The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-21

The unoasiness Of borrowers Of money. in
ths United states states " cents ARt has G somewRat
abated. 1t is given out on behalf Of the Secre-
tary Of the Treasury that, in addition to other
bonds promptly as tho calls mature. and with
out requiring previous payment OF tho
will for al few DAYS. carry the = cents for the
holders Of them who need indulgence. Besides
this. 1t is currently reported that large sums Of
money have been borrowed on three, four, and
six months time by speculative subscribers to
the new loan. and that they therefore, will not
have to come into the money market for "A long
while yet. Nevertheless. investors are asking
themselves how many OF the now bonds will re-
main unsold on tho first OF June. and whether
they will not then be lower in price than they
arc now II only 100000 900 out OF the s27Q.-
100000 subscribed for since Jan. should be
undisposed OF on June l. they will be likely to
drag heavily.
The Delaware. Lackawanna and Western
Railroad Company will sell by auction on the
26th inst. 1901 900 tons OF Scranton coal.
The Legislatures both OF Massachusetts, and
OF Illinois have under consi Iteration bill SINH
lar to one proposed last winter in the Legisla-
turo OF this state, affecting the taxation OF mort
cages on real estate In both cases the plan pro-
posed is for tho mortgage to be assessed rs real
estate and to be taxed rs such TO tho holder
while tho owner Is TO ytaXos only on the value
OF his equity Of redemption after deducting the
MORTGAGE lien. Thus on piece OF property
mnortgaessd for 5000 and assessed at. say
$4,000. and tho mnrtgagee would be taxed on
the other 5000, The principle OF the proposed
!
to question. Capitalists would scarcely be will
ing to lend money ut even e cont. II they were
liable 10 be- taxed from 3 TO 5 Y cent. on IT, rs
they would be in many cities OF this State.
The resumption Of specie payments does not
seem TO have been practically accomplished
yet at the West. A -; Louis paper Of recent
date quotes gold ms selling ut 300 premium for
81 900 and adds: Small lots Of gold can bo got
10y bank customers at par" This reminds one
was nominnlly Mt par in all Western cities only
small quantities OF II could be got from tho
banks. and exchange on New York. where gold
was really at par, sold regularly at from 2 10
cent premium.
At the late election OF directors Of the Union
Pacific Railroad Company Mr. jay Gould voted
comment at the time. because Mr.. Gould was
reported to have sold g short time before
II no had 1873 700 shares left on the day OF cleo
ton either his previous holding must have
been nearly 2oQo0O shares or The story o. his
The Denver Daily Tribune explains the matter
by reference 10 the law which requires the
stock o. the Union Pacific Company 70 be trans
ferred thirty days before an election in order to
entitle the holder to vote upon II. and asserts
Gould were included the 40 600 shares he had
sold. but OF which he retained the title in order
not 10 have the vote for them thrown away. This
behalf 81 himself and the other supposed pur-
chasers from Mr. Gould OF the 10000 shares
only voted on 2l.6jO shares. 81 In plain Eng
lish Gould's show Of strength was n sham
forced by legal provision he was voting the
syndicate" stock because TINT stock could not
be- transferred in timo 10 allow its real owners
TO vote IT,"
The total debt " tho city Of Pittsburgh. by tho
recent issue of 81 500 900 z cent. bonds 10
fund arrears Of interest is raised to sli 300 900.
or this, $4,000. 600 will probably be paid 10y the
collection OF outstanding assessments, and
- ono 900 is a water works loan. which. il is
expected. will DO taken care Of by the revenue
from the works Deducting these items leaves
only IS 800 600 as the ultimate financial burden
OF the city.
4 project is under discussion In the Common
Council OF Milwaukee, for the city TO loan $780,
900. in the aggregate. 10 a number of corpora
tons and individuals 10 be employed in manu-
featuring.
Sales were made al Chicago lately Of $4,000
Chicago Is at l06 e and interest. and $4,000 Of
the same securities at 1867 and interest The
demand for all classes OF local securities is re-
ported good, but the supply light.
Georgia is issuing & cent bonds Of MS low
denomination US S.. which are circulating as
money.