The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-02-15
FINANCIAL AND COTTON
FINANCIAL.


Tux Chicago Times SAYS the late esn for
slsQO0oOO more of The continued IS has some,
vhat disturbed the equanimiy.et dealers ana
Investors in governments. The eau WAS MOI an
ii ipated, because secretary Folssr IA MS an
nual report estimated that the surplus arGlia-
be for the reduction of the deht during The
csrreIt fiscal year wOnld not eNcteN SlEo eu0 ucO
and calls to the amount OF Sg9 o.N2Jo maturing
during the year had already been made, so tha-
II was supposed that not much more than So
MACON would he called during the remaining
Ave months. On the strength OF the Seeretarys
estimate the new bonds rose irom TO- 10 more
than l0L Men assumed that their volume
would not be reduced beyond the amount Just
stated before the end Of the year, and by that
fine the revenues would be reduced by tax
LEGISLATION to such an extent thar the surplus
NJ 4 year would not be much If any more than
or ugh TO meet the requirements of the sinking
n d Itwas a natural inference that the bonds
subject to call would have longer life than had
before been expected, and hence their advance
in price. az,
the LIST of Nay, and men begin to question
whether there may not BE- another and possibly
still another Taking this in comes ton with
the great uncertainty aslo tax legislation, men
are at a loss to know what to think about TIA
future of the redeemable bonds, and they are
somewhat disposed to critciss the treasury de-
partment Tine fact seems 10 be that the PEN
sion bureau has thrown the seoietary's calcula-
tons ont OF joint. 1t is stated that even with It's
not pass upon claims as fast as 1t did before the
increase was made, and hence the big appro-
priation can not be paid TO claimants. How II
happens that an appropriation for pensions can
be used to pay bonds is not explained, but such
is represented to be the case At all events there
was surplus of more than sl5, 700, COZ in Deem.
Der, and more than el3 000,00 In January. All
this wss made known TO the public in the
debt statements and bondholdeTs might
have inferred that mora bonds would be-
called, and ought not 10 have been surprised
when the call came There seems 10 be reason
enough for criticising the pension bureau, and
for wondering how pension appropriations be-
come surplus available for paying bonds. but
the public has been duly informed OF the exist
ence of the surplus, and warned that II would
be used to pay bonds There was really moi
much cause for surprise at the issuance oil Iht
10th call.
The New York Journal of Commerce says. "lu
the course of Il conversation yesterday with
some bankers at the sub-ueasury, secretary Fol
ger said, in reference TO the last cal ior ponas
that he anticipates that the surplus revenues
will be much more than sufficient Tor TINS cal
by the time it natures. The treasury receipts
may be unusually large from the tax on whisky.
is claimed by those who are In a posiuon to be
well informed that when the call which matured
January 10 was made the secretary expected
that he would have surplus whereas on tina
date he was about S2l, 00l00 short. Another
call natures February 10, and II is now supposed
that the,treasury reserves will be about SIS, 000
600 short. Notwithstanding this condition o
the reserves, the secretary has made a call fol
5000 coo, and II is asserted he has no bette
means of knowing what the reserves will be OF
the maturity of the last call than he had wheI
the previous calls were made. Ii is claimet
that this unwarrantabe use of treasury reserves
is deranging the money market Ia the direction
of ease quite as much as retention of funds IL
the department would tend to make none!
active"
The Goddess of Liberty on the new nickl,
wears her hair banged, but her full-length pic
lures show that she is not a safe person in tn,
matter of dress for modest ladies to follow.
The comparative earnings of twenty-four o
the leading railroads In this country for tn
third week in January aggregated Si79i0li, Al
increase of Sl6,529, or s5.l0O per cent on an in
prpaenl milpapa Of II a