Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-02-03
LETTERS ABOUT FUNDING.
Correspondence Between Colonel Ruf'
I'm and senator Homer.

Hon. AbsaIom Koiner, chairman OF
the Finance Committee of the Senate.
yesterday addressed the following letter
TO Colonel Frank q. Rufin, Second Au-
ditor:
"Will you pleese give me the amount
and class of securities that have been
funded since the rendering of the decree
in cc pGrtc Ayers and others-the cou-
pon-crushcr cases-and state, If you can,
the cause Or causes of any falling off in
funding that may have occurred in the
month Of January ?"
Colonel Ruffin in reply has written the
following, which will be read before the
Senate to-day when Mr. Koiners resou
ton limiting the time for funding comes
up for action
In reply / beg leave to state that the
decree OF the Supreme Court OF the
United States in &C PGrte Ayers. and
others-the cases referred to-was rem
dercd December 5, 1887, and from that
date 10 the 3lst December inclusive there
were funded 1874. 640.03. In the month
of January, 1883, there were funded S29.-
I80.
"The comparative excess Of funding
in December is, in my judgment, due to
several causes.
81. Under the Wickham amendment
any bondholder failing to fund his bonds
before the 1st day of January, 1885, for
feited all interest maturing after that
date up to the semi-annual period pre-
ceding the date OF funding; and the
comparatively large amount funded in all
the month of December was malnlycaused
by the wish of the FINDING bondhOlders
to save the January (1SSS) coupons,
which would have been forfeited under
that law. That forfeiture is nov incurred
as TO all bonds not funded at that date
and as another such forfeiture cannot be
incurred until June 80, 1888, that in
ducement will not operate until next
June.
80. The present slackness may also
be due to the fact that on several Occa-
sions the press Of tins city has given out
that if the bonds are offered in very large
blocks the Legislature will give better
terms of settlement than are offered by
the Riddleberger bill and amendments
and the bondholders may be waiting TO
see if the Legislature will hold out to
them the same hope.
"The following detailed statement Of
funding for the months of December,
1887, and January, 1883, is herewith sub
mitted:
Funded, December to December
81, -Consol-coupon bonds, 5000
1910 coupon bonds, SAT 300; consol-
coupons, January, 1883, to January, 1885,
at 5Oper cent, s3O3. .6O9 ; consol.coupons,
July. 1899, and prior, at 100 per cent,
81, $40 1910 coupons, January, 1883, to
January, 1885, at 100 per cent, Sl4,-
034; 1910 coupons, July, 1882, and
prior, at 100 per cent, SG,S49.
Funded. January l to Febraury l,
1SSS-Consol-coupon bonds, $4,000
1O-4O coupon-bonds, 81, 800; consol-
coupons, January, 1883, to January,
1885, at 80 per cent, 60, ,SG7 consol-cou-
pons, July, 1882, and prior, at 100 per
cent, SAT-; 10-40 coupons, January,
1888, to January, 1885, at 100 per cent,
$9375 30; 1910 coupons, July, 1882, and
prior at 100 per cent, $262.50.
"From this it appears that so far the
holders Of consol-coupon bonds have de-
clined to fund. In fact all Of the $1,000
consol-coupon bonds except 5000 have
been funded by native holders. "