New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-04-20

10 resume specie payments. and, as 1.-The Lon
don Statist' remarks. at NAV be MANY a dov
before 1t undertakes so difficult a task" It is
estimated that Russia holds over 800 600 600
sterling In gold, which places the country in a
sound nnancal position long as peace Is
maintained among the Powers But if Russia
start out with renewed energy to acquire more
power and territory, there will be little chance
OF any specie resumption for a long time to
come. Paper money is the chief medium nj ex
change In Russia, although both gold and silver
are used. the unit Of the system being the silver
ruple equal to bout IS cents In our money
Goid is coined at the ratio Of 15ia to /. Paper
money Is issued by the Bank Of Russia and 1t
is interesting to note that against Its note issue
II holds metallic reserve which has been in
creasng for a long time, and that It has re-
tanned most of the gold product Of the Russian
mines for the last few years. From the most re-
GEM reports, the banks note issue amounted to
l'loZ'ooO'oOO rubles, with specie reserve Of A
per cent.
Besides the weakening tendency in the for
eign exchange market, another important fac
tor in the money situation is the increase In
dealings In commercial paper. There is
broader and better demand and larger inquiry
for accommodation: indicating the improvement
in mercantile circles and a better disposition
among the banks to take good paper. The con-
ultlon OF the banks at present as regards COM
mercial paper is excellent. In the last two
years there has been a decided change by the
banks In their commercial paper business, forced
by the destructive times of the panic years. Old
names of no merit. bad paper and doubtful
customers have been forced out. more rigid
examination Of credits Is in vogue the result of
which is that the banks are in a healthier con-
dition, and not subject to the losses entailed in
1875 and 1884 by the discovery that among their
holdings they had paper hardly worth the rag
mans price.
The noteworthy success Of the various rail-
way reorganization plans has been sustaining
factor In stock and bond trading. This has
been pronounced in the Atchison. Northern Pa
cific and Reading companies. especially In the
BOND department. the issues OF these
panies being generally recommended by invest
ment houses. The Northern Pacific reorganiza-
ton secures more support every day. Holders Of
900 of the general frst-mortgage bonds
have deposited their holdings under the plan,
and this action Is important. as 1t reduces the
fixed charges OF the new company and helps its
financial outlook. Besides this action to the
first mortgage bonds the Board Of Directors Of
the Northwest Equipment Company has recon-
mended the stockholders to accept the terms
offered them in the Northern Pacific plan. Show
ing the progress In careful financial railway
management, the new Atchson mortgages. the
bonds under which are now being issued. are
worthy of some attention Under the terms
of these mortgages there is a desire shown to
afford all possible safeguards and protection
against the holders losing the interest on their
bonds from any cause whatever. and the mort
cages are worded In such way as to give the
investor the greatest possible benefit from the
money he has invested Some Of the new Sc
curities issued under the plan were listed on
the Stock Exchange this week. consisting OF
sSS.040.000 general mortgage bonds. 100000
adjustment bonds, also s2O,O00.o00 preferred
stock. Under the general mortgage deed
the bonds to be secured on an issue of per cent
thirty-year. prior lien gold bonds to an amount
not exceeding sl7,ooo0oo. and an issue OF general
mortgage per cent 10O-year gold bonds
amounting to sl65.490 500 OF the general mort
gage bonds. $30.000.000 are reserved for con-
struction. betterments etc. and under the adj
justment mortgage deed, bonds to the amount
of $51. 72S 900 called for and an additional
amount. exceeding 500, 400 900. may be issued
after the 900 of general mortgage bonds
have been used. In connection with the success
Of the Atchison reorganization. 1t Is appro-
pirate to note that plan has been matured for
the reorganization of the ST. Louis and San
Francisco Railway Company, which proposes
the issue of s50000O0O consolidated mortgage
10O-year per cent gold bonds. s5.O0O.OoO non
cumulative per cent first preferred stock s16.-
600, 900 non-cumulative per cent second pre-
ferred stock. and s29.OOO.000 common stock. All
classes of stock Of the new company are to be
vested in five voting trustees for five years. and
for such further period. # any, as shall elapse
before the first preferred stock shall have re-
ceived per cent cash dividend per annum
for two consecutive years. The plan provides
for reduction OF the fixed charges from s2.436.-
9S2 the present amount to s1.994.330 an amount
which has been well within the earning capacity
OF the railroad even under the abnormal condi-
tions prevailing in the fiscal year 1s93-94.
- Tne Following tables show the movements OF
the chief active stocks and bonds In the week: