The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-02-15
FINANCE AND COMMERCE.
FINANCIAL.


FINANCIAL.
A BILL has been prepared at the post
office department, and presented for the
consideration OF congress, authorizing the
postmaster-gcneral to cause to be issued
by postmasters, at money-order offices in
the United States, money orders of a new
form, to be called "postal notes, y
for transmitting by mail sums oil
money under So. 1t is contem,
plated that the new postal note, which
is to be issued to the public for fee of four
cents, shall be payable to the bearer at any
money-order Office which the purchaser
may select. Counterfeiting and alterations
are to be guarded against by having the
new orders engraved upon bank-note paper,
and by having the figures representing the
amount punched from three rows of figures
upon the right of the forms headed, respect
lively, dollars" dimes" and cents
The notes are to be valid and payable for
three months from the last day OF themonth
of issue, at the expiration of which time
the holder, to obtain payment, will be re-
quired to forward the invalid note, with an
application for duplicate, to the superin-
TEN at Washington, and no
lost postal note. Postmasters now receive
as compensation for the issue and payment
of money orders, one-third of the fees col
lected on orders issued, and one-fourth OF
per cent. on the gross amount of orders
paid ut their respective offices, But il is
proposed to allow the postmaster 81 cents
for each transaction of issue and payment,
this sum to be in full compensation. The
bill i'll question Furthermore provides for
the payment OF every money order and
postal note which shall have remained un.
claimed tor period of seven years or more
from the date of its issue, even after the
lapse of that time, provided the owner es-
tablishes the TACT of his ownership in the
original money order, or can produce the
original postal note.
ACCORDING to section IL of the national
bank act of February %, 1868, the period of
the existence of the national banks is
limited to twenty years from the date OF
their organization. Under this limitation
OF law the corporate existence. of the
national bank first organized expired on the
LIST OF January last, and the second will ey-
pire on the 18th Of April. From the date last
named to February -, 1883, the number of
banks whose corporate existence will
terminate is 1903, having q capital of nearly
S92,OOOOOO, and circulation of nearly SGS'-
OOOOOo. These facts are interesting in view
OF the bill now before congress to provide
Tor the extension of the charters of the
national banks.
The ways and means committee dis
cussed the question as to whether the SEN
ate has the right to organize a funding bill
and finally the matter was referred to a
subcommittee of which Kelley is chair
man and Randall is a member. The tenor
oil the discussion indicated the sentiment
oil the committee to be that the senate has
no such right. If the committee decides
against the right OF the senate to organize
such bill, then the ways and means com
mlttee will proceed to frame new funding
bill, ignoring Shermans bill entirely.
The Western Union telegraph company
was chartered on April 4, 1856, with CAPT
tai OF SjOO,O0O During the following ten
years 1t purchased and absorbed by consol.
ldation number of other lines, and also
constructed considerable new lines of its
own. To cover the cost of this mere 20 c.
property, stock was issued from time TO
time, until on July /, 1866, the total capital
was Sil ,O13, 40. For three years thereafter
the company paid dividends ut the rate of
per cent per annum on that amount. In
1861 dividends were suspended and the sur
Plus earnings were applied to the purchase
OF The company's own stock and the pur-
chase OF controlling interest in the Inter
national Ocean telegraph company. In
June, 1879, about 100000 of Western
Union stock was held in the treasury,
which had thus been purchased out of the
proills OF the company, and this stock was
distributed among the stockholders in lieu
of cash dividends.
The imports of merchandise at New York
la uGt IL 80.
portions, their total being $S,si3,ii2. The
inward movement of general merchandise
has been rather lighter of late; but this was
compensated for by the liberal arrivals of
dry goods, which continue coming in very
freely, and which amounted to S3,0iS, $50
for the week. Another feature was the
sudden exports of specie, principally gold,
amounting TO $3,6i0,Si0 Since January /
they aggregate $t,Sl6520, against 81 ,06l, i75
the same period last year.
The Financial Chronicle publishes its
monthly table of railroad earnings, showing
an excellent condition of these properties.
IN January, 1889, the earnings were ST.
5B4S9, against Sli, 066, 5i5, or an increase OF
$500 pH-or say twenty-five per cent,
while the mileage reported increased from
30, 7S3 to i0,77S, or an increase of twelve and
half per cent.
The foreign commerce of the Dominion
of Canada in 1851 was not altogether salts.
factory to our northern neighbors. The
imports Increased and the exports decrcas-
ed, leaving an adverse trade balance. The
trade of Montreal (which receives two-iifths
Of the entire imports and ships nearly one
third OF the entire exports) shows an in.
crease Of % per cent. in imports, rs com.
pared with 1850, the total value of imports
in lsSl having been 1886, sol, and of OK.
ports S6, i6l ,lSS.
Counterfeit haltdollars, fashioned after a
coin ofthe Philadelphia mint made in 1877,
have made their appearance in San Fran.
cisco, The milling Is the most imperfect
detail OF the coin, rs the edges have been
toned down In reducing the inequalities of
the surface. The ring differs but slightly
from that of the genuine article and the
base composition is equally difficult to de.
teCt.
The Mississippi legislature has passed q
memorial asking congress TO refund the
cotton tax also, a bill cxempting Exon.
federatc soldiers from peddlers' license.
The military academy appropriation bill
recommends an appropriation Of S3iS, S57
being $780, l7 less than the estimates and
Al MN lpuu tha, A