The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-03

To-day's subscriptions to the = cents are
f6.2O4 200.
Tho first dividend. = cent. on the stock Of
the New York Elevated Railroad Company will
be paid May ].
A despatch from Washington says that the
Treasurywil now redeem called bonds embraced
IN the seventy seventh 10 eighty third calls ncu
sivc. paying interest 10 date OF REDEMPTION or
will at once redeem bonds included in said calls.
with interest 10 date of maturity. and apply tho
proceeds 10 the payment OF subscriptions TO the
four per cent loan.
In estimating the value ~ an investment Of tho
new Erie second Cons lidated mortgage bonds.
tmust be borne I'm mind that before any interest
can be paid on them the rond has 10 earn
n,oOOupO net for rentals OF leased lines and
other similar obligations. another 81 900 900,
nearly. for interest on the first 1--WE old mort
cages. and about 81. 100000 for interest on the
aitccether amount to ss.i000OG. Tho interest
on the Second Consolidated mortgage itself Il
now 81 5hoDO yearly. and after 1883 II Will he
the interest ON the Second Consolidated b. uis.
the net earnings OF the road viii hayet amount
10 something over $5,000o00 yearly mud they
have not reached this figure since lsli At
present, however, they are said 10 he nj the rate
OF s. 400 600 year. and II this rate can ba kept
up. the Second Consolidated bonds are, Of
course. good purchase. but not otherwise.
Ten 81 the Boston banks have passed their
April dividends. Tho idrertisef Of that city
says: -" The past six months have been very
improbable TO the banks generally. but the PASS
ing Of dividends l. not wholly attributable TO
that fact Several az the banks, We understand
have really earned dividends ranging from 2 to
4 q cent MS the result Of their business tho last
six months. But unfortunately they were on
numbered with more or less suspended paper.
&C.. which had been carried from the previous
periods. and they wisely decided 10 charge Il on
and take n new departure with decks cleared"
or the thirty-one banking institutions in st.
Louis the shares OF only five are quoted at par
and over. The shares OF the rest stand nj prices
ranging from 20 down To 80. Only seven banks
have paid dividends since July. 1878, and some
have paid none since July. 1874
The device OF repeating tho charter Of tho
city OF Memphis and converting its territory
into taxing district in order to defeat the clty's
creditors, proves to be not altogether satisiac-
tory. Among other things. unruly citizens re-
fuse TO recognize tho validity OF the Sunday
ordinances Of the defunct city and dispute the
constitutionality OF the act establishing n now
fore the courts OF Tennessee. and will probably
have to be passed upon by the Supreme Court
OF the United States.
The expectation OF petroleum from this coun-
try since Jan. amounts TO 9.733 500 gallons.
against 6 99i 960 gallons for the corresponding
period Of 1878. The total exports for 1873 were
| 2S9.2li .5il gallons. valued at sil 5l3G7G. An
idea OF the decline in the price Of the article
during the last few years may be found from
| the fact that although in 1898 the quantity eX-
ported WAS only l2722.0nO gallons. lis value was
Siu2995l, or an average OF 40 cents per gallon
whereas the average last year was ID cents.
There Is great deal Of discussion In tho
California newspapers Of the recent heavy do
| cline there in mining stocks. Some charge this
decline upon the new Constitution, which pro-
poses to make time sales of stocks void: hui
others say that tho Constitution has nothing "a
do with the matter. and that tho stocks are only
finding their natural level. All agree. however
ana that Eastern investors had better let them
alone.