New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-10

financial corporations being largo purchaser I'll
market waiting the fate rather the character N
the new Funding bill. While there Is much diyml
sity of opinion to the feasibility of q loan linn
tied to per cent it is conceded by all that sn AL
tempt to float per cent bond at par is at best N
experiment. That much conceded is sufficient
argument why ether the rate of interest should no.
be arbitrarily fixed as low as per cent, or if IL n
why some authority should be given to sell tht
bonds at the best obtainable figures. The Govern,
ment wishes to borrow some $3.50, 600 600 WITH
which to pay maturing, bonds bearing 5 and @ nst
cent interst. That it can reduce the rate Al
interest on that amount of its debt Is certain I'M
an attempt to 90 too much may result In
a failure to accomplish anything. And there is nd
reason expect that more fav orabe time for refuud
ing than the present will occur FOR years. PRACTICABLE
what cannot be accomplished now never can bs done
The present Congress will assume unnecessary
responsibility If its legislation results in tying shI
Treasury Department to a failure.
The dealings in State bonds showed some diminul
ton in the amount Of transactions, and the Southern
issues were hardly as strong. The Governor Of
Minnesota in lis annual message to the Legislature
strongly recommends the payment of that Stated
repudiated debj, and uses the following Language;
AT time when the financial creditor classifes
anew the roll of honOred Debtors and exalts our
country among the nations of the earth, shall our
State skulk behind her defence Of soyereiQnty
and defy the rule OF right, because simply she has
the might Shall Minnesota herd with the repui
dating States of the South, and bear aofJ the
crown OF shame the only dishonest State Of thu
North9 Nay. l would not wrong tue suffering
South for while there may be possibly some pallia-
ton for States crippled with internal disorders and
scourged by war, there is meme for State fattened
by prosperity and blessed by fortune. The
half million acres of land which cost us nothing;
and come .uueiy to hand, as if fortune would
save Us from Gis.onOr, can be so advantageouslY
employed in tins direction that scarcely an appre4
ciab!c increase of taxation would be required ID
hquidatc the debt.'
Railroad bonds were fairly active being depressed
aud recovering with tho share market. Generality
The final changes for the week are unimportantI
Erie second consos. after large dealings and sales
down to 100, finally closed at 1919 decliue Of A.
Missouri, Kans ~ aud Texas seconds were irregular
and fluctuatIug finally closing at II, gain of g
per cent Boston, Hartford and Eaie frs;s were
specially conspicuous, rising from 51l2 to 55054.
While C., G.. and l. G. fire. assented gradually i'm
proved from JOY to 1851, the incomes rose from
ssh to G4l2 New-Jersey incomes also were specu-
latiycy ac,iyc, and III connection with tho stock
speculation rose from 81 to 1859 lOi- st,
Luis and Iron Mountain incomes, Lake E!ie and
Western incomes. OHIO Central incomes and Indiana,
Bloomington and Western incomes were all active
and higher The new issues Of the Western rails
ways generally were in good demand ami brought
blgher figures. But in all those movements there
was mixture composed OF about 10 per cenS 'pecu-
latIDn aud % per cent investment
The transactions IN stocks tor the week Amounted
to .. Gs4 S3I shares against 2.G97,7l3 shares and
I9lG376 shares. resDectiyey, for the preceding two
weeks Of five days each. Eary in the week price
were dc9l,s I'll, aud some OF the hlgh-price stocks
declined "a 10 per cent Later there was recoy-
cry bat majority of the Old stocks closed the week
wttA declines from the figures of 4 week ago. Cen-
tgal and hudson. alth Ough recovering 90 per cent
from its lowest figures, is 1l2per cent lower than
Friday, December 81; Lake Shore Is Is D;r cent
lo??er, Michigan Central is Is lower, NHnos
Cru.rdl is 123 lower, Northwest is % lower,
-. Paul and Omaha is Il lower, Rock Island
Isl lover. E7e is b lower, Was6aSa pre-
lerrcd is - lower, and Iron Mountain Is u lower.
Values tusued upon the development of a specula-
ZION in Western Union, which shows gain for the
week Of lbs per celt. The dealings ia Vests
,rn Union Tor the week l476G64 sharesl
anIount.d to about 10000 shares moro
than the com'an}'s capltal stOcI. The
| incentive to the movement WAS the large oT,stand-
49,, snort interest. Bat the movement had marked
fleet upon the whole speculation The coal 'tocAs
SO were special features in the speculation Dela-
a 1864 to ll5G1127s dividend of IL Per cent.
| Delaware and Hudson from J2laG505s TO OHIO
9G3, and Ncw-JerSey Central from S434 50 20 So
! aS13s. Incrc also special movements 10 somc
socks that not cassed among the usually active
stocks and for the movements IN some of them there
are specific and sufficient reasons. Alton AMI Ierre
Ii.utc preferred stock rose per cent to llo-tha
r,st-,.uo dividends make Its value about 40. luz
diana, Bloomington and Western stock rose from
81. to 81 60i2 bat the less SAID about reason
tor Il viii, 90 Tie least damage TO the stock. Tho
iannib.l and 81. Joseph stocks were specially
stro, T. the preferred rising TO los 107 Loul'vle
and Nasnyil e rose from from S7la to 04092i2.
and Olio and Mississippi preferred sold up TO lO2.
and Reading rose from 81 liz TO 5712057. The all
vances IA Tie two lastnamed stocks, however. arc
fair Indications of the character OF the general
mark Il. .ls tnero were special reasons last week
.lr Tie advances that We're made in the prices of
SOME stock, ;, 50 there still are special reasons why
soue ,0c.., that now are selling at low prices might
advance, even III the face Of a generally declining
mai ket Certain combinations are forming, 81 which
the Lake Erie ami Western Railroad is the head
AM 'front.' that may affect favorably the prices Of
the locks OF tine companies that are to enter into
the consolidation. The favor with which the New
York Ontario aud Western stock is regarded abroad,
because the company is free Of all debt, with sufi-
cicnt cash in its treasury extend and complete ts
terminal facilities is likely to have an effect on the
New-Yorll market. Nevertheless, the facts remain
| that in 1850 about 1900 miles of new railroads
were cons, lucted III this country large proportioIt
OF which IN extension OF preeXisting llhes anu
that the transportation OF the material for tue con-
| StructIOu of the extensions was an Important
factor the increased earnings reported by many
| companies. The stock market closed the week
with not a single danger signal hols(ed and con-
| fdent belief among majority of spectators than
calm seas will carry, and tanning but gentle wlpds
| viii follow the speculative bark for many monthsi
| Anon we shall see. , o.,
| The gross earnings of the Burlington. CEDAR
| n Poi