The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-04-25
F,ycE AND COTTON
FINANCIAL,
FINANCIAL,

n rsssary anu IL would fly away II they
rhsve peVe" There are no special or ex-
StNk W. used to hold gold IN the
..-dipiy l ,s because the people prefer the
AS. nS~stional bank notes ana eert,nsAcs'
<rssbssssssSs arr redeemable in gold anu slnei.
esani,e aware that Inc loily y, 80 saiin,as
Z ~ hrssrh the gold standard, crop ianu,Ss
,rpR % fe s o,her causes, have apparently
nia sn rs.,,r rs compared with gold, we
t,rga'y, IAN that France, in spite 81 all ioi
4 ~ aoNs,v silver, and all attacks MADE
: nnfeipe money metal, has over
a. If legal tender silver III
FlwsHN,s the most prosperous county
3 n, me Atlantic. we are hot a,'a .,,' MO he-
slSaa l lns minted. ON the contrary we pc
{if eelnS limit should be taken on ana uh-
kR Ihal ". of the dollar ordered by con-
hled . ssls Country owes no debts abroad. II
IsS III, ,rere contracted to be paid IN gold
,keu" onr people are, or ought 10 De.
n sSsI., for tier own prosperity than
w % ,ycssury become the clearing hsuse o,
caeus orr friend of the Memphis Appeai
rrnSn. rnsland as enjoying the highly piohla-
/ sDs v l hns of being grand arbiter OF com
|sG,nauausments and balances England also
ritIx IA Italy, the greatest proporuoh OF
" nt acnnlaiion. She is great III soveral W
Fnpa some of her greatness this country |
sii not Afford
!, sllowinC Is from letter written by MI. !
ln s Poor, editor of the Railway MANUAL.
EAIy ', ,,ost mania which the country has Just
nllv,SSrsneh one or two lucky prizes have set
r'seeaan,a world crazy Numerous projects are |
tssnavvnaralleling great lines or connecting I'M
|NuP, npcints For example, upon new work |
pau ssv snj 600 per mile securities are issued
WV ,s s If saw 100000 per milc-25,OOO in
l,.ortgage bonds. SIS, 600 in second mortgage |
tsas ~ 90 in preferred, and $4,000 In com
I'M stock If the first mortgage oohds can pe
Ms,n the second at 80. the preferred STOCK
~ ~ VA he common at II IL, the net profit to
.Ss.deriakers will be sl5,G2s to the mile. To
7. .aeh securities out construction compa-
y " s sra formed to build the road, the parties
Ann taxing certain blocks" paying their
.s VIVA and receiving, as described, the securi-
IN NE railroad company. The only. uncer-
| vi element is the price that can be realized ior
| M, .eelrities / will point out very peril
n x. Instance of success. A Syndicate" was
L,. s which built and purchased railroads
sssh eost. say, sl7,0000J0. Upon their consoli.
.s.n drst mortgage bonds We're issHed
ma amount of $3.50 0,00J, second mortgage
|. rds 10 the amount OF S2LOOOuO
,si,rred stock to the amount OF w Oo0,O0 ana
rnmon TO the extent of $4,000, 0OO--ss2O 1000
WI The securities were putupon the market
IN very height of the recent BOOM" and
III 90 As to give the lucky projectors two for
Se No wonder that ~ crowd f imitators
wwhsj into the field. The capital of the CON
,rslion companies that have been formed
.~ounis nominally to hundreds of millions.
Id SIMS have been paid in the construction OF
III, for which 10 necessity or business exists.
ma these companies were formed. a complete
rwutioa in the sentiment of the country has
skpn plsee. Schemes that promised millions to
lA,e exploiting them now threaten their pro-
.tors with utter ruin. The public will no
anger help them out of their losses by purchas-
Sriheir worthless securities. There is no dis
rdtlon as is well known, to purchase even
sOi bonds Too many rich people are, unfor-
nnstely, in the new schemes. TO provide for
d, assessments upon them they have been
freed to sell the best things they held. Thcy
1--we 50 crowded the market that the price of
intelass bonds has fallen off the past year 10
mlj per cent. The losses that must result from
money paid into ill-advised schemes, and which
must fall on their projectors, are immense. The
public will have nothing to do with them.
TaE New York Public says: At first blush the
isures given by the census report look ST all to
hose familiar with the subject But it must be
Nnembered, first, that very large amount OF
tate or local Indebtedness has been paid since
Kl and second, that a very much larger
inOunt has been repudiated. If all the debt ac-
tally due July LIST, 1850, by all the cities and
bvns could be accurat y ascertained, we do
Nbelleye hatitwould fall short of 81 900 06) 0t0
A.ieeognized debt being over $500. ,000 Its
rpbable, too that the actual debt has been
diminished since 1875, payments probably hay
hgeyceeded new issues since that time. OF tho
debt Of cities, the largest item, SILL, 197 S2S or
lafy q per cent, was created r waterworks:
he next sl22, s64 SOL or Is per cent, was for
tlding previous floating debt; and s7l,fl,
10 or 1914 per cent, for refund
hg previous bonded debt ssl,5O2.
w or Il per cent, was for streets SOS, 800,
90 or 10 per cent, was for railroad and other
ii AOigO656, or per cent, was for parks and
Gherpublic places S2j,5l6,s29, was for public
buildings s9O,s gi3l for bridges, s2i, S35 i3i for
NWeS, s2s 1S7 for war expenses, SIG, 726, t6l
improvements of harbors and Sl3, $50, 9l5 for
shOols and liabraries. But II Is to be observed
h,t nearly ~ per cent of the whole was for
funding or refund!ng debt, the origin of which
snoi esceIlained, and nearly per cent more
~ miscellaneous Items not ascertained. In
hct Il so o ten happens that bonds are author
ned and issued for waterworks and other pur-
poses, or for streets and other purposes" thai
asdiflcult TO consider he obtainable statistic.
% his point particularly valuable.
a PROMINENT New York banker said 10 O
N@d reporter: Tennessee bonds have beer
nlner sn,plclOusly up and down during the las
week. The price first advanced from SO To 81
boss As thonyh ibc ,nSiSots " n, Na,Svi,ic Sov,
some more yaIn.ble inTnrmo,ion I mndnrs,"n,
hatthe COMMITTEES NJ Tho hon3b elders barc viii /,
July forward IN tho cnvcrnnr ~ ho snSwi,,a,
by him to he Legislature The i,iiowing nynnosi.
dsied taxing in return GA IA ncp cent of Tho min
spaland Interest, including the coupons pom du
January !, lSs9; the new bonds 10 run thirty o
10y s Years and TO bear interest at per cent
we ilfst three years per cont tho nsxt fiy
yts and psr cont Serea vs The n' sn,onn
outstanding Is about 81 OOo 900 The proposi
ton seems 10 be the result Of nepoiiatiops /,
he stock exchange there is very little coniidenc
VI me bonds of any of the stntos tnintpl Will
NlQQl2tlOnh