The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-01-13
t.liiO X UNVEILED by ITSELF.
eni.iaI Circular af
Henry Clews 4 Co., Bankers.

following u very lia;i,le,stl drprrs..
nna Sso9n! The re.l, wed activity
81 tfl'ls las c..l-et. i lrf.. il,.raase
III -. tonnage VI The railroads.
Ihlii. The Nr-i has. I'm, three sie-
ce,s.ye YES tuin II OIL crops u *
'faafdisary magnitude nlnl. than
to'tnlng the a. antiiy II !,rralsia!I-
I ~ 10, ~arlt,l | The selboa.i IL,
Export. Fourth. liz pooling III.
Engagements If the railroads have
Ia III end 10 the cutting Of rates
which - seriously intrrftred With
lheit ptu!i,- ind tile companies cell
.pM laipnie itch c'lt.itt,,f- ttpah tacii
.islt.4.y inr.t ,tsru Il. illc II. tiir. IT,, IA
necessary III Tia interest III their
stockholders. Fifth. These pooling:
ronll,aets have, 80 fur. worked 80
tremendously aud successfully. TINT
the ptblir have acquired II consider
able degree OF confidence In their
peimancEce Sixth. The lnryc i'm
portil.ian OF specie. last year aud
TIL, Fall, and the recitation ut home
II orr whole product Of the precious
metals Within the slime period. has
made u Very large addition 10 the
circulating medium OF the country; u
factor which il usually found u in
due activity In speculation and
cause i general rise Ia the market
value ~ Investments. Seventh. We
think that. il,art from all party PIE
.lil.cations. II will be very generally
conceded that Wall Street interests
nave construed til. results Of the
election, In - fur It. they imply Il
continuance Of the past financial pol
Ivy cf the country. H. tavorably 10
the value OF securities.
The pooling" invention for eva
Ting competition has certainly work
"a has:nonionSly. ana It brings such
unprecedented profits 10 the comrn-
nirs that II seems highly improba-
bic tas. any d!sagrceal.nts would be
lightly permitted to disrupt the com-
raci.. But the question arises
whether the Western people, on
whom the enhanced rate falls most
directly, may no. resort 10 methods
foi restricting charges. Sulne Of
tn. companies are adopting the ex-
pcdiea; Of issuing additional stock,
With Il view to concraliEg the large
uess Of their dividends; but Is not
this quite rs much calculated TO i'll
cit. pubic jealousy rs 10 ai!ay It!
Already mui:crings Of dissatisfaction
are heard ut the west, and Il would
not he surprising should the legisla.
,ar.s of that section take soLsc act
ion on the matter during the present
winter. Again. tile maintenance u
the present high rate Il prosperity
III the railroad interest depends. to
iii important, extent upon the lG,s-
ton whether tie United States can
maintain permanently their largely
Increased exports II hlraa-,nil>
Considering that the rapid growth 81
that branch oi our trade within iii,
last three years has been alnos, en-
iirely due IL 4 succession III crol
failures in Europe, this problem
would to Il very douhifa. one.
The iA,attiiatc coarse II tile stock
market will probably h. found To dc.
pend more nran the condition 81 III,
. MONEY market than Oh any other in
l..E.e. The secretary II he treas.
my alter having ai-harS.a some -
Sca.hV per week for months past II
the purchase ai government honi-
has now restricted his buying To s'lcl
amounts Of the skies Of 1856 as may
hc offered al lu2 81. A the holders
will r.ceiye iii for III. h.Gd-, III
pr.a..pa. aaa Interest. II maturity Il!
| Decc,ahrr Il. and rs the huadS az.
widely distributed aud the amoun'
Il them outstanding is only Sla,uUO
1000, II Is not 10 IL expected that any
l important sum will ~ surrcntserc.
before maturity; and therefore So FL
rs the seer. ta,y has announced Ii.
purposes, We have To regard IN,
matter Is virtually deprived Ct thi,
important supply Of money for Il,
iudciinit. period. possibly nntil ncl
the eni Of the year. At the sam,
time the imports uf specie are dec.i
ming AMI ia. tone Of the foreign tx
changes Indicate that VT may aotey
pc.t much More from that source
, The bank Of England is hecomin,
, sensitive now that III. drain 81 spe
cie il turning upQn It's reserves. ah'
any further Important withdrawal
, from thar SQUIRE would he likely I
meet with prompt resistance in til
! eiTeo;iv. Ways known - that inSt.tu
ton. Since the 1>t Of August. "
have imported Si4,suayhsO of gold
and although that sum is sll.an0.na
: less than W. received during I'll
same period Of 1879. yet being IN en-
| tirely extraordinary movement, "
| cannpt reasonably count upon i
continuance. These facts pm, TIL
i caatsauancs ~ III. money market i
I Il somewhat uncertain position. Th
! last weekly statement OF the associa
! ted banks showed the effect uf th
: suspension II the treasury bond pul
: thases in reduction or -. Luz. 900
, the surplus reserve, which is now 1,
], du.ed Ia Sl.7Oa.UaO. The banks al
4 therefore Very closely vers.ing uro
Q a condition in which they may iin
! II necessary IL contract their loan
4 Judging ftom III. position u i.
!. changes With the Vest and saNt
Z the demand from these sections
far fsem having heen satisfied. Z.
a. dei ttlcsc VilcRHsStAlCS> II WOUiu II
! he surprising to find the rate OF /
= t.rcSt on call loans up u the le;,
Z maximum at III early day.
5 The rresen, feeling ora large ma
i OF "half operators Is unusually sa
/, saine. md most Of them are We
:. strohg in their resources. aud abG
u danny able To take care ol III.
i. holdings, and Il is. therefor. POS,
Il HE that any pressure that may ali
4, iii the loan market may he felt mo
, hs commercial borrowers than
u speculation. The whole tenor
Wall Street inilueaces i 81 hsasal
that holders 81 securities have naa
Ia back them. This str.ns,h Is au
y M.nted hs the s,ani-eiscsssl in
- nation tia. the secretary of 1
Il treasury will ask for aatnufixas!
u i~suea three and Il half per -
aaaa. u take NJ the S.Ol.aan.eaa
f.ses and Skies, maturing about l
- -. H.. . a.-A 49,