The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-30

the whole list but without important change in
The sales Of railroad bonds we're large. and es.
pecay notable for the movement in c.. c. and
]. c.. with an unsettled closing. There was an
important advance in kansas Pacitlcs. 81. Paul
sinking fund was weak.
The subscriptions to the 4 y cent refunding
certificates since Yesterdays report have been
t7S7 400. As we predicted. the rise of the D
cent. bonds TO above par has stimulated the de-
mand for these certificates from persons who
merely want them to convert into bonds. and
although Secretary sherman has endeavored
10 throw obstacles in their way they find means
to get around them.
The Senate Finance Committee to-day took
up the House bill providing for the exchange OF
subsidiary silver coin into lawful money. and
extending their lcga-tender power to the
amountoi $40 IN any one payment No concu-
sion was reached.
City Of New York . cent bridge bonds, 10
the amount OF $500 600, payable in 1900 and due
in 1926 we're taken to-day by the Emigrant In
dustrial Savings Bank at l05.76 There were
eight other bidders, each for the whole amount,
at from lO2 10 l05.33.
II Is asserted In weIl-informed quarters that
tho two elevated railroad companies have
agreed upon n plan OF consolidation, and that
all the talk about the New York Eevated's sur
rendering its Pearl street section TO the Metro
politan and receiving n consideration therefor
Is simply to conceal the real agreement which
sought at Albany. 1t Is said. eau be for but one
purpose, namely, 70 facilitate some agreement
provision for Increasing the Board OF Directors
from nine to thirteen Is not wanted for either OF
the two corporations. but for a third company
which was organized under the general pro-
visions OF the act Of 1875. This company is
known rs the Manhattan, and the 5 y cent. re-
quired by the act WIS paid in, II Is alleged. by
the snme men who control the Metropolitan and
the New York Elevated.
The decision OF Justice Harlan. in the Column
bus. Chicago and Indiana Central Railroad
case. is variomsly looked upon by the parties
Interested While the lense OF the road Is up
held. and the PENNSYLVANIA Railroad Company
declared TO be- liable for tho rent. tho Judge
fixes no time for tho payment OF the arrears
due, and that point is to bo further argued be-
fore him on June 2. Again. while the lease is
pronounced valid and binding. leave is given to
the lessecs 10 move for its recession, II by Jan.
| next the lessons shall not have reduced then
bonded debt to the amount Of si5OOO.O 900 first
mortgage and 1921 900 second mortgage. We
understand that the first mortgage bonds Of the
G., c. and !. c. outstanding are SlO42S 900. and
the prior mortgages Of the several links % tho
road s7.OOOOOO IL would seem. therefore, that,
c. and /. G, first mortgage boudholders must
scale their bonds down in the proportion Of
t242s.OOO 10 900. or about % per cent;
ana the bulk of the second mortgage hondhold-
ers must give up their lien altogether and take
income bonds in exchange II they refuse to
do this the nrst mortgage may he iOrcclOsed,
cutting them of altogether What the first
mortgage bondhoders will do Is 10 be decided
a. meeting 10 be held in this city May 10. In
Philadelphia this decision il construed as ia
yor19e to ne Pennsylyanla. Railroad Company.
Here C.. G., and |. c. bonds rose, at first 10 Y,
but soon after receded TO Co.
The decline in British commerce. ms ind-
Gated by the latest trade returns, is quito CON
siderable. The following are the figures for
the quarter ending March 81. as compared with
the cor responding quarter Of last year:
sS f 3 SO sd As s5 si
1919 80 n.an s5 ~ $3.50 s e,se7s,a ss5 tx sco
ls7e.... 51,2s4,iiO a.l2a,2sa So6S,St5 5S47oo's
The falling on in imports hero exhibited is
about the same rs that IN exports the excess
OF imports over exports in both years being
about f46 00O 600 for the quarter or nc the rate
Of flsi.000.0 900 for the entire year: This excess
eating 10 lts full amount n drain on the re-
sources Of the country. II will be- observed that
the imports Of gold and silver for the quarter
are Gs.5S0990. against G5.695 s2S OF exports,
showing balance OF imports OF the precious
metals. The fact Is that Great Britain counts
among its inhabitants an immense number Of
owners OF property situated ~ the British col
onies, and other parts OF the world These
and thus for many years. now, the balance Of
trade. rs il is called has been from 10000 900
TO el25.o0O,OOO against Great Britain, without
running IT,
The revenue Of Switzerland. In 1873. exceeded
the expenditures 60 $50 francs instead of there
being deficit. us was estimated. OF 2.37G.oOO
francs.
Great complaints are made in Boston Of the
oppressive working Of the Savings Bank Stay
law. The banks, il is charged. while awaiting
themselves OF the law, in order TO avoid tho
payment OF deposits still enforce the collection
OF mortgages owing to them, and in many
cases. lorcclose and sell out the properly Of the
very depositors whose money they hold back
and who. Tor want OF IL, are compelled to see
their property sacrificed.
A bill. establishing tho legal rate of interest
AT six per cent per annum, but allowing eight
per cent To be- taken by written stipulation, has
passed the Michigan House Of Represe natives
and goneto the senate iorapproval. That bqiy
has already passed and sent Ia the House n bin
fixing the rnte OF interest at six per cent. with
out any restriction.
II is likely that Missouri will follow the ex-
ample OF Georgia. and issue Interest hearing
bonds IN small denominations. which Will cIrcu-
late Ms money