Year: 1873

the farmers OF the West but Tor whose necessities
no such iniqutous management could be sustained.
The proper relation in this connection between
freight charges, interest account and dividends TO
stockholders; to bring this vexed question wholly
witnin the range OF


ana just medium as between shipper and carrier
Is as foliows:-The apportionment OF freight
charges 1--WE include In the phrase all trafc, that
Is passengers as well as freight, SO that the net
earnings may be SUFFICIENT to pay the interest on
the general Indebtedness, provide for sinking
1und and fair and reasonable dividend on an
amount or stock equal to the difference between
snch debt ana the cost OF the road and equipment,
70 De uistriouted pro rata upon the nominal STOCK
This would render innocuous, so far as shippers
are concerned, the practice OF watering stock in
be then at the expense Of the stockholders, and
would remove the temptation to so water stock.
administration and honest direction. as between
the people who granted these franchises and the
railroads that enjoy them, do we find a very sui-
ncient explanation OF the prolonged duness and
weakness on the Stock Exchange as the result OF
panic so circumscrlbed in IT'S effects.


A SIGNIFICANT FEATURE


or the day was the stless feeling OF Generalization
that seemed to settle upon the stock market when
II was announced early in the day that owing to
munication with London was interrupted.
There being no leaders IN the market here
everybody seemed at loss What to DO and as
the safest thing under the circumstances, did
nothing Later IN the day this weak, iaclle feeling
among operators found its expression in general
decline, the market leaving or at the lowest
figures of the day. The subject OF


THE RESUMPTION OF CURRENCY PAYMENTS
continues to form food for discussion, and, 1t is
pretty confidently expected, will be effected during
the current week. There are many pressing rea-
this result, even at the sacrifice Of some OF the
weaker banks to ensuing chances.


THE ABSENCE OF LONDON TELEaKAMs,
although less noticeable IN Its effect than on the
Stock Exchange, created disturbance in all the
markets. The cable has come TO be so much
part and parcel OF the machinery OF daily business
transactions that the absence Of cable advlces for
day. or their delay even, Is very severely felt.
Inc London Economist IN IN ret recent number calls
to the influence the cable has In regulating our
daily exchanges and gives it the merit OF being the
such panic was avoided. England, it argues, was
Kept currently advised OF the situation as 1t de-
veioped new features, was able to furnish prompt
relief, and to give timely notice OF such action,
and thus, with the action OF the governors OF the
New York Stock Exchange, arrest the contagion
OF disrrust that might have caused wide disaster
and bring about restoration OF confidence.


THE AFTERNOON CABLE ADvICEs


brought encouraging news concerning the money
market In London, to the effect that, notwith-
standing the advance OF the Bank of England rate
to per cent, money was loaning in the open mar
Later the rate was given in the open market for
three MONTHS without specification OF collateral at
I-l6 per cent, or Ole less than the bank rate.


IN COMMERIAL CIRCLES


yesterday was quiet day, owing to the cause
above noted. The demand for wheat was only
moderate with holders firm for spring on a limited
supply. Flour was dull with fair demand Tor low
grades. Good shipping extras were in demand and
scarce


THE FEATURES OF THE MONETARY SITUATION
were regarded as favorable TO commercial deal
1ngs, money closing Mt per cent In the discount
market there was a better inquiry reported,
though best names command Is to is per cent.
Bank checks were at a nominal discount OF 1S a u
per cent. trmer feeling in respect to the gold
premium which advanced to 1os1s closing at lOs36,
helped export values. Foreign exchange was
steady at 106H 1865 Tor sixty days sterling and
1074 1917 for short sight.


REPORTED FAILURE.


The failure or K1mber, Vivian & Co., OF London,
was reported early in the day, with liabilities rang
ing all the way from f750,O00 to f1000,O00. Later
in the day cable advices fixed the liabilities at
ESQ., 900 and the assets at 100000. The firm is said
to have been largely interested the short side OF
the American market, but was unable to respond.
A sharp decline in Pennsylvania in Philadelphia
caused the report OF a failure there which was
subsequently, denied.