The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-11-03
FINANCIAL.

DALLAS, November 2-The money market
is this city is experiencing stringency not
felt before this season. This is accounted
for by The fact that there are now held in
this city about seven thousand bales of
cotton upon which advances have been
made, and which was not looked for and
consequently not wholly provided for by
the banks. Until this cotton is thrown
upon the market the banks can experience
no great relief. The business demands for
money is greater now than in any former
year owing to the heavy sales by our mer-
chants but these wants are always supplied
on legitimate paper of country dealers.
There is also demand for money by those
who are building, which has been much
heavier than in tho past. Our banks here
are also drawn on heavily by country banks,
who are doing for their customers and
planters just what our banks are doing at
home.
That there issomething to be made by the
issue of national bank notes, notwithstand-
ing the high prices of United States bonds,
is evident from the fact that the banks are
increasing their circulation. The Chicago
Times saws at the end Of last week the
whole amount of currency notes QUtstand,
ing, was $35S,Sl3,3l2, which was $i33 $40
more than was outstanding at the end of
the previous week. On the 30th of June,
1874 the amount outstanding was 1851 ,9Sl,-
032 On the Both of June, 1875, the amount
was officially stated at 1891 ,40S00S. During
the next two years the bank retired upward
Of S37 600, the amounts outstanding on
the 3Oth Of June, 1877, having been only
$3l7,0iS, S72. Since then they have been
expanding, and they now have out
S1 ,7Gi, no more than in 1877, and $i,i05,.
30i more than ever before. There has been
a decrease in the amount of national bank
gold notes, but not enough by good deal
to compensate for the increase in currency
notes, The amount of gold notes at the
end of last week was 1911 ,S21
Last Saturday the treasurer held $685.
236 800 in the United States bonds to secure
circulation, or 81 ,26l 800 more than at the
previous weekly statement The receipts
of notes for redemption out of the 8 per
cent fund last week was 81 ,l57 OO0-an i'll
crease of S2S3,000 over the corresponding
wecl; last year. 1t is stated that the recent
increase in the amounts forwarded for re-
demption Is due to a.. rule adopted shortly
before the retirement of Mr.. Sherman from
the treasury department, transferring the
expense of forwarding the notes from the
persons sending them to the 8 per cent fund.
This expense is now borne, as it ought to
be, by the banks, each bank being re-
quired topay in proportion to the a mount
of its notes redeemed.
The fund commissioners of Missouri are
now engaged in making an estimate of the
500 state bonds to be called in for redemp-
ton under the provisions of the consttu-
ton. The call will be made in few days
probably on tbs LIST Of November and will
be for $2500O0.
General Bennett, chief of ordnance, United
States army, in his annual report, states
that last year 81 ,637, 59370 was expended
and recommends an increase in appropria-
tions for arming and equipping militia,
and says the well-being and efficiency of tho
army require peremptory retirement Of
officers at the age of 81,
The forthcoming financial plan for the
extension OF the Atlantic & Pacific road will
call for Sl5,0O0,CC0, of which 100000 will
be used for the construction of the line
westward from Vinita through the Indian
Territory. The other $l0,000,0O0 will push
the work through California toward San
Francisco.
IL is estimated that London and Amstcr'
dam have purchased 800, 1irst-class rail
road bonds in the last two days.
Since 1854 Australia has produced AZ, 500, =
900 ounces of gold, valued at S09O,OO0,0O0.
EXCHANGE AND COIN