Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-12-14

looking hopefully toward Alaska for coal.
Only recently company was organized to
mine coal in Alaska. 1t is found in large
quantities, With good transportation fa-
cilities and open competition 1t would be
possible to sell IT. in the Pacific States at
Coal in California is considered cheap at
$40 a ton and even now at the very begin
ming of the Alaska coal business coal from
that northern territory is delivered in Oak
land at 81. 80 ton. The compsny has be-
hind 1t men of means and determination,
and it ia thought that after the business is
well organized the price will be much
lower.
Believers in national banks are finding a
good argument in the low rate of interest,
two per cent, at which the government
can float its bonds. The A per cent. bonds
which matured in 1891 were continued at
the governments pleasure at the rate of
two per cent. and were easily disposed of,
and Comptroller of the Currency Hepburn
now proposes to purchase the four per
cent. bonds outstanding at the same terms.
Mr.. Hepburn even suggests two per cent.
bonds running 20, 30 snd 40 years as q
substitute for the four per cents, and as
the bond market looks now this may come
to pass within the next four or five years
unless there is some great civil disturbance.
The usefulness of these low-price bonds, as
basis for the national bank circulation, 1t
is easy to see.
Archbishop Walsh remarks that the
question under deliberation at the None
tary conference at Brussels is at the very
root of the difficulties of the Irish land
question. he advocates bimetsllism, which
he says is a matter of imperative necessity,
IL the agricultural tenants Of Ireland are
not to be driven to inevitable ruin. The
main cause of the ruinous fall In sgricult-
ural prices, he thinks, is the continual
and still unfinished rise in the value of
gold. Archbishop Walsh Gays this pre-
sents ruinous prospect for Irish tenants
with judicial rents fixed for fifteen years,
and for tenant purchasers with annual
payments to the government fixed for for
ty nine years. Under these circumstances
the land purchase scheme will be a source
of widespread disaster. He regrets that
bimetallism has been unfortunately sbso-
lutely left out of calculation in Ireland
The stockholders in the New York,
New Haven and Hartford railroad are feel
ing quite well, thank you. The prospect
plesses and they will not think extravs-
CANT writer In the New York Sun, who
makes the following plausible calculation:
Assuming that the dividends on the
increased capital will be reduced to per
cent, the stock will In 1908 bs worth in all
probability 200, or 100 per cent. premium
above the subscription price of the bonds.
According to the interest tables of the Mu-
tusl Life Insurance company, the present
value. computing interest at 4 per cent.
per annum, of sl00 due ten years hence ia
$67 56. Hence the new bonds ought to
sell at 1871 and the privilege of subscrib-
ing for them at par to the amount of 40
per cent. of the present stock is worth 81
points. The buyer of the stock to day at
255 will, therefore, besides the 2t per cent.
dividend due January l., get 81 points off
on March l, bringing the cost of his stock
down to about 225.