The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-17

THE GOVERNING COMMITTEE MEETs AGAIN
VIEWS OF DEALERS FoR AND AGAINST THE
CALLING OF LOUISIANA FUNDED BONDS.
Yesterday afternoon tho Governing Committee Of the
New York Stock Exchange again mot to consider the
subject OF admitting to tho regular call tho funded
bonds OF the state OF Louisiana 1t appears that tho
now consolidated bonds founded the rel,n-
qushnent OF 900 old bonds az tho rate OF $780,
loss the original holders OF forty por cent Al tho
time Of undug tho market price or tho bonds IL
tho ncighborhood Of Atty. and many unpaid coupons
were attached TO them that any prospect OF apprcca
lion In the value OF the securiy-cvon BY the rclin
punishment Of coupons aud their exchange for q 1.-Two
bond on which tho interest would be promptly paid
was eagerly seized by tho holders Thus about
H. 600 OF tho old security retired aud lttlo
over 10000 OF the bonds created Yet, not
wthstanding this apparently healthy Issue, and the
persistent cndcavors OF the Southern bankers TO have
tho bonds quoted the New York Stock Exchange,
tho Governing Committee havo STEADILY refused TO
recognize thcm Governor Kellogg camc 10 the city
low days since for the purpose Of convincing tho
lnittce that this manifest injustice to tho bond
holders, and he before tho gentlemen composing
tho Board Monday and made elaborate arsu-
mcnt showing that the bonds good and that the
interest would BIO promptly paid Unconvinced, how
ever, the Governing Committee adjourned without
action, and met again with tho result yesterday
As subcommittee wore reported as having been
favorably disposed to place the tho sirco
list" HERALD reporter waited member and
told that this II also said that certain
bonds were illegally issued in ad OF ruilrosd under
the Warmoth regime, and Mr. Hayes, Ineinber oil tho
committee, said this was cause o complaint, inus.
much as certain bonds had been uuIustIy excluded
the funding process. Mr. Brayou Tvs said Il wis i'm
possible TO give any opinion to the ultimate deci-
sion Of tue committee, and Mr.. John Is. Norris be-
iieycd there would have 70 10 number o. meetings
was believed however, that such was tho opposition.
TO their being cied that tho committee would ulti-
mutcly object to the proposition.
The dealers IN Southern securities most or whom
naturally anxious 10 have the Governing Committee de-
edo favoraby, awaiting the issue with great I'M
patience. Several OF them wore questioned yesterday,
and nearly all considered that the committee net
Ing IN captous spirit Aargc ncgotiaor OF southern
.'My opinion is tuat there not shadow Of reason
why the Louisiana bonds tnew issuc) should not be
mediaely placed On the regular call The State Simply
compromised ITS Indebtedness the men
do when tacy lind they cannot pay full and VI
Interested persons eau stand In tho way OF great good
70 numbers who arc suffering from rcprescntat
at the New York Stock Exchange IL Is great hardship
aud ought not to DO endured Take, Tor example, the
Of Florida Ia regard u her consolidated gold bonds
OF the issue Of 1878 Tho state has paid hundred
cents tho dollar, funded her old debt dollar for
now Viii. aS an o. aso only ssans
the constitution Of tho sate-yct because
"
the United states, and Tor which tho State Is
ally legally responsible, her bonds not called
the Stock exchange uccsu few individuals hold tho
Old scrip and insist that Florida shall not the
credit 10 which sho i justly entitled until that scrip
retired The interest II paid promptly and II seems to
DO pity thar these Southern communitics while
crippled by tho aud robbed by Spectators yet
still showing un honest desire 10 pay their dc0ts IN the
wsest possible should In this centennial year
have their credit crippled by obstacles hrowh In their
way by tho New York STOCK Exchange. However
hope in tho OF Louisiana tho Governing Commit
toe will adopt wise course and call the bonds,'
The writer in 0rdcr to obtain all sides OF the ques-
ton, had with OF the officials oi tho
Exchange who IL also prominent banker Ia Wall
street. Tho gentleman said:-"Ycs. there 10 good
deal OF talk about tho n-action Of tho Governing
Committee In to these bonds; but II
me tho Board delays action because there 10 idea
that there Is 'sone job In H. II Is possible THAI
Governor Kellogg states the only idea TO improve
the credit VI the Stae but You know bonds could be
traded oil to better advantage. both North and SOUTH
TO build railroads 10 foster thousand speculative
enterprises. II they had quotable value at the Ex
change. As long they do not have that indorse.
mcnt they must be traded their merits, and every
body touching them must examine and determine
their vaco themselves Now the Exchange In
dorscmcnt 10 sort Of guarantee Of value, and many
persons, losing sight OF the constant manipuations
there Of little rings Of bond dealers, who keep up
prices when there but lew offerings by matched
bids, &c. ofen deceived by tho printed quotations
Of prices and II W to guard against just this thing that
the Governing Committee scrutnze very carefully
everything coming before them for rccOgniticn.v