, 1872-12-18
HONEY AND COMn1ERCE,
MONETARY.

IT, andth general tendency OF affairs is toward al
easier condition. But in GONE quarters there il
evidently a1ack ofsufnccnt capital to meet ob1iga
lions. In the open market there is still considera
bic good paper offered at u per cent per month
though the amount is less than was offered
month ago. Currency is moving into the country
freely in payment for hogs, md tho demand fo1
currency has an effect to depress the price ot
New York exchange, which was sold between
banks to-day at par.
BANK STOCKHOLDERS.
In connection with some remarks made in this
column this morning in regard to the publica-
tion Of lists Of their stockholders by National
BankH, our attention has been directed to Section
20 of the National Currency act, which provides
that every bank shall "keep at all times full
hll shareholders IN the association, and the num-
Der Of shares held by each in the Office where
It's business is transacted and such list shall be
subject to the inspection Of all shareholders and
aware that this provision of the law gives every
denositor tie legal right to see who
75s wSsrs the his 9f dsno.a the bank and
referred to this right Of stockholders. But
practically this provision Of the law on behnlf
>nf deposltors Is imperative. a dopositor never
Likes to hare any discussion about legal rights
about the soundness Of o bank to feel that he
would like to know who is responsible as stock
holders to him as q deposition, he docs not in
quire who are the stockholders, but quietly
bank in the management Of which he has conf
dance, without inquiring who are the stockhold-
ers. Any movement, therefore, to give the pub
lie information as to who the stockholders
Eel7es.
CIT RAILWAY STOCKS.
Among. local securities there are none which
arc popul2c1y regarded as more valuable OF as
paying more certain dividends than our horse
railway stocks. This is. in fact, true, as long
as the roads are judiciously managed, but when
they adopt such roundabout illegal methods Of
watering stocks as that recently adopted by the
Nest Division Railway Company in the issue Of
S250, 900 certificates Of indebtedness, it must
aIect the value OF the stock- As ne understand
the Company issue this S25o,oo Of certificates
On Thsh M they sg1ss to pay 10 per cent interest,"
Of their face The Company thus realizes
100000 in cash, but to do it creates d debt Of
$25o, 900, on which the annual interest
Il atockSoiepe vho h seSE o%5 i these pays yser to
-cates guaranteed dividend 41 Of IS per
cent per annum on $1,000 The stock and
Indebtedness Of the West Division Railway Com
pany nov stands; ~ Stock, s1.25o, 900; debt in
,$ioo, ,0c0; total, 81, 800, 900. The earnings Of
TIE Company fuctuate largely. From the mid
die Of September to the middle of October the
earnings are understood to have been about
S62, ooO. Soon after that the horse disease
deprived it of all revenue for nearly q month,
The present gross earnings are at the rate OF
about e4o, ,00p per month, from which is to be
deducted, say, GO per cent for operating ex-
Fanses, 1eaVing net earnings Of probably SIT, 900
per month, or at the rate Of, aay II per cent per
ennum on the total amount OF capital stock
and Indebtedness, but for the last two months
1he total net earnings have probably not exceed
rat rf
:eanan Ths stock Of Rss ess es9s ehioaso gS9
City Railway Company is s1,250,000. It's
gross earnings up to the middle Of October we're
poouf s$Sogo Ids Ras month and DUNG the time
recount OF the horse disease, the South Side
Company earned S24, 900, and the present earn
1ags are probably ut the rate Of S45,ooo per
Econth. Deiucting, say, 60 per cent for operat-
i-g expenses, this would leave s18, 600 per month
p3t, or at the rate Of 18 per cent per annum.
BAS1s RESPONSIBLE AS coSs1aSEEs.
In view Of . recent judicial decision, the par
TaE TRIBUNE last week, 3 number Of the New
York banks are sending to their correspondent |
banks the following notice:
"A important decision has recently been NJ 1uaae by
ta5 United statea District Court, against Boston
time draft, upon acceptance Of the draft.
The opinion expressed was in substance follows:
That u hills ladng attached to drafts should be
f1is bank for collection, accompanied by bill 1adiug
lions written upon its face, with signature whether
not it shall be surrendered upon acceptance. In the
htld until payment Of te drafts and upon refusal Of
dra.ses to accept, they must, Of necessity be pro
tested.
SEW COUNTERFEIT.
There Tas received On Friday last at the
Treasury Of the United States note purporting
to ba United States legal tender note OF the
denomination Of $500. It is composed Of parts
different of
tons. The centre is 8 part OF one hundred,
With the "one" taken out in the center and |
upper border and q five neatly inserted. The |
dollar note; the right hand lower end
= yignette from ten. ri The I scroll
taken from q National Bank note; the back Of
the note is from ten dollar United States note |
the "ten" having been cut out and replaced by |
the "ovals " from the back Of five. Although |
this note is not calculated to deceive bankers |
and brokers, it would be readily taken by those !
who are not accustomed to handling much |
money, as the engraving is all genuine. In it's |
general appearance it has no resemblance to the |
note of the denomination of which it purports to |
te genuine issue.
BOSTON finances.
This evenings dispatches say the insurance |
money due is gradually coming in, but it is
back until the last moment The ascertained
13ss of the Massachusetts companies is $751;
600, and the entire loss Of Insurance. companies
IS S52, ,676,600, OF which amount it is estimated
Is per cent will be paid, but the Massachusetts
companies Will not average over 60 per cent
The Legislative bill for loan of city credit
(S2o, ,0o0,0oo) has reached the City Council, where
It must be accepted before it can take effect.
LOCAL STOCK AND BOND MARKEET.
Messrs. Lunt, Preston & Kean, quote as fol-
lows this afternoon:
Bunng Sailing.
2 IS 8 g g of sa, *1.;:............... M3< n3}5
b-2os Of 'oi ez. z.int.........--.-. u25s 1928