The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-06-19
ELSA
.$s6,2s7


The stock market during the past week has been with
much animation but closed firm with better feeling
in anticipation Of the by the steamer Another
has also operated to check any movement which
has been the rapid approach OF the period when the out
standing Treasury notes to be redeemed and desire
wait the action the Secretary in relation to it, Many
plans raise tho money have been in agitation but finally
official under date Of June 10th, has made s sp
the effect. that proposals will be received
the Department until the goth juno, en days only fora
loan OF 900 in not less than $4,000 redeema
BILE after ten years. at four five per cent semi-aHnua
interest The proposals to state the amount in cash.
which will be given for every 500 of stock at FIVE per
cent interest," and the amount which will be given for
stock at four per persons may offer for both
kinds stock in the alternative The present price Of
the per stock 10 years rum Is lis, yielding
present interest of $50 the investment, which is
equivalent s4,iS for five per cent stock IN invest
ment in per cent stock OF the date and tenor
would at 70 yield the interest. The proposed i've
per cent stock has however but ten rum and
present rates should scarcely bring per.
In issuing proposals for q. four per cent stock, it
is to be hoped tkat the iDjudcious and wasteful
policy Of creating nominal stock above the real
amount of money received, is not in contemplation.
That has been in the English funding system,
where the stocks created perpetual one Of the
most burdensome errsrs Of the government. By
raising money stock of low denomination, interest
paid upon large amount OF stock, for which no
ney received but the government dminshed its
chance Of essenng its expenses by conversion Of the
stock when the Of money would otherwise warrant
it, For during the war; money was raised the
per cents 90, VIII ch was equivalent to paying five
per for the money but on f0o OF stock Issued the
government got but SEQ, being Gao nominal stock The
highest point the three per cents have realized ia 97b
consequently conversion could take place. If the
ham Ave- stock had bocu ated the
whole amount from time to time could have been
verted into lower denominations the price of money
ell In the that the AZ and Ss have been
reduced since 1922 the present sTs which is nov In
contemplation to reduce to SIS The reduction OF these
stocks has made saving of e. a5Ssao or 900 per
annum. During the war, $500, 100000 Of per cent
stock issued for fs00oooOoo Of money. The an
nus charge ELS 900 ooO II five per cent stock had
Issued par nsead the stock created would have
been OOO which could have since been reduced
at least to 81 per cent, making the annual charge
e,o 400 600 instead of saving OF "a 100000
per annum There Is very little chance Of money becom-
inc az plenv as to affect reduction of the three per
cen,s consequently the contraction Of debt in low do
o,,;no,;on uas wanton waste. twas done in England
NV rrrr;nc;nled rulers to humbug the masses who did
moi know the operation but thought the government
narrowing at three per cent four per cent stock
hare could be sold at 81, which IL equivalent
10 100, for Ave per cent stock and is higher than the
Nav York Ave per cents redeemabe years.
selling to raise 100000 stock to tina amount of ss
10 500 must be issued, and the principal aud interest,"
payable during and at the end of years would be
81 oS oo while 81 per stock, sold par
you'd cost principal and interest 1900 Oo invest
nent therefore, in per cent, yielding the Of
would cost the government 81 Ash 900 than
0 raise the amount in per cent stock.
We have received the report Of the Long Island Rail
al T1,o of the
nws:-
The capital Of the Company. as granted by their char
Is 81 800 000 in so000 shares of $50 each or thia
mount S2s 20 per share has been paid by the sockhod
vs. and the amount has been expended in the construc
cfthe road leaving $2i75 per SHARE or $685. still
unpaid