Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-06

The Committee on Securities Of the
New York Stock Exchange have adopt
ed the following rules regulating the
sale and delivery of Tennessee bonds il
that market:
Committee on Securities, New York
Stock EXchauge.-New York, Dec. %.
lST5.-An act Of the Stale Of Tennessee,
approved March L. 1873, provides, that all
outstanding legally Issued bonds Of the
State. due or TO become due before Jan. i,
1874, as well rs al past due coupons, ma
turing on OF before Jan. 1, 1874, may be
funded in SIX per cent. coupon bonds OF the
State. TO be styled: "IEe New Series OF
Funding Bonds, redeemable at the option
of the State, AFTER July l, ISL, and due and
payable July l, 1914, bearing SIX percent.
interest: coupons attached payable January
and July in each and every wear from and
including July /, 1874, to the maturity Of
the bond.
This committee recommend That said
bonds. numbered l tO3,EOinclUSive. dated
ON the day Of issue, each for $1,000 be
placed upon the regular list and That the
call Of Tennessee bonds hereafter be Is
follows:
prior 10 and including letter G. No. 10
1873 inclusive, dated Jan. I, 1861, with
coupon on due July !, 1863, aud all Subse-
gUent.
Old bonds. coupons OF: Ten coupons of,
due July /, lSG9. TO and including Jan. 1,
1914. leaving coupon due July !, 1874, and
and all subsequent attached 60 the bond.
New bonds. coupons on. bonds dated Jan.
IA
due July l. 1863. and dRsub>cgUeHt.
New bonds. coupons of: Ten coupons
eff. due July !, 1869, to and including Jan.
3. 1874. leaving coupon due July /. 1874,
aud all subsequent attached 20 tie bond.
New series. funding bonds, issued under
act approved March :, 1873, dated the day
issued. numbered I TO 1850 inclusive, re-
deemable 1t the option OF the State ai.eg
JGly l, 1854: due and payable JUly !, 1914,
with coupons on, due July ], 1874, and all
subsequent.
Coupons, on the old and new bonds, ma
turing on AMI after July /, 1874, viii not
he paid 10y the State until The bonds to
which they belong. have been presented to
the Comptroller AID examined and regis
tered. and the registration properly indi-
Gated thereon by him and the Secretary Of
State.
The old and new bonds, nth coWoasQ of,
must be registered by the Comptroller and
Secretary of State. TO be a delivery.
EDWARD BRANDON, Chairman.
Previous to the Ist Of the month
THE New Series Of Funding Bonds"
had never been recognized by the Stock
Exchange, nor had what has been
known as the old and new Ten
nessee bonds been held rs marketable
unless they had attached 10 them the
ten past due coupons from July, 1869,
t. January. 1S74.linclusive, oran equiv
alent in money. Persons buying or
selling Tennessee bonds heretofore have
bought or sold thousand dollar bond
and three hundred dollars IN past due
coupons from July, 1869, to January,
1871. inclusive. In other words. If
bond sold for 80 cents on the dollar.
the purchaser for $500 obtained thou
sand dollar bond and three hundred
dollars in these past due coupons, max
ing total Of $500. This made the
real value Of the bond IN market about
sixty-one and half cents, instead Of
eighty cents, as the price appeared to
he to one unfamiliar with the rules Of
the Stock Board. The new regulations
of the Stock Exchange, which We pub
Iish above, give to the market, in addi-
ton to the odd and. NEW" bondswith
thescoupons Of July, 1869, and subse-
auent attached. The New Series of
Funding Bonds" and the old" and
new bonds, registered under the act
of 1873, with only the coupons Of July,
1874, AMI subsequent attached.