New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-04-05
DAILY TRIBUNE MONDAY APRIL ls7a-rRlPLE
tanned moro cheerful feeling prevails in this I'M
portant branch of trade.

tanned moro cheerful feeling prevails in this I'M
portant branch of trade.
In financial circles the principal events Of interest
have been the dissolution Of the gold Clique and the
consequent return to reasonable rates for exchange
and the Pennsylvania Railroad COmpanys default
in the payment of the guaranteed interest of the
first mortgage bonds of the Columbus Chicago and
Indiana Central Railroad. This latter event
appears to be of greater public importance than is
generally supposed. it strikes a serious blow at
the value of the bonds of every leased railroad
the country. and more particularly at all those
leased to the Pennsylvania Company. If this
Company can. upon the himsy pretense
set up in this case. break the lease Of the c. c. and
l. c. TO the Pittsburgh. Cincinnati and st. Louis
Company. and thus release itself from its solemn
guarantee 0pay the interest upon$5 @ 000of bonds,
when may it not be convenient for il to do the
with Fort Wayne or any of the other roads which
during the busy and active wears of the past it
ambitOusy gObbled up" 1t becomes of interest to
ascertain the exact point to which corporation
may go in giving its guarantee and still not be held
liable when it becomes convenient to repudiate its
promises 1t may be a question ii the Pennsylvania
Company. aside from its contract with the c.. c.
and /. c. Company, has not made one with each in
dividual holder Of these repudated bonds The
following is an extract from letter dated at Phila
delphia Dec l. 1870 and addressed to the trustees Of
the mortgages under which these bonds were issued.
and signed by the Presidents Of the Pennsylvania
Company, and of the Pittsburgh. Cincinnati and ST.
Louis Company, tO-wt:
You therefore authorized to inform the holders
Of said bonds and to such other public nouce as
you may think proper. that the interest on the said
s5s21 900 of bonds will be regularly paid by the Puts
burgh, Cincinnati and ST. Louis Railway Company ac-
IN he of Z
Yours very respectfully,
J. EDGAR THOMSON, President
THOMAS L. JEwETT, President
If the law be such that the Pennsylvania Com
pany can relieve itself from the payment of inter-
est upon at least every bond which has been pur-
chased by the holder since the PRONUNCIATION OF the
foregoing letter, then il would seem to be time the
law We're changed and until 1t be amended II might
be advisable for the public to leave severely alone
the securities O. roads leased to the Pennsylvania
Company.
Money. which was quite active early IN the week.
and lent as high as per cent, with bonus Of l-j3,
has latterly ruled easy and the rates call have
returned to 3a5 per cent. Gold, which opened the
week with sales at 1i6s, and advanced the price on
Tuesday to III, has since sold down u
IA and closes at 114i The rates for loans OF gold,
winch on Tuesday were at one time as high rs per
cent per day for use have returned TO fiat ana la2
per cent for carrying. The bank statement for the
week was more unfavOrabe than bad generally
been expected in that the increase Of specie was
unexpectedly small; but it should be re-
membered that the gold which had
been Withdrawn did not begin to return TO the bank
vaults until after Wednesday, so that the condition
of the banks is really much better than this mls'r-
able system of reporting averages represents 1t to
be. Government bonds. in sympathy with the de-
IL, ~, eho
on last Saturday. State bonds show a slight I'M
provement on only small and irregular business
In railway mortgages there has been fair amount
of business at firm prices All the Pacific issues are
strong and the consolidated gold bonds of the
Chicago and Northwestern advanced TO s.. H.
vestment shares have been firm with only a small
business while the speculative list has been active
and irregular. The early part of the week
was marked by extraordinarily large
and well-distributed business AT generally declining
prices succeeded by quiet aud Lrmer market until
to-day when prices a. rule again yielded nae
ton 1t will be observed by reference to our usual
weekly table Of comparative quotations that, as we
have before stated, each particular stock seems 10
stand by itself and is Ony momentarlly Eynpatheti-
callv Influenced by the movement of othtr stocks;
and this feature of discrimination is becoming more
and more marked in the dealings OF operators Thus
the changes in prices since last Saturday night are
~ follows Western Union Telegraph. Atlantic and
Pacific Telegraph. and Cleveland aud Pittsburgh
Railway have advanced each per cent; Pacific
Mil Wabash c., c. and l. c., and Ohio and Mi'sls-
sinpi each J:New-Jersey Central l. Panama Railroad
:. and Union Pacific, ~ On the other hand, Rock
Island has declined per cent; st. Paul Common
and Preferred, each !; Northwest Common Della
ware. Lackawanna and Western and Hannibal and
ST 10 Common. each :; Lake Shore and Michigan
Central each T.; Northwest Preferred, J.; Hanni-
bal and st. 10 Preferred. 2; Erie A. and Qlickail-
ver G.: n Y Central ana Harlem, in which the
transactions have been very small, close the same
To- dov as on Saturday last. The sales Of the week
aggregate nearly 100000 shares, the most active
stock, having been Union Pacific. Pacific Mall
Western Union, Erie, Wabash, Northwest Com
mon Lake Shore ONO and Mississippi, 81 Paul, and
Hannibal and St. Joseph. The subiolned table
shows the extreme fluctuations in United States
bonds. the leading railway and miscellaneous shares
a. well as gold with the closing quotations OF each
At tbe dates undermeuhoned; also the number Of
shares of each stock sold:
-por the --Cio"rg- Number o.
Highest. Lopcst. Apr g. MAJ 2 f. shares sod.
C. 8 6. Coupon ssl ....l2I4 ~ l2i-s ia '''
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