New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-15


importation Of bullion, the act of the bank is not
that Of earning q Sxpence now, TO bo rewarded
later by the loss Of shilling. That question may
be settled Between the officers and stockholders
Of the bank But tbcre ia no question about the
evil effects upon the business of tho country
Of locking mp money. Ii Is rs motal'y
certain as ANYTHING may be which cannot
be proved by tie rules Of evidence in n conr'
of law that the same banks that yesterday refused
to loan 300 600 upon an Assay Office receipt for
$500 900 blOn, later loaned a greater sum 10 the
Stock Exchange at a premium OF llG 10 ls. III the
loan had beea made upon the Assay Ohoe receipt
there would have been market for that amount oil
exchange drawn against exports of merchandise.
which Is held because 1T cannot be shipped without
beng paid for The Assay Office now holds-incuding
the arrivals of o-day, which perhaps have not yet
been dellvered-abuut Sc 100000 of foreign bull
lion unpaid for. We learn that tomorrow
50 500 900 to So 900 900 will be paid for and the
remainder, except perhaps to-day's arrivals, dnrng
the week. strong bat unsuccessful effort mas
been made to induce the Secretary OF the treasury
to adopt an old system of advancing 80 per cent
upon the receipt of tine bullion tho remainder 10
be paid after the essay. As it Is now, me
delay in converting the bullion into available funds
covers from three to five days according to the
amount of accumulation in the Assay Office but we
are told that since August the deay has not aver
aged over three days. The fact that IN the Assay
Office here is over 500 100000 OF gold bullion
the coinage OF which is delayed by the arbitrary
law requiring the purchase and coinage OF
Q O0O. 900 silver dollars each month. should be
sufficient 10 convince the average obtuse Congress
man that the Silver law needs TO be amendcd
The stock market to-day was much like yesterday
except IN the amount Of business done. which was
only 22S.l47 shares. Prices tluctuated up and
down with no better reasons for the changes than
the hopes and fears of the money market For some
stocks special strength was shown be-
cause of special reasons. Among those
was st. LOUIS and Iron Mountain, which
lately suffered a heavy decline on reports OF the
antagonIsm of the Missouri, Kansas and Texas Com
pany but now is strong verified reports that the
interests Of the two companies have been harmon
izad. The granger stocks, Lake Shore Michigan
Central and NewYork Central, all ruled strong, al
though not closing at thor best figures, and
Union Pacific held firm at about 10Y. The
coal stocks were higher aad showed some
advances at the close Denver and Rio Grande
was active. and sold from 8112 down to so. but
the cash stock was in demand and commanded about
per cent more than the regular way stock, because
OF the privilege of subscribing to the new stock and
bond which expired to-day. About 1900 shares of
stock were bought in under the rule for cash. after
delivery hour-2:15 because of failure TO deliver
the stock. so hat the buyers might have the stock
in their own names to-day Erie was specially
| weak and declined 70. and closed ut, 16li. The
weakness may be attributed TO the eommotion
which The income bondholders are making
because of the companys failure to pay the Decem-
Der coupon Oh those bonds The total issue OF the
income bonds amounts only to S50S,000. and they
were issued to old Erie railway stockholders who
chose to pay assessment on their STOCK greater
han was necessary 30 secure SIMPLY exchange Of
old stock for new stock. note at foot OF page 40
of he LAST animal report winch refers to the income
bonds says Interest PAYABLE ut the rate of per
cent per aunum or at such lesser ratio for any fiscal
year as the net earnings of the Company for that
! wear. as declared by tho Board Of Dr.
| rectors and applicable for that purpose, shall
De- sufficient 10 satisfy" The first coupon on the
bonds reads IA follows: The New-fOrk. Lake Erie
and Western Railroad promises TO pay interest lnot
exceeding per cent per annum) payable out OF net
profits of the year only as specified in
the bond for the year ending November 30, 1850, At
the cornpanys Office III New-York on ITS income bond
| for So Now II Is beyond question that every
person who paid the extra assessment upon the old
| stock thought he was TO obtain. therefore. bond
| emitting him to whatever earrings there
were. BOT exceeding per cent, over fixed
|
| September 80 shows page II Leaving net prof
from the operations of the year OF $1700.G20 H."
The repoTt contains four pages Of cOunacl0rs' adj
vice npon the rights of the BOARD Of directors TO
| d 7ert met profits" from the preferred stock
| holders. but not single word concerning the in
| come bonds But whatever may BE- the technical
rights Of the case, with published met profit OF
| 81 700 900, tho neglect to appropriate $4,000 10
| nay the interest the income bonds
| is likely TO prove expensive kind OF
| economy. Any damage az all TO the credit of the
! New York Lake Erie and Western Railway Com
pany could not be compensated for by the saving of
| ten tunes 500. 900, that in public estimation was
| due from the company.
Western Union to-day fuctuated between slA0
s38,G9 23I. closing per cent higher than It's hrst
| piice. Tie market closed generally strong.
| Government bonds to-day yielded some 10 the
money pressure, and the final bids show decline OF
l. pr cent FOR all the issues, except the Gs 1850
For the 1885 there are two classes of competitors
m the market-those who willing to pay the full
prt., the bonds ever viii be worth, and lose Is per
cent by presenting them to the Treasury for pay
market, aud those who willing 10 pay
| l. Der cent above the Governments present puce
lor the purpose of preventing their presentation at
the Treasury. and thus prolong the monetary Sum
! eeucv The sales of Governments al the board,
amounted only 70 $40 600. The Treasury purchased
SOD 900 Gs 1850 at 1928. Annexed are the closing
| quotations: . -