New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-07-16

asort d,recon has attracted considerable attention TO
the property represented by the stock and bonded debt
nj the Erie Railway Company, and the opinion general
that under good the property could be made
To nay per ts present capital which was report
ed in March at S5765SOO in Common and t5,5359OO Of
Preferred stock. The bonded debt reported at
R23 500 which makes grand total OF 7ooo as the
cost OF the property The movements OF the directors In
the stock have unfortunate and they have succeed
ed in killing all speculation and all hopes for the future
pnder the present situation OF affairs In operating this
road however they have been successful and have
spent large sums placing II In perfect order AT the
present market price of the stock the entire properly
has market value of about S0,OOOOOO which Is muoh
less than the road could be built LOT at the
present time. II the enhanced price OF
Central is warranted 10y earnings, and II is thought
that Erie now offers an equally good chance Of resumng
dividends on its present capital under the management
of perSons having the confidence OF the nnaI cl anu
mercantile classes, the citizens Of New YORK caho NC
indifferent the ownership OF the properly anu H"'o
great interest In having the property kept reef from any
chance OF beng absorbed by either the NewHork or
pennsylvania Central combinations. BY keeping II an
INDEPENDENT organization there Is chance Tor FAIR
competition for the traffic OF the great West and 1t Is
hoped that the managers will before long make far
exhibit Of the condition Of the Company, and restore the
confidence Of the holders Of the stock.
Attention is called to the advertisement OF Henry
CleWs & Co., in another column who offer limited
amount of per year gold bearing bonds OF the
Burlington Cedar Rapids and Minnesota Railroad at &C.
and accrued interest IN currency Full particulars as TO
che security Of the bonds be obtained on application
70 the Office Of the agents Of the road.
question has been raised before the Bond Committee
OF the stock Exchange whether certain Of the new Ten
uessee bonds signed by Gov. senter, good delivery
The bonds IN question dated January l. 1901 whloh
date Is nted IN the body OF the bonds and at which time
Mr. senter was Governor. This is merely technical
matter which does not affect the validity OF the bonds
but only the questioned delivery under the existing rules
OF the stock Exchange. The Committee have requested
the holders TO write the Secretary of State Of Tonnes
Sec who will undoubtedly rectify the rregularty with
out delay.
ThOpipson's Bank-NOte Reporter has the following:
Secretary Boutwell, is denounced for putting
OF Treasury gold Ia exchange for paper money In
dong does he contract the currency or does be only
put ont currency and take in anOtheri II gold is
money, then certainly he does very innocent thing IN
putting 10 afOat and taking up paper dollars with IT, III
gold not money, then II is commodity which he has
right hold at a loss the Treasury. Legally and
theoretically gold is money! but practically, as treated
disc It bought and sold Ike cotton, hay, sugar and
butter. The more OF It there IS on the MARKET the
more currency 1t absoros 1t is one OF the eie-
mcnts coducve to a ught money market; Hence the
Secretary denounced by spectators for higher paper
money prices Tor the very simple tDg OF eGcnagns
gold for paper dollars Now when gold shall DE money
pract caly, two beneficial results viii follow: Inc cur
eucy will expanded and the gold will longer be
absorbent OF currency Here Is the theory on when
base the assertion that the way, and the only
way, TO improve the money MARKET Is 10 resume specie
lect-when they shall have learned 10y severe and ote
peated pancs depression and disasters that no relief
be obtained short OF that here pointed out then
CRY will be raised for measures TO make currency OF the
precious metals On ~ specie payments-the sooner the
better
The Beekman Fire Insurance Company have declared
a annual dividend of five per cent free Of Govern
ment tax payable on and after Aug 2
The officers of the Bank Of England to-day announce
another reduction in the minimum rate Of interest OF one
half per cent The rate is three per cent.
The City Council Of Bangor, Me, have voted to refer
the question of oanng the credit Of the city in aid Of the
wnterpOrt Railroad vote Of the citizens to be taken
IN October next. The bill cOntemplaes loan OF $4,000
per mile estimated length Of the road beng Is miles
The city loan is not to be called for until the road is
peted upon which the city shall have first mortgage.