The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-06-06
FINANCE AND COTTON
FINANCIAL.


The Financial Chronical saws Of the stu
ston, the general commercial situation
shnw, some improvement in the last week.
TSs principal favorable change has been
,hs settlement of the difficulties between
ssmuloyers and operatives in the iron dis
,,;ris of Pittsburg and vicinity. Western
sn;ss have not vet followed the lead of
p;ttsburg, but if manufactures are able to
sccele to the demands made there, acqui-
sscence at all other points can only be
DELAYED for short time.
The condition and prospects Of the wheat
cron show no material change during the
week, though it is generally acknowledged
hat winter wheat in Indiana and Illinois
viii be short. Speculation in petroleum
has been rampant in The past week, and
the volume of transactions unusually
large, prices being advanced from II to 10
cents Der barrel The imports of foreign
dry goods NJ this port have been declining
for several weeks, and are smaller than a
year ago.
The statement OF the averages of the New
York banks on May Goth showed an in
crease of 50 4l6 40, making the surplus re.
serve 50 III, 400, against $4 20S 625 at the cor
responding time last year. The domestic ex-
changes have all been in favor of New York,
even including Boston, which bad previ-
ously for sometime been against New York.
The tendency of money, therefore, is still
towards this city, and the plethora in the
local money market continues. Rates for
mercantile paper have, however, remained
nonlnally unchanged, ut A. and 81 on first
class double names and IL and 6 on first
class single names. Call loans on stock
collaterals have ranged from 2 1-2 to 8 IL
and or governments were per cent.
IN yoatarlav lima lat the intarast IN
the United States l.2 per cents, amount
ing to s., 1872 100, was due and payable
The estimated reduction of the public debt
for May is $4,900,00. The bond redemp-
tons during tie month were about $40 800
GOO, besides large payments of pensions.
Foreign exchange has been advancing
during the week, and is | cent on the 1
higher than week ago.
The amount of revenue taxes paid on to
bacco from 1862 to the time Of the recent re
duc,ion is about S625,OO0,0O0.
The savings to the banks by the decision
of Attorney General Brewster, that nj
taxes are due since January l last, is esti
mated at 81, 900 900.
The national debt, less cash in treasury
is 81 500 lS9 40S. The reduction for Ma!
was nearly five millions.
The distribution of $l2 900 600 pension
money mex month issxpeoted to have
sanitary effect on business. Besides th
two more ocular quarterly payments Q
the same amount there will be the paymen
Ofpenslons in arrrats, which will swell tn
total TO be paid cut this year to $50 coo
con.
Besides the discovery made some year
ago by the Northern Pacific company tina
Dululh was tue exact center OF the uni
verse, says the Indicator, 1t is now foun
that the town, or the spot where the tow
is supposed to be. is inlaid or underlai
with metals OF the precious sort. Ore tina
indicates silver has been unearthed, an
the presence of gold is strongly suspected
A cubic inch of gold is worth $2l0;
cubic foot, 1872 $50; cubic yard, S9,797
1872. This is valuing it at SIS an ounce. A
the comm encement of the christian er
there was in the world 1927 00O, 600 In golC
This had diminished to S57 900 900 at tn
time America was discovered, when it b,
gan to increase. Now the amount of gol
in use is estimated at Sc, 100000.
The Bank of England reports gain
E367 600 bullion for the week and fl4S OF
on balance on Thursday and Friday, an
an increase of or per cent. in the propo
ton of reserve to labilties. The Bank
France lost 3 ,425 ,0O0 francs gold and game
l07 500 francs silver.