New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-04-18
Ize specie payments W
discretionary $4,000, 900

compelled 10 JeopardIZe specie payments Dy
the use of Bayard's discretionary $4,000, 900
which forms part of the reserve against the non.
interest-paying debt of the Government-the
346 900 600 Of outstanding legal-tender notes. In
lieu OF thus copardizing the credit Of the Govern
ment for a present paltry -seeming consideration,
the Secretary offers to the holder Of the Gper cents
alternative of payment or an extension at 32 per
cent for period of time at the option Of the Gov
eminent. The scheme gives every promise of being
cmineitly successful, and probably will result in
the placing of TIE Lrgest loan payable at the option
OF the borrower. and at the lowest rate ever
negotiated by individuals or Governments. The
probable success of the scheme has called forth som
hypcrcriical comments. but "A sufficient reply to
them Is that the pucrile criticism emanae5 from
that class which, to forward its own wild schemes
and spculations would be pleased to see the whole
Treasury used for an imitation of values
garClleSs of the consequences of an ultimate sus-
pension of specie payments.
The stock market during last week was more ac-
tive than during the preceding week, the sales hay-
ing amounted 10 ,729 7ss shares against lfl6,slS
share. But the speculation dropping one all
the WAY ont-a wearing away of figures drought thu
WEAKNESS Of h6css of stocks that refused 10 adj
vance, and the small demand there was for stocks
when offered for sale. The cutting of rates by the
railways lraaing east from Chicago was n small and
uuiuportAl factor in the situation. because tie ma
orty Of operators believed that the cutting did not
amount to anything, and that if it did it would
quickly BE-. rncdrd. This last assumption
lirird by The reported action of majority" the
t.unh line Executive Committee yesterday in resior-
ing rates to the ba-i, Of the agreement of April IL.
However considering lie situation of the traffic, The
comparatively light movement of freight. little or
.i,.l bv
tcrlays agreement i. Even rope Of SAID than
railway agreements usually are, and that it will not
brc,uc effective Tor % single hour. What, however,
vrn. imp,ltlpt and effective points in the
situation w,rr the annual report OF New
! r-ry Cchtral ard the Central and iiut-
sons report of its gross business for the six
month. ended March 81. The Central of New-Jer-
soy slows net earnings for the year ended December
81. 1850 just about equal to the interest on ~
funded debt 81 $40 ijl ,O0O exclusive of 3d. 100000
iucnmc bonds. Bat besides that, the first charges
that come before inter. st on the funded debt arc
rentals of jersey lines intending Ntw-Jerey
~"utlru. that amount t. Sli6,slo to which ~
added interest ou ioating and other indebtedness
and on income honda-Sj9l .7s0-making total
deficit If SIS so for the phenomenal year of 1850.
The Central and IIud-Ons report of gross
Earning, shows an Increase for six months of
on!, slO.2j2 but FIR the last four Of the
siN iuolth. ia r. is decrease Of $4,000. While
thee tno statement, are potential factors IA the
sp-ulai.on lIcr, j. growing unea,incss lest tho
bus.ur-, of dUpii,an. and extending railroads has
advanced too rapidly, ani that ere long ITS erect
will h ,,cn in division of the traffic that II not
rem lucrative 10 the new lines will diminish the ~
c.ipt, of On. old Inns. Undoubtedly the specila-
ton would Dee mach hather ii a moderate decline
on. tl4t woul iniU.ca general distributionot
stool -sould come Hui thi, is stoutly resisted by
ire pr,,. MT cliqurS which strive to pay commissions
and interest by ana occasional turn out of tie
,ipr.-" Asa rule the market closed weak, at near
10 tlc lowest prices 81 the week.
WEEKLY RANGE OF PRICES.