The New York herald., 1871-01-13
GOVERNMENTS DULL.

ITO to HOSTS. The million was awarded at ITO. 751
HOSTS.
GOVERNMENTS DULL.
The government market was duh and prices
steady, except for the 62's which were or The fol-
lowing were the closing street States
currency skies, 1lO1s 1903; do. sixes 1884, regis
tered 1loss 110I; do do, coupon, 11os l1oT; do.
hve-twcnties registered, May and November, 1887
10S1s; do. do, 1862, coupon, DO, 10SS a 1857;
do do, 1864 do. do 1857 10S5S; do. do 1865 do.
do, 1oSh loSSs; do. do. registered, January and
July, 1878 107A; do. do. 1855, coupon. do. I07k
1913; do do, 1867, do. do, 1919 1OS; do do,
1885, do do, 1885 a 10s1s; do. ten-fortles regis
tered, 1919 lo7i4; do do, coupon 1915 1925.
"BULL MARKET" FOR STOCKS.
AT the Stock Exchange the operators on the bul
side were jubilant over sharp rise in prices The
progress OF the day developed an active borrowing
demand for Lake Shore, which lent "nat' and at
132 per day for its use. The books close on Satur-
day next. the 14th inst not the 16th, originally
srated), for the semiannuai dividend and hence the
scarcity OF the certificates for delivery in specula
tive sales. The exceptions to the general current Of
the market were Reading. which was heavy, and
Hannibal and st. Joseph. which sold down to S4ts
for common and 100z for the preferred. The
annual report OF the latter road was given
to the street this afternoon. Its statements
are In strong contrast to those published In
what is known as the "Bailey pamphlet" a docu-
ment issued by the parties who procured the recent
Injunction against the payment Of o supplementary
dividend ON the common stock. According to the
report OF the directors the common stock Is
s4.l51, 700 and the preferred $5,0s7 224, making q
total OF &c. 1885, 924. The bonded.debt So 1922 1O0
making total liability Of SIS, ,O24 against over
$780, .0oo as alleged in the Bailey pamphet,. The
bonded debt Is subject to reduction OF at least
by realization Of the land assets of the
company not yet disposed OF. The history Of the
preferred stock s cited In full to show that the
mon stock is entitled to seven per cent per annum
after the preferred shall have received that rate and
that the division OF surplus begins only after both
classes Of stock shall have received seven per
cent. It will be remembered that the ground
OF the Injunction was the claim that the division Of
the earnings both classes should commence after
seven per cent had been paid upon the preferred.
Curously enough, the basis Of the whole litigation
.saidn-introduced, 1t is held by the custom OF legal
verbage, but, while intended to make the contract
specific, producing most singular misstatement on
O most important point. The directors, who seem
to side with the common stockholders further claim
that the language on the back OF the preferred
tifcates should settle the question, as 1t is there
expressly stated that the preferred stock is
tsshare with the common stock any surplus which
may be earned over and above seven per cent upon
both in any one year." The earnings for the year
ending December 81, 1870, were s3,444,52
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest