The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-07-14
FINANCIAL AND COTTON
FINANCIAL.

The Financial Chronicle Of New York, rough
10 .s,imAteS the surplus which will be available
Tor the reduction of The public debt during the
current fiscal year NJ s9lOOV,UuO- III points out
,hat, while the Internal revenue bill aS it passed
me house would cut oil probably $4,000, eco Of
rryeuue in all SO much gift rs relates 10 tob0c-
co. etc is not 10 go into effect until May /, 1881,
or within two months of the end OF the current
wear Allowing for this it estimates the de
crease in internal revenue receipts this year al
sl-tOO0u. The Chronicle also estimates that
me duties on imports will yield Il ,VOOVeo less
than they did last year our imports dntlhE
tbr late fiscal year it says, were simply enoI-
nous, and can not be maintained upon the same
,rnlc another year without serious uetnment 10
our trade. Win the ta1l IN imports
which is imperative there must come Il decrease
i'm custom receipts According to these est
mates, the total revenue viii be $40 0Uo0 less
This year than II was last -
The Chronicle further estimates the increase
In expenditures at $4,000 20 for pensions and
sIOOOOuCO in all From this deduct Sli 100000
on account Of decreased interest charge, and
there rcmaius Il net increase OF s-6,OOOVtO in eN-
peudiWreS. Put this WIN the estimated de-
crease Of revenue. and we have $4,000 600 as
the amount by which the surplus Of the current
year is likely to fan short of that of last veal,
As there was n surplus of about Slll 'UO,VVU last
year. the surplus This year is likely to be about
The Chicago Times estimates some of these
items differently. In the first place, there is no
clear indication that there will be any decrease
at all in customs receipts. The mere TACT that
imports were simply enormous last year does
moi go far to prove that they will not be as enor
nous this year. In May the value OF merchan-
disc imports was 1880 ,Ol1 greater than
in May ISL, and SS,tONOOO above the aver
age monthly excess for the twelve months end
ed May 81 over the preceding twelve months
This would seem TO indicate the Likelihood Of
heavier mportations this year than last The
fact that the merchandise imports have largely
exceeded merchandise exports during the past
five months docs not necessarily prove anything.
The country is able TO bear an adverse balance
for Il long time. If necessary, but there is little
reason to believe that it will be necessary. All
accounts agree that the crop prospects, eNceft
for corn, are excellent and the indications ave
that the foreign demand for our produce will be
at least up to the average. 1t is therefore, quite
possible for us to increase our enormous imports
of merchandise and still pay for them with our
merchandise exports The indications are that
the customs receipts will be as large this year as
they were last unless congress makes some
change of importance in the tariff laws, which
II is not very likely to do.
ON the other nd the Chronicle undoubtedly
largely undereStimates the increase i'll eXpendi-
lures In view Of the fact that the river and
harbOr bill alone appropriates upward of G00h-
OOl more than was expended last year for like
purposes, and of the further fact that the appro-
priations are VIGOROUSLY larger all around than
they were last year ii must be said that the es-
innate of sic 900 coo as the total increase in ''or.
binary expenditures is much below the mark.
The probability is that the total increase In eX-
penditures will be nearer $4,000 than s26,-
100000. But while the Times is unable to accept
the details of the Chronicles estimate, it sees nc
reason to doubt the correctness of the conclusion
at which thai Journal arrives The prospect Is
that thc.n viii be- surplus of 5000, 900 to sos,
100000 thi, year to apply TO the reduction of the
debt uT at least double the amount due TIT
sinking fund. There will be no lack Of opportu.
nifty, therefore, for the tariff commission 10 ap
ply the knife, if ii is so disposed. But TO judge
hat IL nt n IA nI1is
sioners, they will be more likely TO cut of Gus
toms revenue by making duties prohibitory thar
by reducing them.
UPWARD of eight thousand invitations 10 the
annual convention of the American bankers
association to be held In Saratoga on Angus
10th and 18th, have been issued. The indica
tons are that III the importance of its results
this convention will Surpass the successful meet
iugs of the last two years. Every bank, trus
company or other financial institution is emit
tied TO send one delegate, Some idea of the i'm
pOrtNuCe of the convention can he gained IRON
the fact That there are In the United States 7l&
banks AZ the close of the convention ther,
will be grand ball ut the United States hOtc
and garden party NJ the Grand Union hotel.
The following tHb,c shows the approximate
total sales of stocks and railroad and state bond
at the New York stock exchange for the siN
months ending June &Oth, lSS2 and 1881,
Shares of stock....... 53,i32ge 6jl7LS5
state bonds ......,..,, 20, los, 600 3L,l3l,GG
The secretary of the treasury will issue II cal
for SG, OOO,l 90 of the per cent. "WiudOms,' nov
running ut az per cent at the will of the gov
eTnmeut Persons holding these, bonds will, /
they desire it, be paid principal and interes
September II next Interest will cease there
after,
The bimctalsts are propagatug their doc
trines with no little energy and success In Ger
many. An interesting pamphlet ON the cur
renCy question, by Dr. otto Areudt, an arden
bimetalli>l has just appeared In Berlin. 1t |
entitled AN Open Letter." and purports To b
addressed to Ludwig Hamburger,
DALLAS EXCHANGE AND COIN.
v, Y Buying, Selling. Buviug. Selling
Clic Ex bmkParmA st. Louis A6& Para
Chicago H@APar6A n. o.. h@SPar@l
Galveston y PartdA HOustOn.h ParMl
Exchange, points : to's discount sterlin
Sight 81 NJ Francs 5@5 10 Marks, %.
Trade dollars. E. V0ots. Mexican dollars IS
McAithn halves, Acts. Mexican quarters Il