New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-13

interest and the faith that the entire amount OF me
Maturing 6 and per cent bonds can b. funded 81
that rate has been streng ihcned by he success oi
the India 3l2 per cent loan in London, which was
taken at about 1OI. The comments OF All the
English papers also seem 10 show that Is Il their
belief that a per cent United States loan
would be eminenty successful. Even persons
who still oppose the policy of the United
States p acng permanent loan at 50 low rate OF
interest because they believe that at some tut IRE
time il VIII rule IN the market below par admit
that such lean can now be successfully loated.
Government bonds were the first 10 feel HE results
of such reasoning he above and the az per cents
rose from IIOl2 TO s. and the 4s from I'LL TO
1880 The business IN Governments ~ the b ards
$685., GO0 represents only small portion Of the
business that was done them at the offices OF
the great dealers. The final changes in the Buildings
are rs follows: Declne-J per cents, ls per cent !;
adyances-ll2s g. and "A y per cent Tie Treasury
purchased 81 $4,000 6s of 1850 at 1929 during
the week An unusual amount of business was done
IN southern State bonds at advancing fgures. 1t IS
stated that Virginia 6, deferred are beng largely
bought for English account. Railroad bonds were
in renewed demand. and, with far amount OF
transactions, prices generally show higher figures
The stock market was fairly active, the business
amounting 10 2,6i5. 1898 shares. against 2.527,120
shares Cor the preceding week. The tone of the
market was decidedly set toward higher prices but
under continuous sales 60 "reaze profits and an
unsert,e feeling as To the working of money
IN the immediate future, there was more
or less reaction and the dealings were
marked bv an unusual amount Of ieveTlshness.
Yer with few exceptions there are hnal advances
ranging from To per cent. Western Union Is a
noed execution IN declining from 81 10 81. anu
closing at So. That stock, however, was Affected
by special causes which sufficiently eXpimned
by the cOmpany's quarterly statement issued last
Wednesday. 10 mention special stocks showing
advances when nearly all have done well under
adverse influences might seem to BIZ showing
a partIaitV Il however may be stated that Erie
common stock was iavorablv affected BY the post
tiOn assumed by the management, as SET torth at
length the annual repor, IN regard 10 the r1ght
of bc stockholders 80 DIVIDENDS from the
net earnings when IN the Judgment OF the directors
those earnings ought TO be applied 10 the BET
terment OF the property 1t 10 held, ana
by tne advice OF counsel, that while II
is conceded that the preferred stock Is
entitled 10 a dividend of per cent from the
lncs Of any one year before the common stock may
receive any dividend for that year. 10 Is entirely
within the honest discretion of the Board OF Drec-
tors whether those earnings shall be applied t. lu-
proving ne property of the company or 10 the pay
ment OF dividend. Tlus the policy OF tie com
pduy last year. III apprOpTatlng the whole OF tue
net income of 81 100 $50 over fixed charges to the
payment OF portion Oh the debC. and 10 the better
Weut of property lnures ID the future beneh of
the common stock. however 1t may work a present
mjury 20 the preferred stockholders. AT the end OF
tie week there was renewed fear of prices beng
again depressed by an Interference Win the local
money market, but nevertheless the markets closed
strong.
WEEKLY RANCE OF PRICES.