New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-06-14

must be effected by paying holders OF Government cur
rency debt what capital is worth in open market
for long loans. Call loans have been done
this week as low as four per cent, but Ills rate
stimulates no demand fir l0i0s any existing form Of
National debt sufficient to advance the quotations per-
ceptiby or to mako the stocks scaIcer The Hlone!
market is not cheap outside of call onn'' VI su' pP
equal 10 call loans As as coHeciu ulls VI 'ii
credit are offered seven per cent is considered oW ana IN
the Western and Southern markets merchants are ehoer'
fI when thew are accommodated al2 per cent and
do not complain of higher rates. As long as these facts
exist. and they will remain for many years in this
country from the comparative scarcity of capital
TO tae demand, it is absurd TO attempt 20 fund
the debt mado by the Rebellion at rates
such asare received only by capital in old countries having
the accumulation Of centuries, and without the demand
for money existing country Ike the United States
The funding of the short currency debt is of tie i'm
pements to specie payments which cannot be too early
surnounted and the Government should not fail TO fund by
higrng about per cent upon the amount OF bonds
necessary to absorb the short debt about to mature
If money can DO had at five per cent where the exist
ng SIS 30 come within the power Of the Treasury 10
nan them off, it will be than seems probable
The fret thing do is TO fndno matter what the ale
may be- the next is pay off the debt by purchase at
market rates. and TO reduce the cost of carrying the
maindor By substituting bonds of lower interest, rs the
money market will warrant when the power of snbstIu-
ton is within the control of the Treasury At present
the puble creditors rule the treasury and the Govern
mcnt can only obtain the asendancy by funding its short
debts and in getting it's payments when they can be met
and little more by current income.
In fteehs the offerings grain to Great Britain during
the past week have been quito large Rates have huetu-
aed and have declined. The engagements to Liverpool
are 600 BUSH Corn at 4d 900 bush. Peas, at 4d
60 TO- in bulk; 300 Logwood private terms, and
per steamer, 81 600 bush. Corn on private terms The
charters are Italian brgs TO Cork Tor orders at 5
British schooner to Londonderry with Conn., zs bark
from PHILADELPHIA TO Cork for orders with Petroleum, a.
S. 80. to the market and IS. 3D. to the continent.
The New-York Central Road earned in May
e. 2s5 900 1866. 81. no. 900 90
The first week in June shows gain of 5000.
The Great Western Road Of Canada earned the first
week in June
s5592i 1906 .......5s9 l65 Inc....... s32n
The Boston Water Power Company sold on the 18th
about $50 900 feet OF land.
The Michigan Southern Railroad earned ior tn, first
week in June
1865 C2l SIC Dec......s 500
The Western Union Railroad Companys receipts for
the week ending june T. were follows:
1906 s23637 65 1865. .oCs ls 81
The total amount of traffic on the Atlantic and Great
Western Railway for the month Of April was:
1866 s39i 533 s3i3 400 l2j
The earnings Of the Erie Railway, Including the Buffalo
division for the month Of May, 1906 were,
Erie Railway oOs.slG n Buffalo Division Fe5i eo
Total. slioiot' q
Erie hallway $3.50 40 c. Buffalo Division. c9 n
AIS 100 81
Decrease on this Railway Buffalo Division, ss23iJi q
The earnings Of the Eric Road for the first Eve months