The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-07-21
FINANCE AND BUSINESS.
GENERAL MARKET REVIEW.
MONEY MATTERS

GENERAL MA RKEc REVIEW.
MONEY MATTERS.
The Financial Chronicle of July IL, says
OF the money market and financial stu
alton: The financial markets have this
week been unusually free from exciting
topics of discussion, or disturbing rumors of
any sufficient degree of probability TO
affect prices. There is still talk about the
bids for the treasury loan to be received on
the 23d inst, and also in regard to the cur
rency law, and the railroad suits west, but
all these subjects have lost their novelty,
and their first effect on prices has already
been felt or discounted. The railroad ques-
ton in Wisconsin, as stated in our report
last week, has been put in shape TO be ar
gued before the United States Supreme
Court at the October term, and in the mean
time an injunction to prevent the compa-
mics from violating the law has been APP
piled for in the state courts, and the case
set down for hearing on Tuesday, August 4
The important question involved in the
railroad laws of the western states, is analo-
gous in principle to one which has already
been deeply agitated in this country. 1t
falls under the general subject OF home leg
islatiOn in regard to property owned almost
entirely by foreigners: and whether it
comes up in the shape of a question tor tax
alton to pay interest on principal of bonds
held out OF the state, or in the later shape
of legislation to compel q reduction of rates
on railroads owned-bOth stock and debt
by outsiders. the principle involv ed is near
lv identical 1t is evident that the Jempta-
ton to ignore the rights of non residents
holding liens on property within state, has
too frequently been yielded to in this coun-
try, and a further giving away in the same
direction will go far to destroy the credit of
western municipalities or railroad corpora
tions as borrowers in the markets of New
York or London
THE NEW LOAN.
The leading topic of interest in money
matters this week is the subscription to the
new five per cent. loan of Sis, 900, 900, to be
opened on Thursday. The Journal of Com
merce says: There has been so much of the
vague and indefinite in regard to the secre-
tary's circular, and the time for presenting
proposals was so short, that investors at a
distance from the money centers of New
York, Pbiladelphia, Boston and Baltimore
are as yet uncertain about what is really
meant to be done. This morning we copied
a paragraph from the Philadelphia Ledger's
money article, which stated that the new in
depreciation regarding payments of interest
had KEEP back investors there to the extent
of several millions. and that under it a cor
ner in gold was feared. This matter was
fully discussed in the bond market TO day.
Mr.. Drexel thinks there must be some mis-
take about it, as he has heard of no pool i'm
Philadelphia, and the article would seem o
suggest the existence of one. In any event,
this is a further proof of the unsatisfactory
form of the circular, showing the general
lack of understanding in the matter. The
conditions of the negotiations have been
twice stated by US, and the bankers
here are well informed. We wish we
could say that of other localities. Cali
fornians would not be- in time with sub
scriptions unless they sent them yesterday.
Chicago and st. Louis must send at latest
next Tuesday, Boston and Cincinnati must
send Tuesday, while New York, Philadel-
phia and Baltimore must have their bids in
Wednesdays mail. 1t is not probable that
any important bids will be received at tue
treasury until Tuesday or Wednesday. The
possibility of gold corner growing out of
the matter is involved in the question of
amount of home subscriptions. The bonds
to be called are mostly in Europe. If the
new bonds were subscribed in Europe, the
secretary would send an agent over and
make the exchange in London, as was done
with the old syndicate. That would not in
volye the handling OF gold. But if say $780,
100000 were subscribed in the United States.
about Sc, 100000 gold would have to change
hands, and sending that amount to the
treasury would be apt to put up the price of
gold. Such an event is not expected, how
ever.
On the same subject the New York Bulle-
tin, of Saturday, says: 1t is becoming the
general opinion that the proposition of the
treasury to negotiate by open bids the re-
mainder of the new five per cent. bonds will
fail. Whether such failure is to be followed
by an arrangement with some syndicate re-
mains to be seen. To-day, it is said, that
German syndicate is prepared to bid tor S50,-
100000 and take call on the remainder for
ninety days.
The weekly review of the Chicago Inter-
Ocean says: There has been fair business
transacted in the provision market during
the past week, and further appreciation in
prices has been gained, especially for future
delivery. The demand for shipment was
fair and the outward movement continues
Hberal-a good share of the property deliv-
cred on contracts being forwarded to outside
owners. The receipts of hogs were moderate
and prices were advanced 15G25c per 100
pounds, which had some influence on the
markets, both here and elsewhere. in GEN
eral way. The stocks as reported to the sec
rotary of the Pork Packers Association on
the 18th, show reduction in the stocks du-
ring the past thirty days, as follows: Mess
pork, l6,Ol6 barrels; lard, 3,152 tierces; bacon
hams, 81, 227 packages; sweet picked hams
3,047; tierces: dry sailed shoulders 600 GOO
pounds; sweet picked shoulders 135 tierces
Cumberland sides, $1,000 pounds: short rib
sides, 1,447,2l4 pounds; bellies, 40 900
pounds: and increase in the supply of
short clear sides of 5000 pounds The adj
vices from Liverpool were rather more en-
couraging to holders, an advance of Cd in
lard, Is on Cumberlands, long clear and short