New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-17
PTSING fVERiG rs.


of averages. But it is evident, also, that
considerable part of the money paid out by
the Treasury for bonds was sent to sellers in
Boston and other places outside OF this city,
though a portion of the proceeds OF bonds
sold for account of such sellers was rein
vested by the purchase in this market oil
Government or other bonds or stocks But 1T
is growing more and more difficult every day
to trace correspondence between the reports
of the Treasury and the reports of the
banks Since November l the specie
balance in the Treasury has been reduced
$16.11S,74O Is, and the currency balance
$5.O13,557 60; loss in all OF $21, 1872, 297 rs.
Meanwhile, the bank " averages" show an
increase of only 1881, 800 in specie.
and loss of $6.O2O,1OO in legal-ten-
ders. AS nearly all the specie paid
out has certainly remained in this city,
it is probable that the banks held at the end
of the week over 100000 more specie
than they report. On the other hand 1t is
not easy TO see what has become of $5,0OO,0 600
in legal-tendors paid ont by the Treasury and
$4,000, 600 moro by the banks, unless it be
supposed that payment for bonds to sellers IN
the country and in other cities was made
almost wholly 10y remittance OF legal-tenders,
and that the last statement is also made upon
rising averages as to currency.
The purchase of bonds by the Secretary OF
the Treasury has been by some sharply critl-
cised, rs if it were the cause OF the remark
able speculation witnessed during the last
week. The bank report, however, docs not
indicate that any imitation Of accommodation
TO spectators has been caused 10y the en-
largement of the reserve. There Is no in
crease, but decrease of S2,G99,SOO In the
loans and discounts, which may be due
TO the fact that bonds carried by some
of tho banks were reported rs loans,
and have now been bought. But much
the greater part Of the bonds sold TO the
Government were held by banks, not on their
own account, but for customers or other in
s,itutions 1t seems probable, therefore, that
no increase of loans stocks has occurred
since the purchase Of bonds and the increase
of S7,27s.5 800 in deposits indicates that the
greater part Of the sum paid by the Treasury
still remains in the banks waiting for en-
ploymcnt or investment. The speculation in
stocks has other numerous and powerful
causes which were in some degree held in
check by the stringency of the money mar
stringency having been removed 10y other
causes-even If the Treasury had not taken
advantage Of an excellent opportunity to buy
bonds.
The dealings in stocks last week are SAID
to have exceeded those Of any previous week
In the history of the Exchange. Profits
amounting to many millions were made by
the almost unprecedented advance in prices,
and at the end OF the week the purchasers
seemed almost as numerous and eager as at
the beginning The advance in prices, and
the purchases which caused that advance, are
mainly, but by no means wholly, OF stocks
which have recently changed greatly in real
value. The large increase in the traffic of
nearly all railroads, owing to the extraOr-
binary expansion of the business OF the cOun-
try, has been less potent in influence
upon prices than the growing assurance
that remmeratIve rates viii be main
tanned. These are causes which apply
to nearly all roads, but the purchases
10y the public, which continue very large, are
governed In great degree by special inforIna-
ton of changes in the business connections,
or prospects of particular roads. SO long as
such purchases continue, an advance in the
prices of stocks SO bought and taken out of the
market Is not unnatural, and it is in some
degree an evidence of improvement In the
real value of properties. Nor Is 1t strange
that spectators, In the presence of such
an advance, struggle with each other I'm
their haste to share the profits resulting.
There are In fact hundreds of railroads
which barely earned OF did not quite earn
interest on their debt S during the disastrous
years 1877 and 1878. which may fairly be
expected to pay some dividends on stock as
a result of the general revival Of business
and the better maintenance of freight rates.
Tn such cases, stocks which seemed virtually
worthless have become of real value. Profits
which result to the holders from such changes
as these are as real. and as truly represent
part of the increased wealth of the country
in consequence of resumption and the revival
of industry, as the profits of manufacturers,
miners or merchants.
Evidence accumulates that the general bust
ness of the country is increasing. The e1-
changes at New-York last week were the
largest since 1872, and, exclusive of the ex-
changes arising from the sales of stocks prob |
ably amounted to nearly 5000, 100000, against |
about $3.50, 600 for the corresponding
week last year. The Increase for the week |
ending November 8, in comparison with the |
exchanges of the first week of November, 1873. |
was 90 per cent at Milwaukee, 81 at Phila- |
dephia. 81 at NewOrleans, 80 at Baltimore, |
81 at Boston. and about 20 per cent at Chi |
cago and ST. Louis Never has the marvellous |
power Of this country been more |
fully illustrated than in the rapid growth of |
its business within the past twelve months.
NORTHERN MEN IN NORTH CAROLINA.
We published a week two ago the statement of |