The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-26

Railroad bonds were quiet. with but slight re-
covery from the decline Of yesterday. except for
Northwestern gold bonds and New York Ele-
waited. There was no special inquiry Tor any
issue.
The commercial news from Great Britain to-
day is more than usually depressing; The ORR
entail Bank Of London. in making its half yearly
report. announces that recent losses on Indian
securities have not only wiped out all its profits
Of the half year but also absorbed its reserve
fund Of f325,0O0. Consequently, the bank de:
trade with India and the loss Of n market in the
United States for British manufactures, amount
Ing 20 S30O,OOOoOO annually. the business out
look in Great Britain looks anything but en-
couraging.
The business Of all lines Of the Pennsyyanla
RAILROAD Company east of Pittsburgh and Erie
for February. 1879 as compared with the same
months in 1878. shows an increase IN net earn
ings Of $42S Os6. Two months Of 1879 as com
pared with the sape period in 1878. show an
Increase in net earnings Of 1868. 4l9. All lines
west Of Pittsburgh and Erie for the two month";
81 islg slo W. gan over the sane perib9d IN
delphia and Erie Railroad Company for the
month OF February. 1879, were sl03.s7G.7l; net
earnings ai two months Of 1878, sl5Oii7.Os; in in
crease in. 1879 $3s.57G.32 Yet the bears in
dend on the stock 81 the Panns ylyania Railroad
Company will be- only / a Z cent.
Thirty-lve thousand owners Of real estate in
Philadelphia are reported by the Collector CT
delinquent Taxes as being in arrears with ther
taxes. new tax law is proposed, max ing Il -
property OF tenants liable Tor the taxes On
Canada Southern 1st mortgage bonds con-
tinuc to be supplied freely TO purchasers. and
deliveries are made in brand new sheets. which
have not yet been folded. but appear TO have
come fresh from tho company's Office. The
Irce. which n few days age was 81. has fallen
| To below 7s ard ~ nobody in the street can tell
how many moro bonds Hre coming out there is
no recovery. The assumption is that the COM
pany Is taxing this means Of providing money
to pay for It's share OF the cost OF the new tunnel
under the Detroit River for building which
| the contract is announced as having been mado
/
| The New York Central guarantees the interest
on the Canada southern securities, and the
tunnel will serve TO rvet the Canada Southern
road in its place A. a link between the New York
| Central and the Michigan Central roads.
The impression in Detroit seems to be that
| the recent decision In the Chicago and North
| eastern Railroad case portends an ultimate vic
tory for Mr. Vanderbilt in his struggle for pos
session OF the road with the Chicago and Lake
Huron Railroad Company.
Four hundred and forty miles OF new railroad
are projected, % be built this year in Mime
sofa. The st. Paul and Pacific Railroad Com
pany will build l75; the 81. Paul and Sioux City
| so; the Southern Minnesota. IS the Chicago.
Milwaukee and St Paul. 70; and other compa-
MES 80 miles more.
The Minnesota Legislature has passed n
| Usury law which establishes 7 p cent. as tho
legal rate ot interest. except In cases of special
contract. when the rate may be as high qs 10 y
| cent Interest is not TO be compounded, but
| any contract to pay interest not usurious upon
interest overdue shall not be construed TO be
| usury." The penalty is to be the full amount
| Of interest or premium so paid with costs " to
be recovered IN AN action by the person paying
| the usurious interest against the person who
| shall have received it, provided that such action
shall be- brought within two years and that
! one-half the amount so recovered shall 20 into
the county treasury OF the county where such
penalty is collected"
The ST. Louis assessors exempt from taxation
| United States lega-tender notes. on the ground
| that they are securities OF the United States.
| Hence. many Of the wealthy citzens OF the city
make returns: Money on hand not Il cent
| money in bank, not a dollar
| The Chemical Bank OF this city Is credited in
| New Orleans with owning one-eiguth of tho
! stock Of the suspended southern Bank Of that
| city. IL has ample security however. for money
advanced 10 the bank.
1t is proposed to utilize 700 acres Of notf at
| South Boston belonging 10 the State Of Mussa-
! chuseits Tor railroad dcpots. Nj, Edward At
kinson advocates tho project. aJd asSs that the
| State should either grant a special charter To
suitable persons under which the whole plan
| could be- worked. or that IL should pass an act
| 10y whlrh the persons charged with the duty
| could pledge tho lands and tho franchise ~ the
| railway Tor the purpose OF obtaining money and
| making the improvements.
Chicago has more than 1880 600 bushels OF
| grain in her elevators and loaded on vessels.
| and there ara over 100000 bushels Of wheat
| stored in Milwaukee.