Year: 1872

the sub,ect resolution was adopted referring the
whole matter back TO the former committee having
Il under consideration for further action That
committee to-day had o conference with General
Mcclellan, President Of the Atlantic and Grea t
western Railroad; William Butler Duncan, OF the
firm Of Duncan, Sherman b Co., and s. L.
NJ. Barlow, the advisory counsel Of the new
Erie direction. The result OF this conference
was clearer statement OF the condition OF tho
company than that obtained by the committee OF
the New York Stock Exchange, as above quoted,
which report, 10y the way 1t may be as well to state
has been held back from formal presentation upO
the constant solicitation of the Atlantic and
Great Western people. To return however, to
recent action. 1t was explained in this connection
also that the large share capital of this company
put down at about S5O,ooO,0Oo, half each, common
and preferred-resulted from provis-
Ion Of the laws OF Pennsylvania which pro-
hibits the increase of the bonded debt
OF any corporation authorized by that State
exceeding the amount of its capital. Hence for
every issue OF bonds OF the Atlantic ana Great
Western Railroad, no matter at what price they
were sold, the nominal capital OF the company had
to be increased, and 1t Is now stated that only
ss,ooOOOO OF the preferred stock has ever been
issued, while the common stock is equally out Of
proportion to the nominal figures.


1t is further stated by members Of the Governing
Committee OF the New York Stock Exchange that
the application of the Atlantic and Great Western
people Is simply to have the first and second mort
gage bonds of that road placed upon the call here,
which bonds are selling on the other side equiva-
lent to 95 and So respectively In this market
The third mortgage bonds of this road are
q sort OF preferred stock interest not being
payable unless earned, which makes them an ex-
cellent investment for those who are anxious to
lay up treasures "where moths do not corrupt nor
thieves break in and steal" The COMMITTEE
Upon Additions to the Stock List" who have this
matter in charge, viii make "supplementry" re-
port to the Governing Committee on Wednesday
next.


ON THE STOCK EXCHANGE


the leading feature was Pacific Mall which wen
or from SO to 7Ta, and as Erie also declined from
756 to 69, also did the entire list The decline
in each of these stocks is easily understood
Pacific Mail having reached the fruition Of all
expectations, is now sale for those
who are loaded up, while Erie presents
profit upon sales here against purchases on the
other side. In this connection 1t is deserving Of
note that one prominent German house sold &c, 900
shares Of this stock this afternoon, which explains
Its closing weakness. From present ap-
pearances it would seem that those
who went into Erie some months ago
upon "the point and others who bought In eX-
pectation of al advance after the overthrow Of
Gould are selling out under the temptations of the
present high prices. There is large class of these
who have no interest in the election coming or in
July, and, consequently, no inducement to
remain loaded up With q nOn-dividend
paying security when late figures are
bid for it. The eminent evangelist Of the street
permitted rapid drop in quicksilver from aesl to
81 for what reason is still mystery. Stocks closed
generally heavy The following were the highest
and lowest prices Of stocks during the day.