The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1881-02-23
FINANCIAL AND COMMERCIAL
FINANCIAL.
SENTINEL OFFIcK.


per is being negotiated at the usual rates of inter
est.
New York Financial Market.
NEW YORK. Feb. 2l.-Money-Market easy al
4@6. closing at 5 per cent.
Prime Mercantile Paper@95 per cent
Government BondS-Steady for 6s but weak
and 1st93s per cent. lower for other issues.
Railroad Bonds-In the railroad bond market
Iron Mountain seconds preferred income advanced
and New York Elevated frsts TO 100 from 49,;
International Great Northern seconds income de-
clined TO 92frcm New Jersey Central TO 1O5 fr m
from 1895; Texas and Pacific income land grant
rs to 1914 from S71z and later recovered to 81
Erie second consols active and steady atss1Gl COS
American stock Improvements rs strong and
advanced to 91s3 from 1917.
State securiues-Fairly active; Louisiana con-
Sols rose and reacted -.
Stock market weak in early dealings and prices
declined H@4% per cent, Louisville. Chatta-
nOOga and Texas Pacific leading the downward
"a per cent, in which the above shares were the
most prominent Before noon however, specula-
ton again became weak. and prices took down
ward turn, the market continuing feyerish and
prices OF the day were generally current at second
board when a decline from the highest point
ranged - TO So per cent. latter in Nashville.
Chattanooga, Chicago, st. Louis and New Orleans,
Union Pacific, Coal Stocks, Texas Pacific, New
York Central, Lake Shore and Hannibal and St.
Joe were also prominent in decline; toward the
close somewhat firmer tone prevailed and gener-
al list rallied a to per cent. Oregon Navigation,
after early decline OF 219 per cent, rose 10 per
cent, Louisiana and Missouri River rose per
cent. and reacted per cent.
The Post says: The amount of United States
legal tender notes to-day paid into the Treasury
here to withdraw National Bank note circulation Is
about Sol 90 0O0 total of S. COO eco legal tender
notes Withdrawn from banks since the Senate
passed the refunding bill. On the other hand, a
dispatch from Washington says the Treasury has
surplus of s12, 600, 600. which the Secretary will
use to buy is and Is provided the National Banks
continue TO Withdraw circulation" Another
dispatch, which had its influence on the stock
market this afternoon, says THE Treasury will
begin bond purchases Wednesday, tomorrow
being legal holiday"
the funding bill was renewed this morning and
occasioned lower prices on Stock Exchange, but
there seemed 10 be some recovery from
feeling prevailed. City banks. for their own &C
count and that OF out of town institutions, depOs
tied Saturday in the Sub-Treasury here 81, $4,000
cash. mostly gold. and $40 900 in checks TO retire
circulation. To-day they deposited g, l9O 600 in
cash and sos 500 in checks for home purpose rs
against this contraction. The Treasury has Sl2.
900 600 surplus with which to buy bonds for the
sinking fund. And under the refunding bill
the Secretary can purchase $4,000, 900 In bonds
from the fund of gold and silver in the Treasury.
Again the Secretary can issue 800 600 Treas
ury notes. which would float money for long
time before sufficient interest would accumulate
to induce people to hoard them. All this is infla-
ton and will far more than offset any contraction
OF the circulation by banks"
The Graphic. on same subject. says: THE action
OF few city banks which on saturday decided to
withdraw their circulation because OF tax and
low rate of interest on new bonds is the subject Of
considerable discussion in Stock Exchange cir
Giles, where the operation Is much ridiculed and
generally regarded as extremely illadvised and
hasty. 1t is claimed one OF these
institutions which has been largely
Government officials, is short of per cents in
the stock market and il is therefore making as
much opposition TO the new per cent. bill as
possible, and is also endeavoring to induce other
banks To oppose the measure and withdraw their
circulation. Conservative bankers, however be-
lieve these banks viii all ultimately conclude to
re-depOSit3 per cent and take out their circula-
ton again within three months. Ii is under
stood there is to be an amendment offered
in the House to the bill providing for the issue of
greenbacks to take the place of the bank circula-
ton that may be withdrawn. II this sensible
pIecautiOn is taken il will instantly restore conf
dencc and take permanently away from banks
this fearful power TO withdraw in one day all
their bills from circulation, or what Is worse,
lock up an equal amount OF gold and legal ten
derS and leave the street utterly without means OF
doing business. such terrible power no set of
men should for one instant possess"
Russell Sage said 10 a reporter: Il believe the
howl by theorists ana spectators In banking Will
fall still-bOrn within a very few days. Our bank
ers are not going TO be frightened into folly and
madness OF Withdrawing 4 and AZ per cent.
bonds and thrusting them on the market, as has
been intimated would be done by class of
bankers to which have referred. 1t would be
madness and suicide for them to withdraw these
securities that pay 3Sl per cent. more than bonds
which this bill has created and which are made
bear what is to be the standard interest of this
Nation. Our bankers are not going TO sacrifice
their stockholders interests. as would be done by
II a percent loan can be toated we ought to be
glad the Government Is good enough TO enable us
to fund our debt at per cent think II can be
and reduction OF tax imposed upon National
Banks. which is oppressive and unjust. believe
if the President does not interfere TO correct this
tod hx-f
greSs and Administration. Publication is made
that according to a Washington dispatch the Pa
cifc Railroads Committee did not consider the
it will come7np again the present session.
The report of the Subcommittee
that lands OF the Company are not
placed thereon are valid. win stand as
opinion of the Committee, motion to recOmmit
having been defeated last Thursday.
The annual meeting of the stockholders OF the
Lehigh Coal and Navigation Company was held at
Philadelphia to-day Receipts for the year. 81 Co.,
676, gain of S42S Sa7 over 1879; decreased eX-
penses added to this make total gain of Si47 US
Disbursements, 3, 2S7 664; net earnings SS22 OIL,
from which Sl27,775 deducted. leaving "a surplus
for the year of slgl,2S L. W. Clarke was chosen
President.
The Union Pacific earnings increased $4,000
the first fortnight in February, and 1t Is again ru-
mOred, according to the Graphic, that the Com
pany will finally decide TO tender the Govern
ment the whole of its Indebtedness, the
funds to be obtained on proposed mortgage bonds
dl du ISSUE vi tI2 VI 012 per cent vi ITO
roads, which are valued at $40, 0OO, 600. II is
thought such loan would be taken up in Lon
don in twenty-four hours.
Public attention is also TO be made in the press
that the Directors of the Louisville and Nashville
Railroad in a special meeting, officially denied
the statements published that any lease of the
Nashville and Chattanooga Railroad, with guar
antee of dividend or otherwise or consolidation
with that road. has ever been considered or dis
cussed, and no negotiation with the minority OF
the stockholders has ever been sanctioned by that
body.
Transactions aggregated $4,000 shares. as fol-
lows:
CANADA southern y.VOO
Central 400
Chicago st. Louis and New Orleans. 500
Delaware Lackawanna and Western. 600
Delaware and Hudson. 5000
Denver and Rio LOO
Erie
Hannibal and St.
Kansas and 6,oo0
Lake -, wv
Lake Erie and ...lo.OVO
Louisville and b,OOO
michigan central oOsO
Manhattan Elevated, ..'---'.-ll w
Metropolitan 1000
Northw esteril lZVU
Nashville and 900
New jersey
New York Central
Northern .-..--IOO
Ohio and MISSISSIPPI 5,VVV
Ontario and coo
Ohio iOVV
PACING Mail......- oOOO
Reading
81. raul 19'UrVo
st. Paul and 0'VOV
Texas