The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1880-01-16
REFUNDING.
n Y. Mercantile Journal

4
Most people are disposed to congratu-
| late the secretary of the treasury and the
/ government upon the success of the re-
funding operations of the past year. A
few dissent, so as TO make il still true that
men can hardly ever think alike. But
surely there Is no room for difference
OF opinion about the success of the First
National Bank in its part of the bust
ness. This bank was the chief agent in
the operation, and il is announced il has
| divided during the year 100 per cent. on
capital of $500, 900, besides adding $780,
600 to lis surplus, making it 1880 900.
and leaving S267, 200 undivided in profit
and loss account.
And now the question comes as TO 3u-
| ture refundlng, rates of interest, &c. The
Economist, Boston, collates few opin-
ions as follows:
The secretary is OF the opinion that
no bond below 4 per cent. can be float
ed at par, but there are others who hold
that retunding may be continued ON the
basis of 3122 and even per cent. The
bill of Mr.. Fernando Wood, now before
congress, provides for the issue of 81
per cent bond, and upon this distinct
proposition the view and opinions of
prominent bankers and bank men are be-
ing freely taken. The prevalent opinion
80 bAiaAb q DOAANA Va StANlA u COuIU
not be disposed of, reyiving business
having created an increased demand for
money, and the 1 per cents. not yet hav-
ing all OF them found takers among the
people.
There is a positive difference of
opinion as TO the probable condition of
the market after the year sets in Some
profess to believe that money will be
firm, and perhaps extremely So, while
others think that low rates OF interest
will prevail throughout the year. But
1t Is difficult to make either prophecy
with anthing like assurance. There will
mature in 1890 ana 1881 not less than
S191 JIG, 200 in government bonds. One
New York banker, whose opinion was
asked, puts no faith i'll a bond of lower
denomination than Il 4 per cent, and
thinks that even the latter could not be
noated ut the present time as easily as
when 1t was done. He expects to see
the rate OF interest remain as at present
for the next sixty or ninety DAYS, after
which it Will drop little, and then re-
vlve again at the opening of navigation.
Another prominent banker thought
that after the beginning of the year, and
when the crop movement had ceased,
money would become cheaper. In his
opinion, while the money market next
and autumn, it would show an average
low rate of interest through the year.
He expects to see money lending at the
stock exchange next summer at Two and
three per cent"
The Economist adds: '-rhe president
of a national bank that has been one of the
heaviest operators in four per cent.
bonds, said i'll relation to the Wood re-
funding DILL now before congress, that it
is n speculative movement to advance
the price of four per cent bonds, and he
did not believe it would pass through
congress. He did not think it possible
to float 81 per cent. bond at par. The
day of cheap money is gone by, lii his
opinion, although people cannot be
brought to believe it; the increase of
business will take all surplus money at
a good rate of interest. \ bond at low |
er rate than four per cent he did not
think could be kept at par. Even in |
where the rate of money is gen |
orally lower than in this country, the gov
eminent consols are usually below par"
And so these financial doctors differ, |
and as in the case of some other doctors, |
the only way to settle it may be by Eek |
pertinent"