The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-19


rate Of taxation, and postpone all attempts at
the immediate payment of the debt. We think
the retention of one per cent is good idea, and
will do away with the dissatisfaction now felt at
the exemption of all Government bonds from
State or local taxation. The bill will receive the
early attention of the Senate. We hope that, as
soon as the holidays are over, Congress will get
to work in real earnest on the question of taxa.
tion and finance.
Mr.. William II. Kemble, State Treasurer,
announces that the loans of the Commonwealth
due July 1, 1868, will be redeemed, with inte-
rest to date, on presentation at the Farmers and
Mechanics National Bank in this city. This is
the FIRST fruits of the excellent financial policy
of our State Treasurer When he assumed the
duties of the office, Pennsylvania was guilty Of
virtual reputation. Her bonds were overdue,
aud all her finances were in a condition dis.
graceful to a great State. Under his prudent
and excellent management order has come out
of chaos new loan has been negotiated-the
old bonds are either paid, or will be when due.
The honor of our State is redeemed, and our
credit re-established. For this Mr.. Kemble de-
serves much thanks, which we most cheerfully
accord him.
The Stock Market was rather dull this morn
ing, bat prices were without any material
change. Government loans were drmly held.
1909 was bid for 10.40s; 1082 for 62 520s; los
for '64 5-2Os; 1863 for '65 520s; 1919 for July,
'65, 520s; 1C43 for June and July 7'3Os; and 1lI&
TOR 6s of 1881. City loans Were unchanged; the
new issue sold at 9sIO99, and old do. at 95,
interest Off. .t.
Railroad shares continue the most active on
the list. Pennsylvania Railroad sold at 49S@
so, slight advance; Philadelphia and Erie at 2S
9284, no change; Little Schuylkill at 264, no
change; and Reading at 49, no change 1854
was bid for Camden and Amboy; GO Tor Norris
town; 33 for North Pennsylvania; 423 for North
ern Cenral; aud 20 for Catawissa preferred.
City Passenger Railroad shares, were firmly
held. Thirteenth and Fifteenth sold at 10, no
change; "a was bid for Second and Third; sc
for Tenth and Eleventh; 443 for Chestnut and
Walnut; Ga for West Philadelphia; 105 for Hes
tonville; 295 for Green and Coates; and 26g for
Girard College.
Bank shares, as we have noticed for some
time past, continue in good demand for invest
ment at tull prices. 53B was bid for CONNER
cial; l05 for Northern Liberties; 55 for Grard;
80 for Manufacturers; 7Os for City; and So ior
Commonwealth.
In Canal shares there was more doing.
SchuYlkill Navigation preferred sold at 22b023,
q slight advance; Delaware Division at 483, an
advance of !; and Lehigh Navigation at 3O4Q
800, an advance of B. Ii was bid for schuylklll
Navigation common; and IL for Susquehanna
:, Quotations of Gold-1O3 A. NJ, 1885; ia. M,
1889; IL NJ, 1889; P. NJ, l335.
"A Detroit paper says of the dnances of
Michigan:-
"The forthcoming report of the State Trea-
surer will show the following fgures:-
Cash balance Nov 80, s57a007 80
Receipts of the fiscal year, l677 SsO'Sa
Total payments OF the 1894 2si6s
Cash balance Nov. 80, 1867 ......."..... 572119s
additional cash receipts will be small before
the 1st of February, 1868. The demands against
the Treasury up to that date will reach 100000,
which will be for the payment OF interest and
principal on the State debt, appropriations, aud
expenses of government. The amount Of the
State debt which natures on the Ist of next
January is $3.50, 900. of this, the payment of
$6S000 has already been met by the State Trea-
surer thereby saving to the State surplus of
interest to the amount OF $265l'3l. Bonds to
the amount Of $4,000 must also be paid from
the sinking fund.- making total of State debt
OF $2ll, 600 TO be paid in January.
| "The amount of interest received by the State
| Treasurer from funds deposited with National
Banks OF the State for the past year was
| $22, 2,760'75. These banks have paid four per
! cent. interest on the daily cash balances due the
State. The bonded debt of the State has been
diminished the past year in the sum of S78 1856,
| leaving the total bonded debt S3, ,90l, ,242'7O
"All the National Banks OF the State bat 1--WE
have made the first semi-annual April payment
OF taxes, and are daily making the second pay
ment, which fell due October l.
''The lnterast bearing debt of the State, after
non-interest bearing debt at the present time is
S79, 1870. The cash balance of the present
nscal year in excess of that OF 1866 by $3l0664
'As no more of the State debt natures until
| 1873, there will be large annual surplus from
the trust fund to be applied to its diminution by
| paying up the bonds The receipts in February
from railroads and insurance companies with
the tax to come in during March, April May
and June, will probably make the balance of
| November 80, 1868, larger than that of the pre-
sent year. 1t iswoIthy Of note that the state
! deposits now draw four per cent, the matter
being discretionary with the State Treasurer.
! The amount received from this source is larger
than any year since 1866. There is no donbt
that from this time forward there will be
steady annual reduction of the State debt.n
The N. Y. Tribune this morning says:-
! "Money is easy on call at per cent, and
commercial bills sell with more freedom
The rates are 1909 for best, and l09l2 for Sc ,ond
"Bills at 60 davs on London are Quoted at
1094@l09S for commercial; llO@llOB for
bankers; do. at short sight, Il0401l0s: Paris
at 60 days, 5l5@6ll4; do at short sight. bI56
$40. Antwerp, 5l505l34. Swiss, 6l5Q5I3l
Hamburg, 36@S64. Amsterdam, A64l4. Franz
fort, 4l@4l4; Bremen, 794979l. Prussian
thalers, 72@723. F .-r.
| The New York Herald this morning SAYS
"The volume OF speculative business in the
gold market continues large, and the bear ele
ment preponderates among the brokers and
other professional speculators. The extreme
range to-day was from 1884 to 1914 with the
closing transactions prior to the adjournment of
the board and afterwards at 1884. The Short
interest outstandlngis so heavy that the borrow
ing demand for coin is very active and notwith
standing the large floating supply loans we're
made at ZOOS per cent. per annum and l-64 per
cent per diem in favor of the lender as well as
NAT, and at four per cent. per annum for carry-
ing. The steamer Hecla. sailing to day took ont
$222, 1888 in specie, and the Minnesota Sl69 900,
In addltlon 10 about quarter of million Skinned