, 1873-07-08
MONEY AND COMMERCE
..
MONETARY.

MONETARY. |
ltonpAY EvEx1Ho, July7.
Local finances aud trndo Aro Quiot, aud money
10 abuntlant for all WHO ca1, furnish eatlslao-
tory collntora1s or mako approved paper. Ihoro
is good don1 Of paper offered In Tho Btroot nj
from u to it per cont por nnnum, but II Is Of n
class which bnulB do not cnro to take. Much OF !
1t Ia roal estate papor with from sx months to a
year to run. Periods too long for bNnk cnptal,
and too short for anothor class Of money that
scoks Investment in mortgagoB for throo OF four
years. Many Of the bAnkn would be glad TO III"
cronHo tl,oir uixty-slny loans at 8 por cont.
Now York exchange IL firm at 25o por 9l,ooo
premium.
AMERICAN SECURITIES m EUROPE.
Among tho latest a1yscca from tho European
Syndicate to their correspondents IN tho uhltea
Statog is m lom to tho effect that the bonds OF
thirtoen American railroad companies liavo be-
como discrodited in tho European markets On
account Of tho uon-payment Of the July inter
cat. This, together with the notable fact that
The German Government had Invested $10,00O,"
900 of its surplus funds in the new i per cont
bonds Of tho United States, has had henohrial
effect, not only on Government bondn
but on almost n1l classcs of American
socuritios except railroad bonds, There
Is and Inns beon y large amount OF
capital in all tlo Europonn money centfoa
Hoeking Investment. For time, tho Vienna
panic and in England, tho fear Of q drain OF
specie from the Bank Of England to Germany
caused 80 much apprehension that capitalists
boarded their money. But the temporary hoard
ing has caused on accumulation OF capital that
must soon seek Investment, but 1t Will avoid all
and aluo many kinds Of European joint stocks
that wero considered good before tho Viohnh
panic. Tho recent falling on In tho
britiah revenue and tho consequent decline Of
bo loea sought after Tor permanent, Investment
THUS, q largo claBB Of securities that year ago,
were absoIbing an imnaenae amount Of European
capital, will havc no such effect on the market
this summer, and tho botter class Of American
securities, national, State. mud city bonds, real
estate mortgages, md railroad bonds Of eatab-
lishcd credit. will be in domand. It sooms. also,
not improbable that tho deficiency Of eatisfac.
tor money in Europe than usual.
III tho United statcs 1t is well understood that
in April md h{ny,. and ayen up to Within few
aGso has 61Sn s ~ospY eaSsa 1
proachuE crisis next fal. No one could fore
eco what would be tho effects Of the reaction in
tho feyor Of railroad building, and The failure to
Hell tho bonds of tho new roads, % tho pro-
1ectors and builders had expected.
t is bel!eTsl now, however, by many eoneer-
vat!vo capitalists that the danger Of crisis next
fall from those cauaea has passed.. AL railroad
bonds except sutA as are sustained by an ample
rcvonuo from thcit roads, are avoided, but thoro
has evidently been
REVIVAL OF CONFIDENCE
in the prospects Of the fall money market, not
only here III the West, but in New York. In our
money article Of last Thuraday we gave aome Of
tho reasons for this, one Of the principal ones
being tho decrease in imperta Of foreign goods,
and the consequent decline in thu price Of gold
from 118 two months ago to near 115 now, these
circumstances indicating an incroaae Of circn-
lating aud loannble capital In Tue country. We
ation by somo OF the Now York capi-
ialistB who nre correspondents of Chi
rago bankera. Bomo Of the monByea men
Of Eastern cities, WHO we're apprehsasiye of ex-
trcme atrlngonpy In tho money market next fall,
md Ind not bought dollnr OF securities for nix
months, but lad allowed their income to ac-
cumulate, have latsly begun to seek invest
cbuacs Of tlrst-class Western Hoonrities. like
Cook County bonds, Chicago City 7s, ETC., etc, !,
By mon who would not buy anything Of the kind
u mouth ago.
TIE CANADA SOUTHERN
Railway, proper, III now complete, and the
Buffalo Adpertiser aayH locomotive recently
passed over tho limo. Tho Eastern md Western,
yet. Tho Directors met not long ago, and
formulated their policy and position, as follows
credit TO- and sasrantea stosi tho Erle Niaaar.
sssss M @
tho Toledo, CxMata Southern L Detroit Railway Bridge
Company, and to the Detroit River Hallway Bridge
Company.
saszs ea sSsi9 s es
1Afrd-An 4 agreem,ent, u, , With hs T. Directors Of tht
" s a1s
Canada Southern propef w havo to depend principal,
Oh tho Toledo, Canada Southern Mtehikan Miaant
for is Western conuootions The former places 1t II
communication with the Toledo Wabash Western
and the 'ata1 MN give The Southern direct chicag,
connection. With these two important feeders III op
GRAFTON Ut the West, and the proposed New York Wes
sido forming ssaboard connection, The traffic q tn
Canada Southern Railway cannot ftil 10 rapidly ~
hu'ne large proportions.
TAXATION OF oAEESBAoga AND NATIONAL pANl
NOTES.
The Circuit Court OF Orange County, Nortl
Carolina, recently made novel deciBion-base
on tho rulings Of tho Supreme Court Of til
United 6tatos, which touohos the nooted poin
OF the taxation Of mortgages and all other eyi
aoncca of dobtiuaually c1aased with personal prop
erty, The question Of right to tax came up Il
Tho caso Of Mrs. Annie Turner for relief from
taxation upon money on hand or on deposit ol
tho Let day Of April, 1879. Judge Tourgee 10
cidod that In accordance with recent decision
Of tho Supreme Court OF rho United ssatos tha
no "crodit" could be taxed by State, as it I'm
paira the obligations Of the contracts. The Stat
could not impose tux on money on hand OF O
notes. or National Bank notoB, or upon oblign
tions by one party or anothor.
the State Supreme Court, tho opinion OF thu
body waa rendered by Judge Rcado, reyersiu
the decision Of Judge Tourgco, and affirming til
constitutional right Of the State to tax money
on hand or deposit, whethor consisting 9
Unitod States notes or National Bank notes, an
affirming also tile right OF tho State to tax Ho
vent credits. Aa tho original decision WAS base
OH the ruling Of the Supreme Court OF til
United 6tatea, it is believed tho caao Will
carried up.
LOCAL srooK AND BOND MARKET.
Alessra. Lnnt, proston l. hcau quote aa TO
lows this p. NJ:
Bstsing. !stllin
b-2OBo Of ,b2.........,,...,...........1 INK III
b-2Us Of 'G4. 4..,.,..,,,......,....... ltDE 1T
E-aOAof D5,,.,.....,.............l ..l17Il 118
6-20s Of V5, Jan. aud July, ,........ .l1G4 ITO
b.aUs OF iG7 jan mud July ux int, INK III
6.20s Of ~, jan. and July. y..........1174 1T