New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-06

76, Virginia coDsols ut 40io or city bank stocKs
Broadway sold at 275 and Chatham at 145.
There probably never was a default in the pay
ment of a railroad company's interest upon It's
bonds that stirred up such q universal feeiing OF
indignation as has the failure of tie Ohio Central
Railroad Company to pay the September coupons
on its first mortgage river division bonds
In fact, 1t seldom has happened that COM
pany has defsulted upon It's first mortgages,
and the mana cement of the Ohio Central Railroad
Company in dong so last Saturday has attracted
special attention. Since the default. two articles
have been published evidently at the instance OF
at least of this companys directors, excuslng
the default upon the ground of the company's large
capitalization. The capitalization OF the company
including income, bonds aud stocks. unquestionaoiy
is large. But 1T Is submitted that II the amount Oh
outstanding income, bonds aud stock was one nun
dred times greater than II 49, 1T would have no enect
upon the capacity of the company to earn ana pay
the interest upon its first mortgages We heretofore
have the writer's, in putting some particular
security, argue its value from the fact that behind
it and under it there was such an enormous amount
of other issues. But with Ohio Central. the same
writers argue, it cannot pay interest on its first
liability because its second liability and Its propre-
taryship (stockl are represented by such large fig
ures Ignoring all securities below the first mort
gage bonds, the annual interest charge on the ONO
Central Railroad Company's 364 miles OF road is
only $4770O To that is to be added $oo,ooo
for interest on 81 100000 Ohio Central Coal COM
pany's first mortgages and S22o 900 Tor annual i-
terest ard instruments upon Car Trust bonds. max
ing a to al charge of 1895 600. The first mortgage
debt is made up as follows: Main line,
So 600, 900; Toledo Terminal, 5000; Mn
eral division. $500. aud River division
(issued) $4,05OO00. The authorized Issue
of the River division bonds is $7OO0,OOO; OF mat
SUN 81, 800 900 reserved to retire ONO central
Coal Company's first mortgage for $1,5OoOoo ana
income bonds for $lO00.000 and $i5OOOO to
retire $500, 900 Mineral division hrsts-bond for
bond-and $500, 600 incomes at 80 per cent. So
the maximum issue of the River division bonds on
| the extension of $50 miles to Charleston. East
Virginia and upon the bridge the Ohio River Is
| 81 O5O. 600 The companys total issue of first
mortgage bonds, exclusive of the Coal Companys'
and secured by mortgages upon the railways ana
the bridge over the Ohio River, is only S7,050OO0,
or at the rate of 50 700 per mile. The cost of the
| bridge, which should be completed this month Is
| over 81 OOO.O 600 If the first mortgage bondhold'
ers because of the defanlt shall obtain the property
for the face value Of these bonds, they VIII get
| cheap property.
| The railroad bond market to-day was dull and
slow Generally there was little change III figures
| Erie second consols were off 4 at 94& Missouri.
1 Kansas and Texas first consols were 4 higher nj
1851 and general mortgages rose a to 80. Canada
| Southern firsts were unusually active but
steady at about 04sl. East Tennessee, Virginia
and Savannah IS sold at 71l2Q724, and
Virginia Midland incomes were up Il at
ssh. New-York, Chicago and ST. Louis iirsts
declined Il to 9034 and West Shore ana Buffalo 5s
were firm at 1919. Pennsylvania 4l2s were active
| at 95l4095. Wabash general 6s were up per cent
4 az ST. Denver and Rio Grande cOnsols declined
per cent to So and rsts Western extension were oil
| at g. Texas and Pac fc incomes were steady At
| about "a l9 but frss Rio Grande division rose 81
| to 7Slo. Northern Pacific frsts held their own at
1888 and Oregon ami Transcontlnental rose to ~
| Fort Worth and Denver hrsts were up ll2 ~ 700.
The SuU- Treasury to-day lost on balance FIJI 1877,
made lp by a currency loss OF S2552 G2, less com
gam of 81 1873 26j. The days transactions covered
| Receipts, Sl.1O7120; payments. III 229 ~; cur
rrncy balance. S6.4594 92; com balance $l20 9oo'-
| ruled easy at 302 per cent. Among the domestic
exchanges on New. York the rate at Boston was q
little frmer at 1902 cents discount and weaker at
Chicago at 10 cents discount.
| The Clearing House statement to-day was as
follows: Exchanges, $l16.94O.s6S; oaiances'
The United States Treasury at Washington to-day
received $4,000 National bank noIes lor redemp
ton. The customs receipts Were iso2s'' ana the
| The foreign exchanges dull, but the rates are
firm for business follows: Bankers bills 81 sls
aud ~ S4 Tor long aud snort sterliDg respectively
5253s aud 5.22 for francs; "a and 9l94 Tor reich
| MARKS; 1895 and 1878 Tor Rullders. , go
In London consois easier at Is decline 20 lou
| Ill for money aud 10 10Oss for account. United
States bonds were unchanged: As at 1928, ana "a
| ar1l5l4 American railways, were lrreguiar; 81
Paul, following yesterdays home market rose a 10
| of England gained 100000 bullion on balance
| AT Paris French per cents declined 10 1922
and recovered to 10. 60 and sight exchange on Lon
| don declined to 25. 33l2 francs to the t.
| The gross earnings OF the following railroads are
| reported:
| MISSOURI PACIFIC.
1882; lsss;, Difference
s :sfs sos Inc e.
| MISSOURI, KANSAS AND TEXAS.
Fsass; Aug g iS f.
ISrEgNAnoSAL AND GREAT NORTHERN.
| 1882. 1882 Difference
y ssT s sass' slHSs RSs sS
ST. LOUIS, Iron MouxrAS AND SOUTHERN.
1882. 1893. Difference
s. s A. sis ss i$s ,s
TEXAS AND PACIFIC.
s.ss .1 Ss5 rs: 5
WABASH, ST. LOUIS AND PACIFIC.
1882 Isss;o Difference
ss :ssss4S Dec 5@s s5 5i7
LOUISVILLE AND NASHVILLE
| 1891 1872 lssi
| 81. ,.Vos 1Ol3 1923 ZO7
| nuhyel "a -, ,rg e3lo 3pD s252S26 SAILS, o.
| Fourth ~ "I 80 N " l70s44 79l5,8O4 S,74S,5o
| PHILADELPHIA MARKET
PHILADELPHIA sept. 5-Flour-Ihere was iar business
chiefly slight CONCESSIONS from recent 4
ms Ialss SpIings led very firm Under h supplies ana
good demand Minnesota Extra Cleaf. 20 %: 40 ouMe
~: Penns yyania Family, OHIO Clear - u
~ StTsebt IS; Winter Patent. 81 5yaS6 75i Mlnbes0
&c "a i-i.asT rs 81 20 rye Flour i0"sf
o'e AZ * To- Wheat-In tho early dealings Wheat ~
Tacad r. a &c BDder good speculative denandDn " ester
nueutiy The market mere TO-
ed nc a