, 1873-07-19
MONEY AND COMMERCE
MONETARY.

FRIDAY EVENING, Jn1y 10.
Tho local mon OF markot prcsonta no foat,lros
worthy of special noto other than tho ono mcn-
toned ycatorday, Of tho inequality OF tho supply
OF money in tho open market as compared with
tho supply at tho bau)a. Aside from this, mud
the speculative bulge In tho wheat 1nnrltot, duo
to scaro among tho Bhorts, matters aro OK
tromoly dull in city finances md trade.
New York exchange was firm to-day Mt 25o por
$1,000 premium. -;
RAILROAD AID DoSps.-
A Case was decided at tho recent July torn OF
tho United States Circuit Court at Oshkosh
which makes tho " nid-bonds" issued by tile City
of milwaukee, in 1856 ant 1857, to assist tho con-
struction Of tho projected Doloit l. Superior
Railrond, au expensive inyostmont for tho.
CITY. The amount Of bonds issued by
tho city was 100000; theso paaaod In.
to tho hands OF innocent holders, md the
city thoreby becnma bound for tho amount,
though tho road was never built aud the city
mover received dollar Of Donolt. either direct
or indirect, in consideration. Tho bonds aro not
duo until 1876 and 1877, but tho accrued inter
est, together with tho interest on the unpaid
coupons now amounts to about $500, 600. The
decision roforred to waA In hohalf Of the holders
Of coupons Tor s250,0o0 Of this 1lnpaid Interest,".
md, aa this will probably bo' a final verdict in
tho mattor, 1t decides tho claim for tho remnln!
ing 00U of intorcst, and also tho s4oo 0oO Ct
the principal, or $500, 200 In MI.
THE VALUE or TIE FOUND sTEnI1No. :
It will bo remembered that, according to tho
rocont not Of Congress, tho legal standard-in
money Of tho United Statcs-for the pound Bter~
ling will be $4.s0.65' aftor inn. l, 1874. Not
withstanding thnt tho intention Of thia act waste
avoid tho old fictitious anl nominal valuation Of
tito pound sterling ut si.A4.44, tho new stand
ard is itself to D blight extont nctitIous.
The exact value Of tho pound sterling, In coin
Of tho United HtateB, as measured by tho amount
dollar, is s4soG8. But cithor Of theso valua-
tionH will make tile calculations IN tho purchase
and sale Of storling 80 complicated, on account
OF tho fractions, that much trouble is antici-
claims that tho best way out OF tho difficulty is
'to quote just what tho proposed exchange shall
bo in dollars aud cents.. The buyer of E100 ia
asked a4.B799S, ho tnen knows that this calls TOR
youngest arthmeticisn Gun give the solution Of
the problem. The quotation, whatever frRction
it nay DO, flxes tho exact prlco for 81, aud this
is easily comprehonaea."
This would bo similar to tho quotations OF
frano oxclauge, the market rates for which arc
given at so many franca to the dollar, only that,
III sterling exchange, 1t would be SO many contH
to tho pound. Tlis ia in fact the simplest way,
tho only Ob1GCLlCn LU II pDAB tuAtt hd III
franc exchange, tho par would 10 loat Hight Of.
A quotation Of tlo price Of sterling might
whether it WAS above or below par, and tho
reader Of such quotation would have to keep
tho real par Of s;4.8G.68 in his mind. Then.
again, thsre is the additional faot that Cougresn
has fixed an arbitrnry par Of S4.36.65, which
would inevitably become confused in tho minds
Of many persons with tho roal valuo. we do
not sec tbnt there il any satisfactory way out Of
tho difficulty but for CongrosH to amend the act,
and make it, loyal standard agree With tho real
par of 34.8G.GG, aud then let dealers in exchange
quote tho market value of the pound, as suggest
cd by tho journal Of Commerce.
CIRCULATING NOTES.
Tho Pchcmo Of o Russian railway to Teheran
reported in lute st. Petersburg dispatches, will
only teud to hasten the alliance between Parsia
anu England to promote which tho Shah mainly
undertook his European tour. Such railway ia
q monaco to both. It ie an important link in
thut iron chain which Russia is gradually but
steadily extending ovor Asla.
Tile following IRE tho railroads in this coun-
try tho market vnlue Of whose stock iB $3.50. or
upward, as appears BY the Railroad journal.
Tho par ynlue ii cach III SiO0, except tho first,
wlicn is $50: