The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-17

registered into coupon bonds has been amended in
the Senate 90 a. to Impose tho expense OF making
the change upon the owners Of the bonds Az the
COUPON BONDS
are worth In the market all che way from one
quarter up to one per cent more than registered
bonds the owners can anord Q light tax for the
conversion. The following were the closing quo.
tations limited states currency skies, lI2x o
Il21; do. SKIES. 1881, registered, Il3H q li3x I;
do. do, coupon, ll7X 117ys; do. ave-twenttes
registered, May and November lis . ll3x; do
do. 1862, coupon. DO, 1l3 . lIaK; do do, 1864
do. do. 1885, lisK do. do. 1866, do. DO, II3I .
l1s,s; do. do, 1867, registered. January and July
ll2h ll2x; DO. do, 1865, coupon, 1853 II5x;
do. do. 1867, do. do, 1l6h ll6H; do. do, 1865
do. do, l16x ll6x; do. ten-forties, registered,
l0ek 1o9x; do. do. coupon. 1907 l09x; do.
nves OF 1881, registered Ill liz; do. do. coupon
lily Q l12
CONGRESS- AND THE FINANCES
The wiseacres In Congress are still "peggfng
awayn at the Utopian scheme or legIslating the
country 10 specie payments. A bill introduced to.
day provides that ION and after the LIST day OF
-. 1873, United states Treasury notes shall
cease to be lawful money or legal tenders 10 pay
ment OF debts public or private. except In pay.
ment OF debts contracted after February Is, 1862,
and before the LIST day Of -, 1873, and except
come due to the United States The Secretary OF
the Treasury shall withdraw from circulation and
destroy during each month, from and after tho LIST
day OF -, 1873, not less than - nor more
than - millions OF the Treasury notes r..''O.
fore Issued until tho whole amoupt .aeieol a'0
extingushed" Which was res~-.oa " Tug ooni'
mittee on Banking ana currency. A Dill 10 au-
thorlze rroo hanki-g on the basis OF per cent
government bonds was also referred to the same
committee.
STOCKS DULL AND IRREGULAR.
The stock market. while dull and irregular. was
for the most OF the list strong and before the close
OF the day underwent general Improvement. no.
tcsable chiefly In Pacific Mall Western Union,
New York Central and Rock Island. The first ten
dency was on the declining side in sympathy Win
a further 'brcak" in Rock Island, which went OF
to 100 on the formal announcement OF new issue
OF 900 OF stock the coming of which has been
'in the airn for week at least, as quite number
know who have been curious enough to investigate
the cause Of the decline Of over per cent the past
ten days In
ROCK ISLAND SHARES
This issue raises the capital to $25, 600 900, which
10 the limit If We remember Alright, fixed In the
charter OF the company, and beyond which, under
the new constitution OF Illinois, there can be no
further increase. 1t Is claimed for the watering Of
Rock Island that the profits Of the irrigation have
always gone into the treasury OF the company,
just Harlem has always received the full benefit
of Commodore Vanderbit's waterings Of that
stock. The new issues are always made at time,
however, when there is reason for believing that
the directors have been enabled to make hand.
some profits on their knowledge OF what was COM
ing, and gossip to that effect is now busy with the
present issue. At the same time 1t Is intimated
that
THE TOM SCOTT PARTY,
representing the Pennsylvania Central Railroad,
had quietly secured a controlling interest In Rock
Island and were about to take 1t from the control
Of the Tracy party, but were discovered In their
strategy by the latter, who, to retain their control
as well as to extricate themselves from q heavy
venture on the short side, were compelled to issue
every dollar OF stock they were allowed to by the
charter. Hence the sudden creation OF six millions
OF new stock instead OF the usual one or two mil.
lions. The new issue having been, In the language
OF the street, already discounted there was a rally
in the price to 1lo9s-the strength Of the stock
under the circumstances being quite
AN ANOMALY
in Wall street experiences. The announcement
referred to is as follows:-
OFFICE CHICAGO, ROCK IsLANDl
AND PACIFIC RAILROAD COMPANY, !
NEW YORK, Dec. l6, 1872
TO THE PRESIDENT OF THE NEW YORK STOCK Ex-
In ACCORDANCE with the rules OF the New York
Stock Exchange, you are hereby notified that
after thirty days this company will issue 10000
OF such ADDITIONAL shares are reouired for pnildinS
double tracks and side tracks substituting steel In
place OF iron rails, building new passenger and
freight depots machine shops and engine houses,
adding new equipment, completing branch roads.
substituting permanent structures OF stone and
iron In place or wooden structures, reduction OF
grades on the Iowa division, and for other purposes
OF the company. JOHN F. TRACY President,
The developments in Rock Island put
PACIFIC MAIL
temporarily in the background, but attention was
soon directed to Its strength and quiet improve
ment, the advance looking like the execution OF
orders given to experienced brokers to buy well.
The reader viii remember that the HERALD has
given an impartial and faithful record of the prog.
ress of the speculation In this stock, much to the
annoyance and confusion Of the clique manipulate.
ing it. When selling at SO a go we explained Its
capacity for an advance In view of the develop
ment OF the China trade. When 1t advanced to 100
q 1893 and the clique were endeavoring to deude
the public and induce them to buy the stock with
promise of rise to LIS $780, we exposed the inna.
ton OF the stock and narrated how its value had
been seriously impaired by the inauguration OF the
NEW ROUTE TO CHINA,
via the Mediterranean and Suez Canal whose
steamers were bringing merchandise direct from
the wharves OF Hong Kong and Annoy to the
wharves OF New York. After the clique had un.
loaded and gone ''short," and while they were en-
deavoring to wheedle the public into selling the
stock short at 10 a so per cent, we again exposed
their plans ana schemes, which are all the more
scandalous because the pool embraces In its num-
bers the leading officials OF the company. In this
connection, but under other circumstances we
would advise the public to quit Pacific Mail and let
it alone forever; but this advice is precisely what
the pool would like the public to take and act upon,
so that our well-meant Indignation would be as
delightful to these gentry as was the wrath Of Mr..
Pickwick to the pettiiogging Dodson and Fogg,
when they desired him TO administer TO them the
punishment gentleman inaicts on contumelious
Inferior The Pacific Mail speculation under
Its present auspices has been conducted with
a corruption and Generalization which should SUBJ
cct the affairs OF the company to legislative inves