New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-15

the oohus are inado payable on pTcsehtatioH' WIN
interest to tho date of such presentation The call
was surprise, we have boforo stated; and ex-
cited much comment, accompanied by diverse opin-
ions as to its results aud effects both az regards the
Treasury ard the country. After careful
examination of the subject In all its bearings. we
think the most thoughtful financiers very generally
agree that its effects must he beneficial. That 1t
will enhance the credit of the Government both at
home and abroad. may be considered as certain And
that 1t adds just to the floating capital OF
the world is equally certain. This sum must
seek Investment; but where and how time
alone can develop. Perhaps it may not be
unreasonable to expect that the very call itself may
influence much of that portion which may be owned
abroad to reinvest here in other Government bonds
or other American securities of undoubted value
and credit DO that it may. this country is GER
tain to receive its full proportion Of the benefit to
be derived from this addition to the worlds capital.
The other event which gives very general
satisfaction, except to the inilationists, Is the
fact that for the first time during
the past six years single practical
step has been taken toward an honest currency and
the outstanding legal tenders are reduced from
SSOOO 600 to $3.50 1900 while the portion retired
has been Cancelled and cannot be reissued. 1t is
marked that this gradual contraction now causes
marked the contraction of 1866 to 1868; but on the
contrary, is viewed by nearly or quite all classes
with particular satisfaction, as leading directly
though slowly. to substantial prosperity. 1t is
believed, and not without reason, that this
fact VIII be likely largely to increase the investment
OF foreign capital in our various securities. Inc
event oil chief local interest has been the continued
locking up of gold and the enforcement of rates for
its use ranging frem interest to per cent per day.
with the consequent decentralization OF the foreign
exchanges, and at times. unusual activity in money
The bank statement of to-day more fully
represents the extent to which gold has
been withdrawn than did that of last week, show
ing as it does an additional loss of $6.229000. Still
there is really more gold in the city tonight than
there was one week ago, mono having gone away,
while considerable SUMS have been received. 1t is
quite evident that the movement is not yet ended,
bur. perhaps. soon would be if the holders of the
called bonds should promptly present them for
payment. and realize for the gold the present
premium, or compete with the clique in the gold
loan market 1t may DO worth consideration
whether such course would not be more profitable
TO them than to hold their bonds for the remaining
three months interest. If it has formed any part of
tho plans Of the gold clique to interfere with
the money market, it has most sig
nally failed thus far for although the rate
for money has or twice been mOmentarily bid
up to and per cent the influx of capital which it
has induced has quickly reduced the rate to3 and
to-day the rates were 2i03 per cent. Government
bonds. which inactive in the early part OF the
week. were stimulated by the Secretary call for the
Sinking Fund. and advanced that the quotations
to-day from to above those OF last
Saturday. State bonds have remained feature
less the transactions Of the week having been I'M
important. and with the exception of decline Of
per cent in Tennessees new and per cent in Mis-
sourls, the quotations are unchanged. We have
seen q bull which has passed one branch OF the
North Carolina Legislature and is now before the
other House for its action, entitled An act TO COM
promise commute and settle the State debit which
seems to be a measure intended substantially
10 get rid of the state debt without pay
ing It, We think the real friends of
North Carolina if she has any, should suggest to the
Legislature Of that State that they had better do
nothing in the way of settling with the public cred
itors until they can perform something better than
what is offered by the provisions OF the Dill III qies-
ton. In railway bonds there has been iair busi-
ness at generally firm prices with especial activity
in the issues of the Union Pacific, the irsts having
sold rs high as 96s the land grants above par and
the sinking funds 0O.. The Central Pacihcs
have also shown strength, with something less OF
activity than that exhibited by the Union issues,
the gold per cents having sold up to ga. san
JOAQUIN Valley bonds have also advanced as have
the Chicago and North Western gold bonds, to 50.
The Ohio and Mississippi Second Mortgage bonds,
on which 81 per cent interest is due in April, are
selling at 81. The week has been one of activity
IN the speculative shares. The market
opened strong. and prices steadily advanced
for the first three days Of the week.
when, under heavy realizing sales there was de
cline of to % per cent: but the market gained
strength at the close so that the week shows an adj
vance on the greater portion of the active list OF
from to per cent. Union Pacific has been the
leader in the advance as it was in the decline after
the middle of the week, when some 10000 shares or
more held in blocks from 1000 10 5000 shares, were
sold to realize the profits of the weeks trans
actions. The effect Of these sales and OF other lots
of smaller quantities was to reduce the price from
49,. 10 which point it had advanced. down to 46t,
from which it steadily reacted to 49,. The causes
for the rapid advance and strength of this stock is
~ he found in the cessation of the competition
which has heretofore existed between the road and
the Pacific Mail Steamship Company whereby both
Companies have largely advanced their rates to and
from San Francisco and in the report recently issued
To the stockholders in which the directors snow
that the traffic of the road and condition
of the Company finances are '"o'' J""h-
mcnt to warrant the payment of quarterly divi-
dends of II per cent on and after July I. Next in
interest has been the stock of the Chicago and
North Western Railroad, which advanced to 46s for
the Common and 50 for the Preferred. afterward de-
Ginning to AL and 81 respectively but recovering TO
a., and ISL These stocks have been affected,
"a have those of other roads west ana
north of Chicago by the more favorable reports
concerning the traffic in that section OF the country
and which appear to be borne ont by the sworn
statements to tho Governor of Iowa as to the trahc