The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-12

or, rather how the country is suffering from the
expansion which Congress is just now creating in
another FORM may be Inferred from the fact that
during the last five years 81, 700 600, coo were in
vested IN railroads at the rate OF $40 COO, 900
year, necessltating an undue imitation OF credits
and the panic OF September. The result was a de-
fault on the LIST OF January 1874, by 15 railroads.
whose coupons and dividends were payable In
New York. to the amount OF s27ooo,Ooo. We may
further illustrate the situation by describing the
condition OF Minnesota in the month OF February.
The statement from which we quote says
"The State OF Minnesota is one immense railroad
cemetery. Her new state reports show that her
loo miles operated last year did not earn enough
TO meet the interest on the funded debt and the
running expenses by s3,s4o,ooO. The gross earn
ings were S5,5350oo; the net earnings, $l.l11 oOO
or less than quarter OF the interest on the bonds
Seven roads, operating pa miles, do pay their
running expenses. Every mile OF the road is COW
cred by nearly Of stock and $4,000 OF bonds.
The unpaid and overdue coupons amount to
S., 100000 most OF them OF recent date" II the
foregoing be true OF so prosperous grain growing
State-a State which this year has
SURPLUS OF EIGHTEEN OR TWENTY MILLIONS
OF bushels OF wheat, what must be the condition OF
other Western States and their ability to contrib
ute to the profits OF the long and expensive lines
running through themy The prospect Is certainly
not lovely one. Again, take into consideration
the number of bankruptcies that have occurred
during the last three years. In 1870 they amounted
to 1881, the Indebtedness being SIS, o0o, oOo In
1872 they were 4,06o, with an Indebtedness OF
$l2s0Oo,ooo. In 1873 the number was Increased to
b,Is3, with $22s, 00,000 OF unpaid Indebtedness.
And this is the picture OF prosperity held up our
view by such men as Morton, Logan, Kelley and
"the Bald MountGineer, Merrmonn
ALL EUROPE is INVITED
to hurry forward and enjoy the magnificent spec
tacles OF American growth and grandeur which
they paint their rhetorical canvas; but mean.
while they adroitly hide such dark shadows as
these-that the nation owes $4,000 oo, 900; that
the railroads owe 81 00o, ooo 900 that the munich
pal debts amount to 81 ooo 0o0 ooO that the other
Indebtedness OF the people amounts to probably
$4,000 900 600, and, finally that this tremendous
edifce OF debt rests only substructure OF pub
lie credit which demagogues are doing their best
to undermine and destroy by The issue Of more
fulfilled promises to pay and more inducements
to the widest speculation that the country has
ever witnessed.
THEBASK STATEMENT.
According to the weekly statement of the con-
diton OF the banks they now mold s13, 036. s25 in
excess of % per cent of their total liabilities,
against 700 last week. In loans there has
been an expansion or ST. 552, 600, q decrease in
bilities of $l193 500. on the whole the statement
Is not favorable. The following are the bank
averages for the past week compared with the
preceding week.
Aprtt a. April II. Differences.
Loans SO, zoe s295 $780, 300 Inc ST. 552 600
legal tenders Dec Dec 200
Deposits. 23I,49l 400 23s, 6gl, 100 Inc. 1900 800
Circulation. 26.So4, 600 26,T978 500 Dec. 6s0O
The following shows the relation between the
tota1 nd IN TN al uab
april A. april IL. Differences.
Specie - s24, ol5, 500 s25, s35, 400 Dee s2io 200
Legal tenders. 56,9ss,loO 55,57s,soU Dec. l4o930O
Total $751; 700 79,4oe 200 Dec 6s 500
Circulation. 26,so460O 20, 1877, 500 Dec $500
Deposits 237, l4oo 1885, 200 Inc 1,2oo,Soo
Tot iabitless 1884 2os 49, 500 Inc 500
25p.c. reserve 66,o74,ooo 66,372,375
EXCESS over2 5
p. c. reserve 14,954,7oo 1906, s25 Dec. l,m7s75
THE MONEY MARKET.
Money ranged from 3 to per cent on call. Dis.
counts unchanged. Foreign exchange was qulet
and less arm, prime rates being quoted at ASK
Tor 90 day sterling and 4ssn for demand. The
selling prices we're respectively ass a 4ss. CONT
mental exchange is also dul-rechmarks at s5,s
e5I and oe1s 964; cables, o6h 96ts; prime
Paris, 5.193S 5.191.
IMPORTS FOR THE WEEK.
The imports for the week were Dry goods
100000; merchandise, $S,2l7,l6s. Totab
sll,27S,07S.
THE FOREIGN MARKET.
London dispatches at three p. M. report Erie
weak and still tending downward at 81 3lS
the best price of the morning being 321s 32h.
Consos active and strong and American securities
trine 1rmer. The rate tor money at the Stock Ex-
change on government securities was ~ per cent.
Thirty thousand pounds bullion was Withdrawn
Eon the Bank Of ENGLAND TO-DAY on balances.