The New York herald., 1874-03-12
Election of a New Board, with Jay
Gould In the Direction.
Resignation of L. P. Morton, Who
Declines to Serve with Him.
The Financial Condition OF
the Road.
CURRENT DEALING
WALL STREET,
WEDNESDAY,. March u-6 p. M

great scandal was accomplished In Boston to-
asy. White the eminent Senator who has given
30 much honor TO the State which gave him birth
was yet In the tnroes OF dying agony, Massachu-
setts which had been sought as O refuge by the
Union Pacific Railroad to save 1t from the contami-
mating touch of James Fisk, Jr. permitted Jay
Gould, the meaner member Of the 1rm, to consum-
mate the intrigue which had for It's object the ex-
tension OF the shadow which had bllghted Erie
over the great continental trunk line.
MASSACHUSETTS NEVER SAW GREATER DISGRACE
than she suffered in this TO-DAY. The road, neeing
from the tear OF corruption In New York judges
but rushed into the hands OF It's worst foes. The
following are the names OF the new direc-
ton elected :-0liver Ames, John Dun, Elisha
Atkins Sidney Dillon, L. p. Morton, +. Gordon Dex-
ter Benjamin E. Bates, oliver Ames I'd, James ID.
Smith Charles ]. Osborne. George s. Scott, Samuel
NJ Mills Jay Gould, f. P. Baker and J. Richardson.
The name OF Jay Could appears here as the little
leayen that leayeneth the whole, and when 1t Is
mentioned that late this afternoon it was tele-
grapned that Mr. l.. P. Morton, of the firm OF Nor
ton Bliss Co., OF this CITY, the financial agents OF
the road, had declined to serve in the same direc-
tion with Jay Gould, it Will be understood how
deep has been the blow inflicted upon this great
public enterprise. Morton, Bliss Co., OF New
York, and Morton, Rose i Co.. of London, could
not anord this degrading ailiation. especially the
latter house, In community where Gould is held
In such abhorrence. Nor is this all.
THE FINANCIAL OBLIGATIONS OF THIS ROAD,
largely held in Europe, cannot but be seriously
affected by this untoward result OF today's elec-
ton, thus adding another blow to American credit
abroad These were irrespective OF the govern
ment contingent January 1, 1873, as foilows:-
First mortgage bonds (gold) $27, ,213 900
Land grant bonds, outstanding-........ $4,000
income oonus ......-.-. ................ sooo,uoo
Omaha Bridge bonds gold, outstanding 2,462,oo
Total. s47, s4s. 900
Add United States six per cent currency
ponds. ...................-...... Z1,2So olZ
Total bonded debt s75 17s, 5l2
Capital stock issued. 8 I62, 300
As has been said before, the larger proportion of
these bonds are held abroad, principally IN Ger
many, wnere the very suspicion OF Jay Gould's
possible connection with the ROAD suffced to
create a strong pressure to SELL How much
greater, then will 1t be when 1t is known that he
has actually got into the direction as q possibly
controlling influence, Ger rtainly as a dangerous
conspirator.
1t WOULD BE WORTH WHILE, PERHAPS, FOR con-
GRESs,
in this connection, to enter into an examination
Of its power In the premises, under its authority
TO regulate commerce between the States as we'll
rs in its supervisory authority over those Pacific
could not be set aside the influence OF Jay
Gould rendered harmless for evil. 1t Is certainly
. bitter reflection for Massachusetts that even
while the ashes OF its great exemplar, teacher and
statesman are just coming home to their final re.
pose, IL has been the scene oil violation OF the
public faith that woaid have brought the blush to
the lace OF the iustrious dead. Alter the election
OF directors Onver Ames was chosen President and
Z. H. Rollins Secretary.
Messrs. Morton, Bliss d Co.. financial agents, pub
ush the following report of the .rafac department
Of the Union Pacific Railroad
jan, 1873. JAM, 1S74.
Earnings. S523,974 1920. rs
Expenses. 3D., ,567 309 95S
Net earnings .............i172,40 ,407 $780, $50
increase gross earnings lor January 1874. 500. 74O
Increase net earnings ior January 1s74.. 1885, 34s
ON THE STOCK EXCHANGE
Almost the usual quiet prevailed, the market being
without declaed features, although active and firm
towards the close. The following were the highes,
and lowest prices Of stocks to-day: