The New York herald., 1862-10-30

" OIL 10
Hudson River. 1917 "a
At the third board the market was very tame,
and the sellers were more numerous than the buy
ers. There were sales of American gold at 1872,
Central at 1857. Erie at 6SsS preferred at 90s&,
Hudson at IS. Michigan Central at 90Ts. Southern
old at As. guaranteed at 81, Illinois S2L., Galena
S5At Toledo 7Os1, Rock Island s31..
It is understood that Mr.. Chase has at length de.
termined upon the policy to be pursued in regard
to the matter which has created so much excite
ment among fnanciers during the past month
Declining to be guided by the advice of bankers
whose views were obviously interested, he has re-
solved to issue no new loan. and to make no new
appeal to the banks and bankers. But he has
taken measures for the organization Of q system
f0r the encouragement Of conversions which, it is
hoped, will lead to large increase in the amount
Of currency daily deposited with the Sub Treasurers
Sor conversion. An allowance Of u of one per
sent will be made to bankers and brokers
Sn amounts so deposited through their
agency. and appeals will be made to the
public Of the Northern States, through the news
papers and the local banks of each county and
town. By these means it is expected that CONVEX
sons may be swelled to at least million dollars
per day. The enormous expenditures Of govern
ment are creating new class of rich men who
are in search of good investments, and who can
afford and ought to place at least portion Of their
means in the $40 bonds. No other investment in
the country presents such advantages as this. In
the first place the interest is payable in gold And
secondly the bonds is in fact, first mortgage
bond on the whole property Of the people of the
United States. No railroad can pay interest on
its debt q dividend its stock until it has con-
tributed its proportion toward the payment
OF the interest on the public debt In the shape Of
taxes. No real estate can pay dollar to its
owner till il has contributed its share. No busi-
ness, however safe, yield cent of profit until
the government has received its proportion toward
the ,payment Of interest on these $40 bonds.
They are secured, as we say, by first mortgage
upon every piece of property and upon every
trade and enterprise in the country. Under these
circumstances it is not little strange that they
should drag at par. while railway bonds are in
request ITO q lis. So far as we can Judge, just
two things wanting to secure active conver-
sions Of currency In the first place, we should
have victories in the field. Elective, decisive
victories would do more for conversions than
all the systems and all the canvassing
in the world. They would satisfy the most eau
tous lender and invester that United States bonds
at par were the safest investment he could find;
and, secondly, the sizes Of 1881 should not be al
lowed TO drag at lO3 a 1887 At these rates it is
cheaper to buy these skies than to convert cur
rency into fve.twenties Why does not the secre-
tary Of the Treasury use the sinking fund to
sustain the market price Of these skies, Why
have we no government broker here, directed to
buy United States skies whenever they fall below
xtosv a,.l 70 h. 4r knxy
more than are wanted. to sell the surplus when
they rises In Europe every government is repre-
scented on change by q broker, who protects the
national credit by a judcious use OF the sinking
fund We shall have to adopt the same rule here
FIVE want conversions TO proceed actively.
The La Crosse Railroad bondholders who have
recently purchased the western division Of that
road met to-day. George A. Townsend, Esq, was
appointed chairman Of the meeting. full report
OF the doings of the trustees and attorneys was
made and accepted. Francis vose, one Of the
trustees, was expelled by unanimous vote from
the Office Of trustee. The bondholders voted to
authorize the trustees to give to the second mort.
gage eastern division bondhoders par and inte.
rest In the new company for their bonds, viz
Eighty per cent in new bonds and orty-eight
per cent in preferred stock. This is to
apply to those second mortgage bond
holders who have heretofore asssentcd. and
20 those who shall deliver their bonds to N. A
Cowdrey, Secretary Of Trustees, previous to De
cember /, lss2. II is understood that very large
majority Of the second mortgage bondhoders ap
prove OF this oner and will, or have, agreed to
ceptofh. Amlsapprehenson has prevsiled among
some Of the second mortgage bondbolders, some
OF whom have surrendered their overdue coupons
10 certain parties who claimed 10 be acting a. the
agents Of the trustees. to settle under decree Of
court. No such authority vss givep by the trus