New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-11-29
yUr BiyES IND gTNINESS.

"lincn again. The reserves are $lOJ,GI0
less than the amount which, on the basis OF
the reported deposits, would he required oil
the National banks by law. The statem' nj
shows, too, that IOIrtecn of the National
banks hold less than the reserve required,
besides n State banks. OF the three banks
having the largest loans and deposits, the Park
is slightly below III, limit. and the Fourth
National and Importers and Traders but very
little above It, Moreover. it is "A weIl-hnown
fact That the condition OF the banks ut
the enl of the week must have been less
favorable than the averages Indicated Tor
the outco of gold continue to the emf Of tie
week. while five steamers from Europe, by
which some gold had been expected, were de
laved at sea. In reality, some OF the banks
have been lending gold "to arrive
which NAV at this hour be at the bottom OF
the ocean, The ordinary risks OF finance are
enough, without stalking the safety OF tie
commercial community upon the prospect
that no disaster Will happen to a ship bearing
gold.
No doubt large amounts of specie will soon
arrive. for only 81, 81 1. 135 came to hand out
Of about S5.OOO,OO0 expected las! week. anu
much more is known 10 be Oh the way. Also,
there were large shipments on Saiur lay, ard
still larger Withdrawals presumably Tor ship
mcnt. which may arrive next week The
main oues ION is what the banks can do this
week. For the demands upon them continue
very large. The banks and the Treasury to-
pether lost 81 63j,512 in specie list week,
even if the banas were not worse oft on Sat
urdav than their report of averages showed,
and yet $2,521,13 in gold WAS received
at this port, 50 that $l15G,Gl7 at
least has vanished from sight. The
state of exchanges with interior cities. and
the known large shipments thithcr, account
for loss as great as this, and Chicago
dispatch states that the banks there sent over
81 900. 900 into tie country on Saturday
alone, the demand being very great. There
is no reason to suppose that tins drain VIII
immediately cease, for it is sustained and
stimulated by the recent advance in prices of
nroducts. which encourages holders to SELL
The Treasury, also, has taken nearly
s.. 600 600 from the market since November
6. and will he obliged to take still more in
order to meet bonds becoming due January l..
The gigantic speculation now III progress
absorbs a vast amount of money. In five
working-days last week the sales of stock
amounted to about $lS5, $4,000 in market
value; the sales of bonds were unusually
heavy the transactions in wheat were over
1O,3OO,OOO bushels in five days, against
9. 600 coo for the previous week of six days
and about 100000 bushels for the week
before; and the sales of cotton. which were
4O4. 800 bales for the week ending November
II. ard 625, 500 bales for the week ending
November 49, amounted in the five days
ending November 26 to 1,515,3O0 bales, of
about %S7, 433. 500 in market value. the price
having advanced about one cent since Satur-
day last. 1t is not strange that the exchanges
of the week, though for five days only, were
the largest ever known in the history
of the Clearing House, amounting to
81. O72. 6SO.647 81, with balances of
$32, 472, 100 49, The hitherto unequalled ex-
changes of "Blacll Friday" week were only
$685., 274,472 for six days. 1t is an old rule
that when the exchanges suddenly mount to
very high figures il is time TO be cautious,
lust as prudent seaman takes in sail when
he sees a sudden fall in the barometer
Except the extravagant speculation in GER
tain products and i'll securities, however moth
ing unhealthy appears i'll the commercial or
industrial condition of the country. The rail
roads are doing an enormous business, and
out OF thirty-fiv which have reported for the
first half of November, only two fail TO show
an increase of earnings, though the cOmpari-
son is with the period of greatest activity
last year. The aggregate increase of the
roads is $1.1S7,332, or % per cent, though
in several instances the gain is partly
a
fore must be partly or perhaps wholly
balanced by an increase of expenses or inter
est on debts. But it is also undeniable that
manufactures and trade Of all kinds are doing
finely. Prices of cotton goods have been adj
yanced and the trade is active the trade III
iron is decidedly better; sugar has been
active, and the sales since November / have
been more than double the receipts within
that time The market for securities. also, is
sustained in part by considerable purchases
on foreign account though it is nonsense to
suppose that any large proportion of sales
amounting to 100000 shares in six DAYS
are TO foreign buyers or TO permanent inves-
tors. But speculation of every kind certainly
has a natural cause and great stimulus in
the real and wonderful prosperity of the
country.
1t is possibility not to be safely over
looked. however, that financial difficulties
abroad may presently arrest the foreign de-
mand for our securities, check the movement
of breadstufls, aud stop for a time the i'm
ports OF gold. The Bank of France lost
nearly So, 900 more of gold last week,
and cannot now hold more than about
$40. 100000. The shipment of $1,000,000
from Have on Saturday may have been drawn
from the bank prior to the last weekly re-
turn. Ii that bank should at any time
be obliged to pay In silver only,
the purchase OF American securities for
French account would be arrested
Tnn Rink OF England also lost last