The sun., 1879-06-24

MONDAY. June 20.
The stock market was fairly active but prices
only conspicuous advance was In Louisville and
Nashville while there were important declines
Lackawanna and Western. and some Of the
Southwestern roads Tho more important OF
Adyanccd- York Central. \ /; Rock Island.
sSS k6grs PSsieS PSs
and Miss preferred. l. DeclIncdHN HNorthwestern
common, y St Paul preferred, y; Lake Shore.
bel. L. and Western. il Del. and Hudson. / (;
Chicago and Alton. No, 4, and Texas. {:
Erie :; Ere Nh hreierred, ~ n y CGn9trali, n,Si =
and st. Joseph. Z Hannibal and 81. Joseph pre-
ferred. ~ /; Iron Mountain. Ia. and Wabash. y.
Railroad bonds were generally lrmer. but tho
Erie 5s consolidated. OF which h.605000 sold,
advanced TO I5s, ana closed nj I5A. 81. Iaul
consolidsted and Canada Southern were actiye,
and frmer: Governments were duieter and
barely steady. Louisiana consols we're active
advancing to AZ, and recedng TO 43 but other
State bonds quiet Money on call unchanged at
2A@3h per cent.
Tho July half-ycarly dividends Of the city
banks have nearly all been announced. Some
low as ~, but most Of them are So per cent
which. considering the burdens OF taxation
and the low rates of interest prevailing. is doing
reasonably well.
The First National Bank reports itself TO tho
Comptroller Of the Currency, in It's statement OF
June H. Us holding tl2S.O61 100 in United
States bonds to secure deposits OF about tho
same amount 1t also reports ON hand 81 .091.-
6i0 other United States bonds. making an ag-
greeate Of - tl29 I4o invested in those
securities. The capital and surplus profits Of
the bank are given. at the same time, at
f2,0T90l equal to a trifie more than y per
cent OF the amount invested in United States
bonds. A fall. therefore. OF y per cent. on tho
1929. .l52. .740 would nearly wipe the bank out OF
exste5Se and one of per cent wSHd Whd, render rem,
banking this is we leave our readers 10 judge.
Concerning the coal market. the Philadelphia
Ledger Of this morning SAYS The supply 9f
ing time last year. and tho excess may by tho
ldoo lsi oi od the next month nearly or quite equal
the production slightly increases on each pre-
ceding week; and also for the last few weeks
the stocks Of coal on hand are gradually less
than they were for the next preceding week. In
other words. the supply oi coal does not increase
upon the demand for coal"
The city Of Chicago has borrowed Mt 6 per
cent. $500 600. with which TO pay the July in
terest on its debt.
Some opposition is manifested in Louisville
10 the sale OF the city's Louisville and Nashville
Railroad stock on the ground that 1t might put
the control of the railroad into hands indiffer-
ent or hostile to the cty's interests. The price
Of the stock rose to-day IN this market TO 59',;
Ihe appro9ching August dividend Is spoken OF
as likely TO be ? per cent.
Tho London Tunes correspondent Mt sheffield
says that II is long time since such feeling
OF uneasiness has prevailed there. Local fall
ures have been announced during the past week
with liabilities nggregating 1000. 0O0
The total sales of refunding certificates 20
date amount TO $50 a9sO.76O. leaving sl9.2iQ only
70 be disposed Of. Theconyersion oi certificates
into bonds to-day reached s22.O60.2GO
In the United States District Court at Den
yer. COLI to-day Judge Hallett ordered notice 70
be served on the Denver and Rio Grando Rail
road Company toturn over that road 10 the lessee
Of the Atchison. Topeka and Santa 70 Company.
Judge Miller OF the United States supreme
Court was on the bench, and gave his concur
renee.
The forthcoming number of tho Princeton Re
rier will publish figures compiled 10y ltobert +.
financial condition ot the towns Counties and
cities OF the United States; Ia a former article
cities down TO 1876. The present Investigation
IA brought down 10 the close Of the year 1878.
and includes counlies cities, and towns Of the
cities was. in 1876 sG44 s7s .G6S in 1866. s22i.
3l2009. The assessed value Of the property Of
the same in. 1876. was t6.l75.Os2.l5s in 1866.
% .45l .6la.9sl, Annual taxation in 1876.
til27ii 275; in 1866. tG4. 600, ,9l4. Population
Ia 1876. 1876 249; in 1866. 59l9 914. Increase
In debt 200 y cent in taxation, 81 2 cent. D.: in
valuation. IS y cent. and in population 30 y
cent The municipal debt alone Of l30 cities,
ceeded in 1876. by over sl2S 900 900 the county.
town. and city indebtedness of the entire coun-
these s elites % had exceIed by BY over ssiG oo0 ooo
the bonded and floating indebtedness OF all tho
towns and cities In the United States In 1870
which. according to the census, amounted 10
1918 $4,000. Complete returns have been OBJ
tanned from the States Of New York. Mas
snchusotts Illinois Ohio Wisconsin. Minnesota
Kansas. Missouri. Connecticut Georgia. and
Rhode Island. In these the total aggregate
local debt in 1878 was s5iG 2s5.52s; and in 1870
| II was 1886 l79,O ,OG0. The assessed valuation OF
property in these States was 81 l72 l4s l79 in
| 1870. and g. 333 G06.5l5 in 1873. Although bad
enough. the second Investigation shows better
condition OF affairs than did the first. The
| chief danger lies in the cities not In tho coun-
ties and towns. The Increase In the cities was
at the rate of 200 v cent, and. by adding the
county and town debts. the increase less than
100 q cont Returns from tho rest OF the
sihe 20 obtain until after tho census Of 1850 Is
taken. Tho total local debt OF the country Al
tho close OF tho year 1878 WAS OJl lOO. H. eX
elusive OF State debts.