The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-05

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NiL AM 81 Paul pid... q sI 80 s11s ~
$ $Sis: .SS NJ: s5si ie il * III.
s ss;H .s$s ,jy j.. ,$ 5E l5i i:
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S siss;@ rs;i5. rsi Is e. s s s g:
sScI5ad f R,Sr5:. % 49, rs 'S % -
The subscriptions 10 tho 4 z cents. to-day
! were $50 SOP $50. and furnish the means Of re-
| dccming all the 5-2Ds OUTSTANDING The Secre-
| tary Of the Treasury gives notice that no more
will hc sold, ct present, except TO redeem $40
certificates.
The London Times OF this morning Gays:
| United States Government bonds are again III
| come request by investors. who have incrcas ing
difficulty in finding safe investments yielding
| the fear Of an unlimited coinage OF silver dol
lars is removed. English investors will be shy.
| We fancy. Of u security which may eventually
| depreciatc ten por cont below par in gold
There is talk in Washington Of mn attempt TO
| revive the income tax either at this or tho next
session Of Congress-. and the Secretary OF tho
| Treasury IL said to I've IN favor Of II. Tho tax
has always been popular at tic West and South
west Tor the reason that i falls mainly upon
thsr" ure serious doubts OF its conetiiuionality.
and the inquisitorial process necessary. for its
| enforcement Is contrary to tho general scnti-
| mcnt OF the country
The conviction seems 10 be strengthening that
| q comb nntion among the coal companies will
be made soon, and that tho price u coal will
| consequently bo advanced. The only ground
| Tor this conviction. however that we can dis
| cover is the certainty of the suendy bankruptcy
nj N Ia n q
| ns they are going. The companies must com.
biuc II IS snid. or be ruined therefore they will
! combine. Hence tho rise In coal stocks. In the
case Of the New Jersey Central there is tho adj
dtional element Of an unconilrmed rulnor that
| the properly Of the company IL soon to be taken
out Of the hands OF the receiver.
Mr.. O'Conor's opinion. that the railroad com
| panirs Of Tennessee can be made 70 pay the
state bonds issued In their favor by the State OF
| Tennessee. appears Mt length in this mornings
! H0dh. An opinion To- the directly contrary
effect has been given, by NJ Eysrts and we
| docs not seem to us altogether convincing. II
is ccrtnin that the purchasers OF the bonds gave
| punies. and that on the face OF the contract tho
obligation assumed by the companies was to
| pay the State and not the bondholders. Tho
| State having released the companies from their
| obligations. IL would ordinarily follow that no
| action could be- maintained against them by
| third parties. Mr.. OConor contends. however.
that the state virtually assigned her lien over
| TO the bondhoders. but he only makes this out
| ly an Interpretation OF certain provisions OF
the statute on the subject. which may or may
not b. sustained by the courts.
A bill Is pending in the Canadian Parliament
| authorizing the construction OF n drawhrldgc
| across the St. Lawrence River at a point called
Coteau du Inc opposite the npper entrance Of
west OF Montreal The purpose OF the bridge
| is TO connect the railway system Of Western
Canada more DIRECTLY th9n at present WITH ne
| point selected ~ rapid. not navigHhle Tor
freight boats. the bridge. 1t is said. will not
cause any real obstruction TO commerce.
An Inn o., no - IN
| ing railroads in Illinois has been introduced in
the Legislature OF that State. The proposition
| is. that the net annual earnings or income Of
each railroad company shall be u ken as being
n certain percentage on the a~tual value OF the
| property and franchises represented by tn cap
ital stock thereof: tho actual rate OF such per:
centage shall be fixed upon by the State Board
of Equalization and the principal sum which
would produce the amount OF such net earnings
or income at such rate = cont. shall he held 70
be the true cash value OF such capital stock. II
this plan Is adopted. and II the Board should fix
10 = cent. ne the basis Of calculation. it is es-
tmhted that the amount OF taxes 20 be paid by
the more important railroads in Illinois will be-
materially Increased. Thus. this Chicago and
Alton Railroad Company will pay on about
$4,000 600. instead Of on 100000 as Ct pres
| cnt; the Chicago and Northwestern on 81 900
600 instead Of on 81. 22G. 900: the Chicago Bur
lineion and Quincy on t2O. 900, instead Of ON
s9onuO0; and the Chicago and Rock Island ON
tdOOO.OoO. instead Of on S4.OOO.OnO.
The Kansas Central Railroad, narrow gauge
running west from leavenworth SIS miles will
appra Sod ut s275.OOO.
In tho United States Circuit Court at Milwau-
kee. Wis. before Judges Drummond and Dyer
decision has been entered IN the case 81 the
| Farmers Loan and Trust Company OF New
York against the Green Bay and Minnesota
hallway COMPANY whereby the road will be
~ on April 1850 The suit was brought in
ISIS for the foreclosure of the first and second
morisi!ge bonds, which aggregate sG9OQupQ.
Moses TAYLOR, William i. Dodge. and John /.
Bar of New YORK and the larkawqnnp Iron
and Coai Company ARE the principal holders Of
! the bonds.
While through railroad ireiGhts from West
ern centres TO Atlantic ports are reduced by
! competition TO the hlrf cost % running trains
the farmers in some places iu Iowa are haullu,
grain G.rpss country in wagons rather than
i'n. corresponding or ~" 81 Iaul Press
says; ' - numerous have become the com.
rloin's oi these ossNe iaies that the Railroad
commissioners invited the managers oi thu
Iowa railroad pool lines 10 meet Thorn in con
sul'a'ion relative 10 the matter and Wednesday
change of views it was decided 10 call meet.
lng OF the manager, 40 Chicago. on saturday OF
all roads doing business in Iowa. To- arrange
missioncrs."
The track on the, Cincinnati Southern Rail
rond has been laid 10 Sioan's Valley. fifteen
miles south Of Somerset. KY. ana the bridge n
that point completed. 80 that the work can con-
tinue southwark. Track laying has. also beer
commenced on the southern end from BCyct
station, near Chattanooga.
PHILADELPHIA received in 1879 wheat to thu
amount Of | $40 $50 bushels, agains, 4.l0T 40
bushels in 1877. and 4S5.N0 bushels in 1876
The receipts 81 corn Increased from 20 2Gl 81,
bushels in 1876 and - 926 800 bushels IN 1877
70 %, 3S5.9O0 bushels in 1873. During the FRS
three months 81 this year the receipts OF corr
have tHlen on, but those of wheat have beeI
OPS 900 bushels. against only $50 100 bushcl.
for the corresponding period Of last year.
In the company's Offices in this city II is de
MED that the Pacin' Mail Steamship Company
are negotiating for the sale Of their Australian
line 10 the Central Pacific Railroad.
New York Markets.
FRIDY April 4.-FLoUR AID MEN.-Quiet bu
steady Nrqunte Supcrnnc ~ Ht6Si ~ cNtra &C.
S 7uss4 Western spring. AN aud XXX, 81 l59S0i do
winter shlpWu. extras SiHies4 ~. do M and NIX
S3oas.. Minnesota natents, s. 5NeSs -, city slppn.
extras. 81 'tst12a, southern bakers and family brands
sass'2 %. southern shpWng extras. - ltS+ 81 Ry'
floor sipernne. a. SaogSA Is Corn mealWc stern. dc