The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-10-20
FROM OUR oWN coRREspoNDENr.
NEw YoRK, Monday night,)
O.tt.l... 10 Inl

4 Octobcr 10, 1898.
The official statement Of the New York city banks o.
their average condition for the week ending Saturday
October 18TH shows compared with that of the pre-
yious week. October 9th) increase OF S6l7 45I in
loans decrease OF sG63 696 in specie decrease of
$50 s95 in circulation Increase Of s9sl l2S in nom
na deposits and increase Of $3.50 l43 in undrawn de-
posits.
The falling of in the specie is not greater than
expected The last official average a declining
one and though the California receipts add 81 500 900
to the present statement they only enter into this week
average for day The reports of specie for the week
(soS6,z34 $50 have been heavy, and the movement
from the interior has not been rapid The increase in
loans although noonsiderabe, is indicative of rather
more activity the greater portion of it being discounts
ON mercantile paper The decrease in circulation, and
increase in undawn deposits prove that considering the
season OF the year. the mercantile world Is far from nc
tive
The opinion seems to become almost general in money
ed circles that in view Of the very small amount of eli
gibc mercantile paper offering for discount tho absorb
ton of what offered by the city banks at extremely low
rates and the prospect Of this inactivity continuing both
here and in Europe il will be necessary for private CAPT
tasts To invest in the choice dividend paying securities
as the safest and most remunetve employment of their
surplus funds On short paper that is, within ninety
days money has not been easier at any time during the
year and on call it is procurable deposite Of first
class stocks pretty much the borrowers own terms,
and this notwithstanding active inquiry here and
much brisker movement III trade at the South. pie
thora Of money and dearth OF legitimate employment
European markets. where the like exist like eff
fects also produced Speculation has taken the place
of legitimate trade, and l only fear that the infec
ton will spread rapidly here and prove fatal
than on the other side Of the ocean Did we confne
stock operations to the good dividend paying
curcs which have certain ascertaned value, the
majority of English Spectators do, and not pur-
chase anything the list without reference To its
real value in the hope that it will rise and others pur
chase at the advance, and et them out of the scape
the speculative fever would be comparatively harmless
But the contrary the case and stocks daily bought
and sold are "inated and depressed" which have
value at all, and which, Investment hardly
worth the paper which the scrip is printed The few
knowing ones puff or ''hammer' some Clancy as
the may be- and off winners and the ignorant
public, urod by tho ngeniousy contriyed decoy put
down their money, confident of large gains and find, to
their dismay that the pea not under the thimbc
that they imagined il Ii is of the regret
able evils resulting from the present accumulation Of
idle capital and torpid condition of that it af
fors much temptation for stock gambling, and
poses the unwary to the an cheats of the INSCRIPTIONS
buffers of worthless enterprises
The transactions at the Stock Exchange this morning
less than during the past week. but prices
did not vary much from those of Saturday "Thc fan
cies'' were per cent lower, but bank and State
stocks and the choicest railroad bonds very firm
and in cases, higher, Louisiana and Missouri 6's
in very active demand, the former of which i'm
proved per cent. on Saturday closing price. ..
/ annex my regular weekly table showing the closing
prices of the principal stocks at the first board for each
day of the week ending to-day