The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-08-17
COMMERCIAL AFFAIRS.
MONEY MARKET.
Wednesday, August I6-6

There is change in United States skies this
ng but T:eaury Notes fell off -; Harlem Railroad de-
clned q Long Island, q Farmers Trust, = Erie
Railroad improved "a.
Only $500 in specie were shipped in the America,
which sailed o.day.
Congress has at last adjourned. After a session o.
more than eight months the combined legi atve wis.,
dom of the nation has been distributed-not to be
again until after the close Of the Presi-
Dental campaign. In the meantime the movements
marked out by the leaders BOTH ell three politi
cal parties will be perfected. 1t would have been
much better for the public treasury and for the
try at large, had Congress adjourned six months ago,
and the members have carried out among their const
tuents, at their own expense, those measures which
have cupied their time at the seat Of government at
cost to the country of eight dollars day For the
past three MONTHS at least very little has been done
at Washington but manufacture public opinion for
and against the different asprsnts to the presidential
chair. Senators and Representatives have been
run nj the country attend public meetings;
and yet these individuals the very oppos-
ed to an early adjournment Of Congress. The entire
business of the session-that in which the people have
ally nterest-was put of to the last week two CT
the session. and then hurried through such imperfect
shapes, that alterations and notifications will be
ouired early after The opening of the Many
interests of the country suffering the
want of proper legislative action. These have not
been neglected for the want of time for eight months
lis period long enough to perfect and pass bills sui
Gent to answer all purposes for the next ton years
There is only way to do away with this waste Of
time nd money which is that adopted by the legisa
lures of several Stateshe reduction of pay in proper
tion to the length of thessesson, that, after
tain time, the pay altogether If members OF
Congress received eight dollars day for the first
MONTH six for the second and four for the third,
should never have session more than three months
bong there would be no long session, it is now
rccty called but both the long and the short session
would close on or about the first of March in each
year. Touch their pay, and you touch their patriot
ism Members Of Congress are governed more by the
Almighty dollar than their anxiety to serve their
country.
meeting Of the stockholders of the Reading Rail-
road Company holden at Philadelphia, few days
since for the purpose of taking into the
policy converting another portion Of its debt into
stock 1t is stated Gays the Ledger that the
new ioa ting debt Of the company is to be funded in
stock at 80 per cent discount and that
takers of the loan 1S47 for the liquidation of the
old floating debt who, by original agreement, to
have received two million bonds ut 20 per cent, but
deemed it prudent in consequence Of certain legal
proceedings TO receive for the time being fourteen
hun dred thousand at par have been voted their de-
ferIcd Thirty per cent in old stock, equivalent to an
increase of twelve thousand bares at $50 each The
mept for converting the bonds of the company
not secured by first mortgage having been completed,
the stock account will not vary much from the an-
rcxed stnteme mt -
Pn,LApELPuiA AND READING RAILROAD.
ODD Stock.
outstandng 3lst December, 1916 80. 81 400 shares.
stock Dividend, January 1917, 10 per
cent . oy<so
$500
stock Dividend, January, 1913, IL per
T6776
.,oo oCo to loanhoders Of lSl7. ..... $4,000 4"
Total Old stock. ............ ss,770
Preferred Stock,
% n cryu per cent. dividend after payment Of