, 1879-04-13
22, 222 2227 81, 537, 6D4

Corresponding week last
year ...... ....-.. il. l07, 313 i,oIf. oi9
4 new and interesting question has come up
in banking circles about what is proper payment
Of notes drawn sspayable in exchange on New
York" Some Of the banks have refused to
take in payment Eignt drafts on New York
drawn by the makers OF such notes; Others have
refused to take lcgal-tcndtrs. In one case a
bank to which such note was payable
declined to receive any exchange on New York
except that drawn by itself. This is generally
regarded as au extreme view. Tie bankers who
decline to receive individual or firm drafts as
scxchange on New York" would be content
with drafts drawn By any member OF the Clear
ing-House. It is possible the question mag go
to the courts for Judicial settlement. The issue
will be made between the banks who claim that
the words s'exchango on New York" mean
only bank drafts OF undoubted goodness, and
the business men who insist that ''exchange on
New York" includes Shippers drafts. These
noles sspayable iu New York exchauge' are q
new invention, the purpose Of which was to
get around the charges on New York exchange
recently adopted by the Clearing House banks
Perhaps the most important point about these
notes is that it is denied BY some Of the best
authorities that they arc negotiable paper
They are according to this view only contracts
to pay certain sums In New York exchange. If
this view be correct, the holders of these notes
hold them subject to all the equities between
the original parties or indorsers preceding them
Selves
In stocks, the points Of special interest were
the rise in Kansas Pacific and Wabash, aud the
decline in the Southwestern roads, notably st.
Joe preferred Wabash went up from 1S54 to
2OM. on the statement that Cyrus ". Field and
Scion Humphrey had bought Commodore Gar
rison's interest in the road. The clos
ing price was 2o14. The Kansas City
roads were all affected untayorably
By the disruption OF the Southwestern pool.
Alton suffered the least; only 500 shares we're
sold in New York, and the price was held at
7511. The "war" will give the new extension
Of the alton splendid advertisement. There
were no "ticker" quotations Of st. Louis, Kan
sas City g. Northern common; the preferred
sold down to 30s<; St. Joe common closed at
14116, and the preferred, OF which there were
large sales, including 1000 shares sold by CHI
cago parties, broke from 4214 to 4014, but recov-
cred at the close to Il. The coal Stocks we're
strong; Delaware d Hudson opened and closed
ut 404; Lackawanna advanced q, to 49M; and
Jersey Central q, to IN; Kansas Pacific went
up 81, to 25M. The other gains were st. raCl
Ene Il, to S5E: OHIO & Mississippi u, to 1156;
and Kansas l. Texas Is, to l0H.
Michigan Central went OFT H, to s31; North
vest common =. to 625S; Rock i Islands ~ to
l32: and Western Union 16, to lo6G:
Northwestern gold bonds were 109>5, St: Paul
sinking funds, 1855; Burlington, Cedar Rapids
8 Northern 141l and Alton gold Is, l06$:
Missouri, Kansas & Texas hrsts were 6o46O4
and the seconds 2711.
The New York Tribune corrects its statement
that the Alton; bonded debt was S57, $50 mile.
What it should have said was that the stock and
| bonded debt was 500 mile. The bonded
debt is only S23, mile.
BY TELEGRAPH.
NEW ToRK.
New YORK, April 12.-GoEernments quiet,
except new IS, which are active
Railroad securities strong and higher.