The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-05-30

MfO, cena..;.. ~ ~ sdrO iun..'.... ~ ~.
THURSDAY. May %.
The stock market opened qui"trr and the tone
fcvcrish and unsettled There were some adj
vances in the coal shares and standard Mining.
with more stcadnoss i'm Louisville and Nash
WHO and Iron Mountain the Granger roads
and trunk lines showed little change. Amcri-
can District Telegraph and Pacific Nal were
weak. At the second board only 81. Paul COM
mon and tho coal shares showed much activity;
Louisville and Nashville lost he early advance.
Tie more imporiant changos wore: Advanced
Del. l.. and W. -; Del. and Hudson. =: H.
li LINZ Central n dG9isye ana ~ Z Morrbs
TcL. 10. Decined-Am. Dis. Tel, ~.
In railroad bonds there was an, active bust
able prices, closing partially degrcr. Other
crnments quirt. but closed nrmor. especially for
the z cents. State bonds very quiet.
Tomorrow being legal holiday no business
will he transacted in Wall street
The House of Representatives has concurred
IN the senate amendments 70 tho Subsidiary
Coins bill. and IL now goes to Mr.. Hayes.
Subscriptions 10 four per cont. certificates
since Yesterdays report q 1920, Tho Treas
urer Of the United States has decided that tho
certificates may be deducted 10y national banks
in making up their scmi-annual returns Of tho
average capital subject 10 duty We sane as the
law authorizes in the case OF L. ). bonds.
The lense Of tho New York and Metropolitan
Elevated railroads 10y the Manhattan Company
dates from the LIST Of February. Tho Ninth
the Second avenue to Sixty -nimth street. will los
completed blythe Manhattan The Tenth avenue
line OF the New York Elevated Will b. uban-
dOncd. and the Second avenue limo of the
Metropolitan will not be extended for the pres
ent above SiXty-niuth street The Manhattan
Company guarantess the interest on tlIOnOOO
OF the bonds Of the New York and Metropolitan.
besides. 10 per cent interest on $i30oo0o0
stock Of the two companies. and issues sl3,0OO,-
900 " its own stock to be- equally distributed to
the stockhodcrs OF the two leased Companies
The holders Of New YORK Loan and Improve
meut stock will receive for each STARE Of that
stock two and onc-siXth shares Of Metropolitan
stock and the New York Elevated stockholders
Tor each share OF their stock VIII receive one
share Of guaranteed 10 per cent. stock and one
share OF Manhattan stock.
4 hearing was commenced to-day in the SUI
prcme Court in Boston uuon q bill in equity
brought by the Union Pariic Railroad Com
pany against the Credit Moblier of America.
PRAYING that the latter may be enOinod from
prosecuting suit now pending in the supreme
made 10y the Union Pacific Railroad Company
payable to the Credit Mobicr. and also TO re-
10 rccover 81 d0i .7n99G which sum the direct
ors ~ the Union Pacific voted 70 bee duo to the
painant claims that tho charges of the Credit
Mobller were excessive. unjust. and unreason-
able; The respondents allcgc that when the
lad boon organized was well known 10 the
Union Pacific stockholders all Of whom had IN
opportunity to take the risks and ENJOY the
nroits. aud that 1t that time the stockholders Of
/ tho two corporations We're nearly the same. hut
| thnt great changes nave sine" been maze IN the
| that this suit is brought 10y Jay Gould. who. 1T
the time OF the occurrence t those transactions.
| had no interest q the Union Pacific road but
| since obtained the controlling interest. and
| now in order TO maintain the action, sets w
| fraudulent claim.
| United Now Jersey Railroad and Canal Com
pany. held AT Trenton on Tuesday: John. jacob
min Fish Hamilton Fish. Robert Lcnoy Ken
| ncdy. Cambridge Livingston. lsanc w Scud,
| der, John q. Stevens, X. +. Stockton. Ashbel
| " elch. Samuel Welsh.
Tho report Of the Central Railroad Of New
| Jersey for 1878. made TO the Comptroller OF the
state q New Jersey. shows: Gr9sss earnings.
funded debt is stated at s3i $50 276. and the
floating dcbt at $4.203G5s. Tho interest on this
| 81 100000 more than the net earnings given
above which. however; are exclusive OF the net
| earning u the Lohl gh and Susluehnnna Road
| in Pcuusy lyauia, estimated al about sjup.ouO.
Tho trustees ~ the Cincinnati southern Rail-
| road nav advertised Tor prom SAL Tor one MI
| bids o. hn received at their office until j. VI
| juno II, 1879, Proposals viii bee for tho entire
amount IN three Kinds o' coupon bonds -
dated August. 1879 II $1,000 each. bearing
! InVuIlr i'm forty thirty and tNcnfv years M
ibes "A,r.ri.,n' + obnn,,. Nn,ionoi RAM NJ
| York. These bonds are mart of the two million
Issue .auth9r!z'd ny tho / 'Sis allure. one mill
lion OF which has already teen disposed OF.
Tho Illinois Legislature has I0ssoi ana the
| Governor has signed bin which takes awny
the power 10 give mon -aEgs with power oi sHie.
ia. L. BaAtcr Of the Cu.ted States Circuit Court
has decided that the act of the Legislature re-
| peang the charter of the city of Memphis and
the act creating the taxing district are both ah-
| solUtoly unconstitutional and void In aldi-
tion ~ holding ali Iark taxes subject TO the sat
i~fartion 81 the judgments against the city. he
asserts thut the Federal Court can, II the taxes
| already received are insufficient 70 forward
aud levy aud collect taxes for the purpose OF
Inc learned Judge stated that he made merely
20 make up proper cas-" fer the division Of
irene Court on the question, the supreme
Court ~ Tennessee is TO render a decision on
the same subject matter on saturday.
The 81. Paul and Sioux City Railroad Com
pHny have made arrangements Tor the imme-
dlate constipation # a lranch westward TO tho
Missouri River, This involves the abandon
ready located 10 the Missouri Ryer-nnd Of
which they had CONSTRUCTED some sixty miles
from Worthington To Sioux Fails on "a line
some twenty or tlirty miles south ~ and paral-
lei 10 the one they have now adopted. The
change wa. forced upon the company rs Il
measure Of self pr"seryatlon 10y the acgrcs-
sively hostile policy Of the Milwaukee and ST.
Paul Company, They will build siyY-seyen
to prosecute tho work through Dakot rs rapidly
as possible. They will thus bc enabled 10 turn
the projected westward extension II the South
wnukpr and ST. Paul-crosses the Sioux CIV a,
Heron Lake. the initinl point ~ the new Sioux
city branch. and its proposed line is very near
that 70 be followed by TIE latter, On the one
-
trying 10 cut Of 81. Paul and Minneapolis from
any share in the trade uf southern Dakota
while on the other hand the 81, Paul aud Sioux
| city is lighting 10 secure IT,
Indictments are reported 10 have beon found
| in Missouri against agents Of the St. Louis and
san Francisco Railroad Company for violation
of the act of 1875. in charging greater rate fol
trelghts than allowed 10y that act. but no arrest,
haye"yet been made
Frederick Billings. tho new President ~ the
Northern Pacific Railroad Company, Is
wealthy Vermont LAWYER who made his fortune
in san francisco, beginning in 1912 lie II
now The largest individual stockholdcr in IN,
Northern Pacific. carrying 81 900 600 Besides
! he is proprietor OF 10000 acres OF iinr wheat
| land He is a strong man intellectually witt
! faith in the paying development Of the ,,prth
ern Pacific and lis land grant. He b, owe,
that in a very few years the road vii, ne IL
operation from ~. Paul to Puget Sound.
The managers II the Produce ENchanc hav,
fixed upon the 10Th OF June as the day ON whicl
| the Exchange shall ballot upon the question o.
the investment OF part OF the surplus fund II
| real estate, upon which TO erect new ediflce FOL
the use OF the Exchange.
The annual meeting Of the stockholders o
the Wisconsin Central Railway was held in Nil
waukce. Wis. Yesterday. Chas l.. Colby Of Mil
waukee. Il. ii. Abbott Of Cambridge Mass. ant
T., f.. Barney Of Dayton o.. were elected direc
tors for three years. AT meeting Of directors
Chas. l.. Colby was elected President.