The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-07-28
FINANCIAL AND COTTON.
FINANCIAL,


ACCORDING to statement prepared by Comp
thriller Knox on Saturday last, ten days alter the
snnroyal of the bank charter and finance act
fnrty nine national banks went into liquidation
and reorganized as new banks before the act
went into effect, and three have been continued
under its provisions. The Chicago Times says :
OF banks having a capital Of Sl5I05O or less
only one has applied for Il reduction of It's bond
deposit to efOurth of its capital stock, as pro-
yided for by the act. The comptroller states
that a large proportion of the banks coming
within this provision are located in states where
The rate of interest does not exceed per cent,
and where they can, therefore, realize profit of
per cent. or traction over on their circula-
lion. In localities where the rate of interest is
high il may pay TO surrender circulation and
fake up bonds as provided for in the act be-
cause the bonds will sell for much more than the
amount of circulation based on them and the
larger amount for which the bonds may he sold
can be loaned at the high late OF interest Sill
The comptroller does not anticipate much con-
traction on this account
Mr, Knox states that the banks have not here.
toiore awaited themselves of the privilege of cir
culaton to the full extent permitted by law
before the passage of the act of July ~ they
could have had $40, 10000 more, he says, with
oul exceeding the prescribed proportion TO capt.
tai Under the new law they can issue up to
90 per cent of the par value of bonds de.
posited, and they can deposit to the full
amount OF their capital stock. They can, there.
fore, add about 100000 QUO TO their present cir
culstion. But from the fact that they have not
ayailed themselves of the privilege to the ut
most heretofore 1t is inferred that they will not
hereafter. The probability is that not much
change viii be made in the volume of circua-
lion under the new law.
REFERRING to an interesting article by NJ Paul
Leroy Beaulieu, on the influx of gold into France
this year, the London Times says: The most
important point to which he draws attention is
the fact that the enormous increase in the gold
reserve in the bank of France is due chiefly, if
not wholly, to importations from abroad, and
not to drafts on the internal circulation. He
gives the following figures, which we have
placed in tabular form, showing the gold i'm.
ports and exports of France during the first
four months OF 1880 1881, and 1882 lin hundreds
of thousands of francs, 600 omitted:
Excess Excess
of i'm of eX-
Imports. Exports. ports. ports
1880 .,....... 700 100 .... GO
1881 ......... $50 $50 so 49,,
lSS2 .......l73,0 40,5 1875 80.
NJ. LerOy-Beauiieu utters word of warning TO
those who expect that the remarkable move.
ment which has occurred this year will continue.
As he observes, II has arisen out of the peculiar
condition of the trade of the United States with
Europe which has neGessitated the export from
America of large quantities of specie, lust as A
few years back a different condition OF trade
caused grea! flow of gold to the United States
The latter condition may very well rccur, it is
needless to say.
So far as the New York joint-stock fire insur.
Gnlc companies are concerned, Superintendent
Fairmtns exhibit of their returns for July |
does not present Il very encouraging view, tax.
ing the figures IN the aggregates. There arc
fewer companies by nine, alive to make returns
the number now being sixty-nine as compared
with seyenty.eight year ago. The aggregate
assets of the sixty mine are s55, So, ITO
as compared with s59l7l,OsS year ago
and yetthe capital ofthe sixty nine companies Is
now some 1900, UoO more than in July, 1881, ow,
ing TO an increase Of capital on the part of few
companies and the additional capital of several
foreign offices established here during the past
twelve months. Without much increase of az
gregate liabilities the net surplus of the New
York companies has fallen off nearly 81, 400, 0O(
since July ], 1881, and taking the companies as
body averages a smaller per centage of net sur.
plus to capital than has been reported for sew
eral years. In most items of income there |,
also noticeable falling off as compared with
year ago. The fire premiums are somewhat
less than for the first half year of 1881, and tn,
fire losses Sl,250,0JO more. In the marine lin,
the companies affecting that branch have mad,
better record than last The total incOm,
from all sources for the half year has decreased
period of 1851 and stockholders have received
less, by about the same amount for dividends
since January The half year shows disburse
ments of $780, in excess of the total receipts
the worst showing in this respect made sine,
July, 1879, when the New York companies re
ported an aggregate expenditure beyond in
come of nearly 100000,
DALLAS EXCHANGE AND COIN.
~ Buying. Selling, Buying. Selling
Uh!c Ex. 3s9kPar@k ST. Louis Jl8% Para
Cmcag0. H@xPardA N o.. HG%par69h
galveston y Par@A Houston..h Par@,I
Exchange, all points u tok discount sterlinl
sight 81 = Francs, 5G5 10. Marks, %.
Trade dollars. scots, Mexican dollars. 81
Mexican halves. 40cts. Mexican orarleIsl