, 1877-05-15
No Change in the Local FinanA
cial Situation.
Refusal of Railroad Corporations
to Givo Information.
Tho Prodnec Markets Tame and Neak.'PfotisioDs
and GraIa Decline Rather Stterel5.
a Tizmex Feeling In the Afternoon--.
All Close Strong.


demand lot DARK fhFors CoWce iEUn rcRllaf CuA-
TONERS, and ia limited 10 small proportions. There
Is very little ontac paper presented for discount.
The mercantile customers Of The banks havo pre-
vLnn.ly rhtaihed tnnsl Of The accommodation they
will need this eeAson, md the same te trnc Of
Board Of Trade borrowers. Some paper ts pre-
eentcd from thctc sources, but its amount Is not
large. and thc loanablc funds Of The banks arc be-
ginning 10 atAgnate.
IatcB Of discount wcro 8Gbl0 per cent to regular
cnetomcra- On tho street the rates arc nomlnalIy
the aarnc.
New York exchange WAS Bold between banks at
60Fh7Ic per 81, OO0 premium.
The c|car1ngA were -. 100, 600.
RAILROAD VALUES AND DIVIDENDS.
There are two sides to tho contrast, frequently
OF late nludcd 10, between tho decline in tho mar.
ket value OF the leading American railways and
the steady maintenance Of dlvidends. Ono side
was presented by the New York Daily Iailtitn,
which prepared tabto showing that while theso
had been decline OF II per cent In tho market
value Of the best dividend paying roads there was
no yallsnQ.oH In dvidcnds, aud Il declared that
the decline was "simply 4 monstrous extrava-
gnnce Of speculation, "-''the consequence Of an
unmltsgntcd craze" A Gloss examination Of the
pleasing statistics Of the ussfn, and OF loft
out Of View, leads tho New York 7rbuas 10 IN op.
posita conclusion. In the Lultettn's list OF div.
dends, eight Of the twcuty.thrce rcturns were for
1B75 In the face Of The fact that II Is in tho last
h,, row =, ,ns, ..~o,n T,so NJ ,hn rom nont., tsEc
IN comr,r,.on Maid M dtyIacnds In 1a7a-thc
Union Pacific and the Western rnton. Tho true
IN IN. ,cnrcctat,on ia IN hc snnpbt In facts
vh,ch ,ho Hui<f,n lcnt out a, s,pht--thrv src ihc
anunil,no dunres of incrcn,. at 6cbt. Wh,n cor.
porotiuns arc tunptng themselves by running in
debt. an Intelligent public which knows how div.
facnhr can be madc ont OF borrowed money,
and how railway bonkkeepcrs con disguise
deacits, will not bc deceived by tho regular pay-
of IL or nor cont quarterly to stockholders,
.ne 81 e
Mp ,onr Ia.
lassswsnna m ~ - We mss.e.n 'eteao 10 s,osS
sou, II. .oek BY ~ s. ooo coo, and its bonded debt
by sa.ooo, 600 Fifteen OF tho twenty three
road.. tho chicago : Alton, nurlnrton 3 Quincy.
So:thwe.'sta. Rock i.1sna. -: rsu' cleT,l.n 8
1.aAe saote, Michigan centrai. Morris s E..rz,
Anew Sa sa,s s ohio .oet sss. G ss I r1a:
,hcir bond liahlll,'es from sis|l, 4of, 600 10
$40: hs.. 600, Tue hss',ns list Included The
nrs e a%
arc cs;s BY ,as rsnn.yv'ns n'.a Xex tbs
etsa.e1 s socn %i' uSea from @ go COO To-
10 o0s .'es #. atp. asSt ,a.n n,ys d.
creased frnm $50. D5l, 600 to SEQ H.. 600. That
!, IN four year, s oo ono have lee sen added to to
y. ae" 10 e,S ae an s & G
wsy ,eearss !. p.one.v a d"o
TITO Cna,n,,,an " .n.o,rtnS ~ ,sa ~s., ,,.
soek Esshanva 10 pptan 70, Inc r puSIo r.
sesari'lc. a,s in the ,natkes lave failed. % rhsIt
rcpor. il an Important nni interesting document,
az. XIV ys :pss1 s.seh N fta,.so. f sxw ronx May
Is fS;s ;o i,%s; ss
sSs,s;; ;ss
ShiSS .nsssss ~ ~ th:n e " r5;:!';pt
eh.nxc % r.a ef .sa s W. ~ 4 cSrry5x IT, NJ
4 :a,ss: S;,. ~ :$:
is esy s:S9 .t os ssn@ 4ss, q H., s. sa eonssi:
ss b: s:s.
f,sS ;e III
~! ~: ;$ ;;!, T. $:$;;:
IT. u j. Tt kss s .sstss s a:a H. @ ro
] II 's s. TS;; i nPs
ss & q q !sy s' =,
'ao. VIII %Ai Il 'a ''' :ss y Pssss e
ar = i: Ms'T3 Phs 'esssq as 'eoS
shs% ,oa, coaa!';!:s srsa:$ x.!S a!.se';.s.;.
. u. " ~ e .n sssn VIII .n St .cse
5nns ~ she ssa ssusK hhn!A tksenauA
s9n, ~ 20 ho m wn 70 M s n1 nns 6.a
Nv ng t h tcr H.. .rc ,
iS ~ ts ~ rtI f ~ % ~ 70 tas cSS.
eurs Viii nn "s+tnns srcn .tTanrr thn, ~ WI xnrI TG
@ HI. ts,r & G"Goa.axcthfmt 70 vMntnns tnslr "a.
aHsse Wvtn W. t mnet t.Nh lur feIat.n4
r. sn ~ xr. I'll ssa a nm sSngn W
,,nn tsnels ~ t.Ht, @ ~ ne ston 1Gp
!. ". 70 ln liz hsn. q 1:scsvnrr oe H.,s soH. Y.
~ Y. E,ubie,v .5eenry ,.1,. ~ 70 dGa
Tun!rv - fet tss }xsr nssc " . nank
hrh y. s, ae ~" %nfo ,,f npt H., T.. ranssra ~
Ks ao .n NY n11 M*Esln hAs ntr
th1o1shy enE III ~ G"t ~ Gsys r. na'uy 1
sIcr fsr. NJ m.Sc ~ IT, - IN tEinge n ns
taa.ht ,s Iii. ~ az. VI nGeE MN1ya
tnnH9nt 9 ~ - nnM ErMcfany AciHhnted Win
osn! ny W.. 70 SNt4fE y; =! !taN
;usAIa 10 lakt full and ffIuent 5s IL une thst
1nu*t HuH!!y securc thnlh-o sells hlt sttck As
axsv ThS ano rorncr stnc .tnn xhii ~
st!uctarrs restod wA pv6lia confidence. That con.
HHShGG, NuMNEtauas} GloHliHk, aHCF TepcIifu khrRt