The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-05-13
ECE AND COTTON
FINANCIAL.
"a Id

Il tstatement Of April shows net in
~, ound figures, Of Sl4 40, 600 during the
GX tainst sl6,5UNt00 during March, and
i keeps good the promise of previous
Is that the reduction of the fiscal year
,eed SIS, ,000O coo. The prospect now is,
ss,h 'hicago Times, that the decrease for
n,r will not be less than sl5A0eO0o0 The
gs,s.ssN lin the principal of the interest-bearing
sSS dvNring April was nearly s2l.O00O0O, OF
e@, H. 900 more than the net decrease
sp.hsrnxre the amount of interest due and UNI
in.ss bout SIS q, 90 1.-THE end OF April than
ss he end of March, ON the other hand,
Was an increase of about Sl,lOO0OV
I'm IN which interest has ceased since
m%T Hence Ii appears that the de
sss unpaid interest and interest
S.,es lebt less the increase in matured
about SI300M0. We are. therefore,
Zroparcd 10 fint that the cash in the
wv hest u, ~ 900 lCss than II was at the end
gN nv The reduction in Understanding
S.m n med hardly be sta ed, has been confined
aHe HoyinueI per cent. bonds, the amount
yrbh outstanding aud still bearing interest
~.s,fts 500 ut the end OF April, against 500, =
smoIthOhe end of March.
oa My st inst the secretary called in the resi-.
an"niA t continued Us issued under the acts of
INV II ksd August s. 1861, for redemption on
%"istkduly. The amount of heSe bonds out
s,Sn6inSQn the LIST inst, iHcluding those previ-
s~Sly I'D, was sil,33 $50 That amount
harafl
nSbonds Apon which interest has ceased, the
,rsspry is liable TO be called upon TO redeem
,fn,a ihe Jud of the first week in July, or with
y; " 'sbout/ two months. Should this entire
.monnt }f $40 600 900 be presented within that
,ime he1e would be Il further reduction of
shant sob O0U0 in cash in the treasury, unless
tSeexress bfreccipts over expenditures should be
G06Ol OOO Ipsr month larger than IL was in April.
mi II is found by experience that bonds are not
presentrdI for redemption by all holders us soon
,sthe inteNest on them ceases. II is probable
hat Inc redemption will extend pretty evenly
thnnrh Julb, and that a considerable amount
o1 the caledS bonds will still remain outstanding
Al ihe end on that month The reserve there
iore NAV non fall more than four or five millions
below the present level, the ratio between rev.
snues and expenditures remaining about the
same as in Alril There seems 10 be no better
reason for calling the whole amount OF these
bonds for redemption On the first OF July than n
desire on tho bart of the secretary of the treasury
IA begin the n1w fiscal year with these two loans
removed frOm\ the table of interest bearing
bonds That Accomplished. time may be taken
10 recruit the reserve before issuing further
calls There WI still remain, bearing interest.
az 81 100 of com tinued 6s issued under the act
cfM Ma ch 3. lSs3( the interest upon all of which
NAV cease by the end of the first quarter Of the
next fiscal year, and then the secretary VIII be
gin 10 call in the continued 5s.
The SPECTATORS aud especially the Spectator
in stocks. would no doubt be glad 10 know what
eourse the secretary intends 10 pursue between
now and the LIST Of July-whether ne intends To
prepay the called bonds or any OF them, with or
without rebate of interest, II not, there VIII he
An accumulation of cash in the treasury, for two
months, to be followed by a sudden outp0uring
early in July. 1t is true that three calls for
Il tNOOO each mature respectively this week,
next week and the week after; but beyond these
calls prepayment is discretionary. II, as has
been minated by some one who probably does
IA hnt N IN
have other people think he knows, Secretary
Foger intends to be guided by the state OF the
money market he will not be very likely TO offer
10 prepay The money market is very easy at
present. and may be expected to remain
20 until Spectators begin to think II safe TO dip
in with reference to the prospects of the coming
crop Secretary Folger, If he has been correctly
reported will deem 1t his duty TO take IN the
slack while the money market IL easy, and
pay OUT as the market tightens under the
pressure of speculation upon crep prospects. It
Is pretty safe TO assume, however. that ne mas
moi been correctly reported, and that his policy
will simply be to hold tho treasury accumula-
tons as steady as he conveniently can, keeping
an eye upon the money market only for the pur-
pose of meddlng with 1t as little ns possible. He
has not thus far indicated by anything in his
administration of the treasury that he regards IL
rs his duty to set himself up AS srbiter aud auto
crat Of the money and stock markets,
A VERY cleverly doctored s. gold.piece was ex.
hbited at the Philadelphia mint recently. The
piece had been put into lath and about sixteen
TO eighteen grains turned out of the edge, which
was carefully refilled by a ring of jewelers. sol
der, on top Of which gold wire was inserted,
the whole being welded by heating and then
neatly remilled, leaving the weight short by
about eight grains. a calculation OF the gold
removed, MS compared with the cost of reflling,
show that operator got but seventy cents A.
mint expert says: at is clever o, Grafton, and
a good workman might acquire great facility III
the business, his tools being once adjusted"