The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-10
NEW YORK HERALD MONDAY. MAY TO- 1876-TRIPLE SHEET

/ amount OF payments TO be made in May, on ac-
Y count OF European subscriptions 10 American
loans Is only ESQ, 00o This IS very exception
ally small sun, as may be inferred from the fact
that the payments made In May last year aggre-
gated el,T53, $50 and that the average monthly
amount for the drst four months Of This year has
been sl, 525 375. me significance or this fact 10
our exchanges is that she sam We can draw this
mcnra against foreign negotiations Is some
S6sgo,o9J below the average monthly amount.
Iats his very obvious connection win our cur.
rent argc shipments Of specie.
ANSrAL ELECTION Ar THE srocE EXCHANGE.
Tue annual election or the onncers Of the Stock
Exchange takes place tomorrow tMondayl. The
candidates tor the Presidency OF the board are,
respectively hessrs. George Mclean aud John 7.
Denny. The iormer gentleman has been mem.
Der for twenty years, and Is noted for his probity,
genial character generosity aud executive ability.
Few men IN The city are more widely or popularity
known. Inc latter IS a son or the member OF tue
hrm 81 Fisner, Denny Co., ana has made himself
more or less familiar 10 the business public
through MS publ he'd suggestions and discussions
Of questions connected with the stock Exchange.
he mas been member, we are informed, about
eleven years. Bofa are good men.
GOVERNMENT BONDS.
These have been decidedly strong and active,
the demand Tor home investment being stall Wig
orous aud undated rhe movement IS still led
by the currency skies. A sharp speculation has
been begun in the new District or Columbia three
slxty.fve bonds. the amount put on The board IS
$1,000, 900. In London on FRIDAY and saturday,
governments were reported shade on, IA SYM
patty with a depression caused, Il Is alleged, by
the possibility Of continental complications. When
English cons0ls reject such doubts the financial
minu naturally becomes Wa;chful or pending
events and increased caution Is superinduced oy
every act that threatens even a remote public dts
tlroance.
RAILROAD ASD OTHER BONDS.
These, on a moderate business. have been
steady. The Pacific issues snow triniug reac-
non rom he recent large ADVANCE. Chicago and
North TEST gold bonds advanced during the week
from s6& 10 81 ROCK Island 1rsts from 100 70
lo94, recediag q little az the close. Fort Wayne
1rsts rose rom 10 10 nix. The Pennsylvania
Railroad has reduced It's semI-annual dividend TO
per cent Concerning the recent defauls Of this
company on It's guarantees, with special reference
TO the nrsr mortgage bonds OF the Columbus,
Chicago ana Indiana Central Railway, which
was leased TO the Pittsnurg, Cincinnati and ST.
Louis Company, the Pennsylvania Company
guaranteeing the lease and payment OF interest,
the London telegraph in late issue makes the
following obseryauons;-
The effects Of the panic and OF the pressure
the finances OF the line are mentioned as explain
ing, though not extenuating, the conduct OF the
Pennsylvania. company IN seeking 10 cast on un-
profitable contracts. But when the best informed
journals In America can give no otner explanation
than this, whIe granting the contingency that
there NAV be some crack tnrough wulch, legally
though not honoraDiy, the pennsylvania can
sscreep out or the contract, we mar perhaps
assume that the default Is not excusaDle on any
grounds that would be thought sufnclent
by men OF honor In TINS country. In any case
IL Is desirable 10 put on record all The
circumstances the present stage. the
Pennsylvania, like most other American railway
n n las a
the occasion OF its next appeal 1t must expect 10
be judged by us conduct in he past, and 70 nave
IT'S claims tested by exactly the same standard as
EnQlsAnen apply TO similar corporations at
home-io other WORDS, BY moral as well as strictly
legal CONSIDERATIONS.
The interest due MayI on the nrst mortgage
bonds d the MOBILE and Ohio Railroad was not
paid. in consequence ofthe large decrease IN earn
in9s during the past four months. The ohio and
MISSISSIPPI Railway Company springfield dly-
sion) nrst mortgage bonds have been placed on
the Stock Exchange list. The whole issue Is Tor
$4,000, 0Oo or which 1000 900 were paid for the
road and the remaining 900, 900 Will be sold and
the proceeds devoted TO improvements sub.
scriptons for s4.o0O,ooo six per cent gold bonds
or the Western Union Telegraph Company are IN
viieo ana proposals Will De received until Thurs
day, the 27th Or Nav. ''Tnis issue has been au-
tnorized Tor the purpose OF providing means to
redeem bonds OF the company maturing November
/ next, amounting to s4.44soOO, and Will be
lncuded 10 any mortgage that the company may
make ID the future, the amount or which shall in
10 event exceed $4,000, 900. On the redemption OF
the foregoing 81 4Is,0o0, the only bonded debt be-
sides the present issue VIII be 800, 900 seven per
cent gold building bonds issued in 1872 and
f206 90 sterling bonds; and the total interest
the compauy's debt, inclu1ing this issue. Will be
sos 900 gold, Or at lis per cent gold s465,750
rency. leaving margin on last years net earn
ings or S2slo,8lO 10 excess Of expenses and inter
est charges. the company mas In operation p 500
miles 81 line, with 1880 miles or wire and up
ward OF GOO stations TIE capital stock Is
s41073 40, Of which the company has purchased
ana now has IN It's treasury S72s7 735, leaving the
outstanding share capital s3s Is5,675. The earn
ings OF the comoany for 1874 we're s953o,749 ana
the profits s3,O7665o being increase or s24s us
OF gross receipts and ss4l,6i o. prodts over the
year 1873" state oonds were not largely dealt In
and most or the transactions were confined to
yrgnlas, Missouris aud Tennessees.