board Of
directors u = National Bank may not be mon
St whn ..a wn9ac 10 nanes arc used ~ Directors
,, Svor. certainly this question, Of the RESPONSE
putty OF Directors Of National Banks rouuiroa
BONO additional legislation.
/. THE NEW 1sIIlnt1AN CANAL pHo1Eor
. The New York Herald Of the goth BayB tboro ia
ono commercial scheme upon which the Admin-
tstration has vontured with q manifest doa;ro to
carry 1t through, viz,t tho construction OF ship
canai tp1 acloas tue lsthmus Of Darien and says
that undor the auspices Of Con. Grants Admin
aatlatlon tho moat available route for tho canal
haa. at length boon found In The ,,eto,V diacov.
ereq .Esy aor9ss Tho 1sthmus. BY way Of tho
ate tho valno Of Commander Holfrldgcs e1plora-
tlons on the lathmus, wo would inform tho Her.
at9 that tho Atrato route for proposed 18th
mian ns uanal ts by no means d new
that route was talked Of nearly haif a century
ago, aud over 20 years ago largo aud elaborate
msp Of tho 'Atrato route was published in Hunts
Mershants a., e. ,Magazino The estimated eoat q
shoas e Il 1 aSS s1otn s 4 mss Seo9
would bo. Tho attempted purohaso su" Of st. d Do.
ningo md tho proposal now being entertained
to annex and pay for tho North Mexican States
Canal, ahow that the Administrator is
bent upon spending money for something,
ta' bnt while tho Ct. Domingo and Mexican annoS-
them, thera would undoubtedly be somo stronx
arguments in favor Of tho canal.
=. r. THE CnEp1r MoB111En BUTT
p. Tho bill in equity recently hlod by tho United
Tho Union Pacific lsalroad, tho Credit Mobilier,
tho Wyoming Coal and Mining Company, the |
Omaha Bridge and Transfer Company, and 9TH
erg; Ia optomized by tho Philadelphia Ledger as |
tho "union pacifo,'' to, tho United statoB
ead unpaid. The bonds amount to |
S23 ~ so 6l2 and the unpaid interest to GO e1os
goes on to state thnt tho Company has Issued /
frat mortgage bonds to the amount OF e27. .997- |!
o3oos @ income bonds - to tho amount OF s10-
W., 0oo; "land grant bonds f" to the amount Of
e24es 900; and has floating dobt Of a., 900, 900,
making In oil evidences Of debt of esd. 6.000 |
ever and aboyo tho $50 495, ,221 duo to tho United
statesIthe aggregate bonded debt and unpaid
ton Of tho above described bonds issued By |
tho Company tho bill declares thon to
have beon uulawfully Issued and divided. |
o1e1 Mention aoI j.. ia then made Of the stock
p making tho aggregate Of tho money represented
BY the paper issues Of tho Company and the |
b9nda l., md d. 1insnIost duo to tic United States,
f212o, ,9a4, ,o33 The issue Of tho Btock certificates
1s declared IN tho bill to havo boon procured by |
fraudulent combination Of Tho principal parties,
contracting for themselves on ono sldo: d
ne .};l. union Pacific Rairosd Company toi'h
tho "Credt Mobilier" Company. It further |
{of Ssinfng ea fsea ~ nortsasss ss 'Is1adsS boads"
to tho amount Of $4,000, 900, and TINT, unless
market i" that the Company is bankrupt !" |
That tho cost OF ia railroad aud telegraph lineB
"was eonsldera6tg less than half Of tile sum rep
e ss ea e 5062 S1 nd 6
PAM" large part Of Which ~ero issued unlaw-
fully; that the Company's earnings arc not Hnf-
'aciont to pay interest on its evidences Of debt;
md that u new ties md inilB will DO neceBsarYh
years."
Tho bill further describes how the chief con-
spirators distributed about 10 600 sharea Of stock
ner divided 91,250 200 Of first mortgage bonds;
how they brought nbout f direct spp1iation u
Of q, 600 600 Of stock aud honda; the contrivan-
ces g b which they gave themselves contracts at
tho "covera and devices by which, "under tho
appearance Of contracts" they were onablod s'to
distribute among themselves the property Of tho
Company"
RAILROAD NOTES.
Tho Boston .lrare|lcr supplies the following
statement Of the porcentageH of expenditures to
income on the. eight trunk roads running from
Boston, during tho year ending on tho 80th Of
5ostoa, nsftfe:li lris, IT, tx SSs'i por cont.
Boston ! Proviaeneo = a5:ioo psr cent.
EasteIn, % 47-1oo per cent.
Old Colony, GO 70-10o por cont.
Average for eight roads, 73h per cent.
The New York, Oswego Il Midland Railroad
opdyke tor President, and new Board Of '15 81.
reotorH composed of wealthy capitalists. At
meeting Of the Company 1t was agreed to pro-
sare sa 81 Immediately az or this amount
remainder will be forthcoming at once. WITH
this amount 1t is proposed to comploto tho road