The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-05-03
FINANCE AND COTTON
FINANCIAL.

-. Wall street News must be conducted
,sn,leman who has been disaI pointed
eyHa,ss for he seems TO be embittere d against
u ,Hs shoIe world, and is particuls fly hostile
tne 'iIsrs Of stock and bonds IN the great
paSn,ises which have done so much to
enHarn this country. In IS last issue il
pa a ,bs following regarding MIR. Jay Gould
nal tho Texas q Pacific road A cores
aonJsnt ipauires what Is going on IN Texas
Pscfc We can only say, in response to
,h;s nnery. that the road has not earned its
s,sd charges within many hundreds of
,honsapds of dollars since it completion.
Wbije there have been no earnings of any
a,nseouence, there has been con-
s,snt issue Of securities. In order TO
srsst interest il is said that Mr.. Jay
Gonid has been obliged to loan the
comnany money. until now the concern
owes him 81 100000, and he wants his
cssh hack, This is the situation, and it
;shly as grave as that of the Wabash
When the bonds are mainly dependent for
their interest on the money which the road
ran borrow from Mr.. Gould, anu when that
individual has become tired OF advancing,
and wants that returned which he has al
ready assisted the Texas Pacific to, the
bondhoders as well as the stockholders,
formed that this is TT case now, and under
Inc circumstances we would advise holders
TO sell out as quickly as possible.
Ii is significant fact that Mr.. Jay
Gould, having now secured all Of the
railroads which he controls by
leases to the Missouri Pacific, should
suddenly demand back the ready money
which he has lent them. The greater part
Of the money which he has thus advanced
has been to enable the proprietors to meet
their interest," and it is very clear that il
they could not meet their interest during
heirloom years." they will be- unable to
nav II now. nor can they return borrowed
money Hence, foreclosure in the interest
ofthe Missouri Pacific, and re-organize on
q basis Of largely scaled bonded debts, and
scOmplete wiping out of share capitals. is
unavoidable No wonder that Mr.. Gould
is in hurry to get his yacht finished, 80
sstO get away before the fun begins.
The Financial Chronicle, in discussing
the situation, says: The money market
has become perceptibly easier, and every
indication now points toward an abundant
supply OF funds during the balance of this
season.
The supply of bankers bills from the
negotiation of loans abroad must amount
to considerable item in the foreign ex-
changes, and more of such bills will proba-
bly, be made from time to time if the for
eign markets will readily absorb the loans.
Bat the public seldom hear of the particu-
.ais OF these negotiations Hntil the bills
drawn against them have been wholly or
partially d'sUosei of.
In the stock market s'agnation has again
SET IN, and operators appear to be waiting
Tor the crops to grow up before they form u
decided opinion as to the course of prices
Ii also observable that there is no strong
support given by the distinguished bulls
who, IN former years have done so
much to promote the starting of q
boom in stocks. And this leads to
the reflection that the large amount of
stocks and bonds created in the past three
years is yet carried in large part by the
railroad kings, the managers and contract
o's, VINO were IN the original syndcates
mat constructed most of the % 600 miles of
railroad built in 1880, 1881 and 1882.
Money continues in good supply at the
STOCK exchange, and the indications point
70 ease In the future. The May interest
amounts to 81, 707 lis Ton the 3's, and the
outstanding extended 81, and the 10th call
ior bonds natures on the LIST proximo, the
greater part of the bonds under this call
sui remaining to be presented. The do
nestle exchanges at nearly all the princi-
ps'lnterior cities are now in favor of New
10TH, and gradual return OF the money
NI'hurawal during March for crop purposes
taxing place, the only point drawing
,upo thlsCentre being Boston, to which the
pulS Oh TINS weeks shipments have been
made.