New-York tribune., 1879-11-22
". y. mxIyo srooE ExCHAy yGE SALES
THIRD CALI.-2::}O y. NJ.


The transactions of the Sub-rreasury during the
week ending to-day include receipts of $6. 100 66f
aud payments of SS,249,362 and result in n
duciOn of its general balance of 80 l39, 69S; the
total balance now being $119,42l.657. against
S121 5Gf 1876 November 7.and against lGs. 1877 066
Friday September 26. The particular changes of
TINS week are Currency loss, S95S03S; coin
los, ~, $50. 761. The receipts Of foreign gold
dnring the week amount to $2,S12. 800.
II il probable that very little of the Sub!IreasuIys
payments of 80. 139, ,G9S in excess of its receipts
represented any additional cash to the banks, be-
cause it is known that considerable amount of
certificates Of deposits was presented by the banks
during the week for payment. Such an operation
reduces the Treasury's balance but does not add
penny to the available cash of the banks. III the
bank statement for tomorrow shorld show the
actual conditions tonight, 1t would show heavy
decline in loans and deposits because of the lqnida
ton at the Stock Exchange. and hence an improved
surplus reserve. The totals of the reserves however,
are likely to show decline from those of the last
statement.
The week will be memorable at the Stock Ex-
change for the elimination and liquidation of the
most gigantic stock speculation that has ever been
witnessed in this country. After an almost unn-
terrupted advance of eight months. during which
the nrices of some stocks have from and 10
anywhere between 20 and 40, there has been sud-
den aud rapid decline, ranging from 10 to 30 per
cent Spectators with small and some with large
margins have had their stocks sold out be-
cause of their inability to protect them with
additional deposits. and in many instances
the profits of the year have been lost III forty eight
hours. Yet II is creditable to the Stock ENchange
that Tins tremendous shrinkage has been sustained
without single important failure oi default, so
far as the members of the Board are concerned.
That some of them haYo lost money by the failures
of thcir customers is undoubtedly true, but that
loss has not been put npon the persons WIN wnon
the brokers had their contracts. Inc hrsT Two DAYS
of the week Were marked by as strong markets
as those OF any DAYS that ilai preceded thein,
and in instances the highest prices Tor stocks
were made either last Saturday or Monday.
On Tuesday there was "a slight decline. anu some
hesitation IN the speculation was observed We'd
uesday the decline was more marked. ana the mar
ket that night closed feye.ish and unsettled that
the uncaslness Of operators generally was plainly
apparent. Thursday the decline continued. simply
because of The sales OF stocks by commission houses
ON orders from customers IN and out OF town, who
were forced or frightened into selling: notwlih-
standing this, II Is certain that some OF the leading
operators were buyers ali day. lhat night the
market closed unsettled after Il sharp rally from
tine extreme lowest prices of che day, but
there general belief that The worst
for the present was over anu that prices
would speedily rebound But TINS belief was
doomed tD "A great disappointment. Yesterdays
further decline brought by mail and telegraph tins
morning avalanche OF orders 10 sell all my
stocks" before which 10 WAS simply Impossible Tor
The few buyers TO stand and MAINTAIN prices, even
if 1t had been their disposltOnt to do So which may
we'll be doubted when the fact was developed that
the majority Ot holders were sellers nc
any figures. Hence there was further
"g Delaware and Hudson in almost rs
many minutes, 0i lj per cent IN Union Pacific of
is Der cent IA Iron Mountain, and rapid but
sina irr declines IN other stocks. Seemingly the
wrlt o. additional material. There ~ little doubt
t.t me decline u to-day brought TO market all the