Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-11-23
GOULD AND KEENE
Discuss tzie Business aud Financial Out
LOOK, and Express Themselves
as More Than
Satisfied With the Pr0spect-A Pluto
cratic View of the I" Break'
at New York.

NEW York, November 22.-Jsy Gould,
in talking with reporter to-day, said he
thought the decline 10 stocks had gone fur
Their than any element 10 the situation zs@ssd
warrant. An unessy feslize-~ al the
policy of the government might be with re-
gard to the management of the puehc treas,
ury had arisen, and this unes-sness resulted
necessitated e.s<nsive liquidation. For
his own~part, he bad not been
purchasing stocks until within the past week,
but was now buying, and should continue 10
buy stocks 10 hold, az they were cheap
eruFIgn 10 pay good return for those who
could take care OF them. Gould said the
product of the Southwest this year was very
large and the business situation highly en-
couraging. The cotton crop of Texas would
reach 800 900 bales, and that State had
produced an immense crop Of corn and
wheat. Texas was now exporting more
cattle and wool than ever before. Kansas
has a big crop, and the same is true of the
middle sections of intermediate States. In
the Southwest railroad rates were being
maintained and the roads doing good bust
ness. There is heavy Immigration, and
large number of people are going in by New
Orleans and Galveston.
Speaking of the iron troubles, Gould said
the chief difficulty was in regard 10 the Bes
semer steel industry, which had capacity
for much greater supply than the present
railroad building OF the country demanded.
The iron interest was not depressed,
and he understood il to be doing fairly
we'll. The Vulcan Steel Works, st. Louis,
would probably shut down partially until
they could adjust their differences with the
Iaborers, but there was a demand that would
keep the mills running, if not on full time,
partially at least.
Speaking generally of the railway situa-
ton, Gould said the roads were never in 80
good condition to do the business of the
country at present, as they had all taken
advantage OF the prosperity of the last few
years to perfect their equipments, and put
them into frst-class order. He said that
on the Wabash system the average for
fuel last month had been only 81 25 per ton
to the engine, which was surprisingly low
for an article that entered 80 largely into
the cost of operating a road. Gould said
there was little Wabash preferred stock on
The market. About SIS, 100000 of the stock
was held in Europe, aud it was prac-
tically cornered. Ia regard to Western
Union, Gould said the books show a
large increase of investment holdings,
and he produced a. copy which showed
that one year ago last September there stood
upon the books S91 ,O54 shares of stock held
by brokers and 40S,946 shares held by in
vestors. On the 18th instant The transfer
DOCKS showed tnat brokerage uCluAnSS ndu
decreased to 272,54S shares, while the invest
ment account had grown TO 527, 457 shares.
At the present time about 5000 shares a
week of the stock are passing from the hands
of brokers into the boxes OF investors, and at
this rate it will take less than year TO
absorb the speculative stock. The cashiers
balance to-day shows 81 ,S41 900 in the treas.
ury, already a much larger cum than would
be required for the next dividend, which is
not due for two months. Gould said he was
not buying any opposition telegraph lines,
and feared no rivalry. He knew the posi-
ton OF the Western Union, and WAS not at
all alarmed or anxious about the ef-
| fects OF rival lines. NotNithst andine
| the break IN Stocks, Gould said he had been
for many days steadily buying for people
VINO were uninfuenced by the cismor Of
panic-breeders. The same absorption fol
investment, 10 which he had
alluded in the case of West
| ern Union, was observable witt
regard to other properties with which he wal
| familiar, particularly in the case OF the
Union Pacific. In conclusion, Gould sale
he looked for substantial improvement il
stocks, and eventually a much higher
market as soon as the money situation Should
be assured.
| KEENE