The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-06-27
FINANCE AND COMMERCE..
EVENING TELEeRAPH oyxIoE,l


Last week closed on very easy money mar
ket, and although considerable sums are being
shipped to the West, there is an ample supply
at the banks to satisfy all demands, with
good balances lying over, for which merely
nominal rates are being asked. General trade is
very languid, and the demand for money compa-
ratively quiet. On call loans the rate is 36D4 per
cent, according to the collaterals offered. Dis
counts are rather more active, but rates con-
tinue at about SOC per cent, with slight ad-
vance on three or four months paper.
Gold was quiet but decidedly strong, the sales
opening at 1l11, advancing to 1926 and clos
ing about noon at 1114.
Government bonds show q more active move
ment to-day, and prices have fully regained the
loss of Saturday, with the exception of currency
6s, which show falling off of d.
Local stocks were quite active and fairly
steady. State loans sold at 109A for the skies,
second series, and at 1925 for the third series.
In city skies there were sales of the new bonds
at 10016.
Reading Railroad was neglected. We quote
at 53'44@53X. Pennsylvania was in good de-
mand, with sales at 575S@57X. Sales of Le-
high Valley at 58@5S1S, Philadelphia and Erie at
29z5@295s, Camden and Amboy at 119, and Nine
In canal shares there were sales of Schuylkill
preferred at 17%, s. o. 341( was offered for
Lehigh, without sales.
TIE balance of the list was very quiet but
steady. small sale was made of Germantown
Railroad at 80.
The Sunbury and Lewistown Railroad passes
through one of the most valuable and densely
populated agricultural sections of the State of
Pennsylvania. The counties ofSnyder and Milf
fin, which are traversed by it, are among the
Oldest and richest in the State, and with the
advantages that the road will afford for sending
produce of every description to MARKET 1t can
not fail to command an immense trade. Inde-
pendently of their agricultural wealth, it is we'll
known that Miffiin and Snyder counties contain
large and valuable deposits of iron ores which
are almost wholly undeyeloped, and which
cannot be developed except by this road. It.is
believed, indeed, by competent experts who have
made careful examination, that this is one of the
most important and valuable undeveloped iron
sections of the Union. On the north side of the
valley, and convenient to the railroad, there is
long chain of limestone hills which contain
enough lime for the manufacture of iron to the
end of time. With these advantages il is be-
lieved that the completion of the Sunberry and
Lewistown Railroad will result in theIcreation of
one of the greatest iron manufacturing interests
in the United States. This road is the shortest
route from Pittsburg to New York, fact that
will undoubtedly secure for 1t the bulk of the
anthracite coal trade, and also enable it to com
mand the large and growing trade in bitumi-
nous Goa, used in the Eastern market extensively
for making gas and other purposes. The sec
tion traversed by the road contains
immense forests of pine, oak, hemlock and
other valuable timber which can be brought to
market by no other means. In order to com
plete and equip the road the company has put
upon the market its first mortgage bonds to
the amount of 81, 200, ,000 bearing seven per
cent. interest in gold, payable in twenty years.
and free of State and United States taxes. These
bOLds are issued ia denominations Of $1,000,
$Jo0, and 500, and are offered at 80 by William