The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-04-21


The nrs, of MAY is close at hand and our
nomadic population will crafty its desire
FOR change aud its rcpugnauce TO anything
like Il permanent abode, by packing its
traps on big wagons TO be cartcd to some
new house more satisfactory TO the tickle
fancy OF the tenant, or whose rent, per-
baps, is more within his means than the
old. Yet, though May is so near, the per
ton who walks through our uptown streets
ttill sees the printed tickets in block after
block, announcing that landlords have
houses to let The same sort of signs are
frequent on the stores of Broadway and
some Of them have been there for years.
The tenants they invite do not come,
either because 80 many firms have gone
put OF business or because the landlords
But the rents too high.
The New York Hotel, once so fashona-
bic, is TO be closed because its owners will
not consent to a reduction Of its rent below
che SOL. 0J0 now charged. Some OF the most
pretentlous buildings on the street are
empty from cellar to topmost loft, and
there is no present reason to suppose that
they may not remain empty for years to
will not pay high rent for them. They
can't afford to do it. They will leave the
city rather. This the landlords arc finding
out, and they are making reductions in
prices. When the first of May has come
and gone. and their bills still remain stick
tpg TO the walls of the empty houses. land
lords will he glad TO take even less than
the comparatively low terms they are now
compelled To offer or consider. Every man
who owns real estate in the city may as
well ut once make up his mind that forteu
years TO come it Is going to be worth much
less than 1t was worth, or appeared to be
Forth during the ten years just past.
The most significant indication that the
business activity of New York is at low
ebb, is the circumstance that the volume OF
che transactions at the Clearing House, as
shown by the last weekly bank statement
Is only about third rs large as in the cor
responding week Of 1873. This is the way
che figures stand;
CsarH5s
e.; .,so,s23 tic!Iii.s,o t-oo-s.39o tsJl,..2sS
What does this mean? II means that hl
reason OF the decline in values, the torpol
transactions, and the timidity of capital at
this time, trade il sluggish and capita
rusts.
The deposits however, are larger than
IN 1873. These are the figures:
pos i,G .sl $1,000 ,aa5.'sooo us i''
This shows that the money is here. Next
take The loans;
u.s. 900 ,a,issiisoo .solii5tt7oo ,a7 isiS 60
Il lis not so easy to draw sure deduction
from these figures. II the total Of III
week OF this year represents the amour
of the loans to business men for the pun
poses Of mercantile transactions, then
indicates that the volume Of those transaC
tons is about the same now as in the col
responding week of ls73 But it is reason
able to suppose that the banks have bee
making call loans nj a small rate Of intere-
for the employment Of idlc capital whic
do not directly affect commerce. II is nc
safe 10 conclude that these loans all repre-
sent discounts granted men Of business.
The sum nnd substance Of the whole
that there Is a suspension Of business ncti'
ity, not necessarily an unhealthy one bt
all actual one. Wall street especially Us,
avast deal less money now than in Is,
There are no great speculative enterprise
under way. The purchases there are mali
ly for investment, and thus the transa
tons are limited. JAY GoCLDs operation
are largely fictitious. His brokers sell OF
TO the other, and thus the volume Of este
siblc transactions is increased, where
there L. no Increase az the real ones /,
JAY GOULD try to unload his Union Pacit
and il would tumble so many points rs
bring about his ruin. We are taking res
In pei from speculation, and will in Il
end be the better for it. Give us a sou
Government AT Washington and a cure
cy beyond the manipulations of nnancI
Shy tiers, and we shall he all right.