The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-01-26
In ANCIAL AND COTTON
FINANCIAL.

CHrvAGO TINS: The business Of the trust
unUpani OF New York and Brookyn mas IN
oroased with wonderful rapidly durlns the past
1Ie years Ten Of them reportthsl they have
1cposits amounting in The aggregate 10 sloo0lL-
~ They have loaned on collateral 81 SiI1I$
invested in stocks and bonds, so i99 So in real
estate, IS ie7, $50: lOaned on bond mortgage 3D.
l6l,osl; total investment sll2Sc al. Eight OF
these companies have ~ l0s, q loaned on col
lafsrals, against only slL16SS5 IN lsl7-an In.
croake of more than SiS per cent Their total
resources are sl21 S69. 496 against s59,55Ll16 in
1S77-an increase of more than l02 per cent. At
tsnlion has been directed to the fact that the
eonpeniss now have CO per cent of their entire
ro1oorces loaned on collateralS, whereas
~ proportion was only 50 per
6uk five years ago. This fact is
4Goghtto suggest at least in part, an explana,
<n0 Of operations in the stock market. The
~ that Co. 600 900 more is loaned by these COM
nnnies on cOllaterals than was 50 loaned in 1871
y Certainly suggestive. The monsy is deposited
10 part by the operators, IL is true, says the
Public, but the fact stands that this large sum
has been brought from some quarter to aid in
nc0ck speculation. Another significant iact
noticed in this connection is that the business of
the associated banks has not increased in any
thing approaching the same proportion as that
Of the trust companies. The loans of the banks
have OF late ranged from s50L0C0 to s3l7,0 =.
00Q against s2S5, 900 To 5000 o. % in lS77-an
increase of y 10 80 per cent. But the re-
sources OF the trust companies have increased
QUVluk ING huDle Ille lllOEG imam W. per NelL.,
81 above stated, while their loans on collaterals
have increased 2S5 per cent ThiS.fact furnishes
pretty conclusive proof that speculation has
grown very much faster than substantial bust
ness 1t does not follow, of course, that the con-
dillon of the trust companies Is unsound. Stock
securities are good enough, provided Il sufficient
margin Is required Ii the affairs of the conf
panies are prudently managed, 1t is safe to as
sumo that they are in less danger of disaster
than many OF their Specializing customers.
The bullion product of the Leadville district
for the last quarter is as follows: Pounds OF
lead, 17C0922S; ounces of silver l3S6, 2l2 ounces
Of gold, s,g2l; total currency value, sa,ISS III.
Total value of output for the last four years is rs
follows 1879 $40 1885, 40; 1850 sl4, 49, 97 1881,
$l817o,5 $40; loS2, tlS,22l 1893
The New York Commercial Bulletin says: We
have just been shown by the importer cheek
received by him for drawback on LOT OF
cigarettes imported from Havana, the details OF
which show some remarkable figures. puuabe
value, si5; duty actually paid here, sloAS6; add
cost of internal revenue stamps, sl2O' Total
revenue from SIS in value, SSOt6, or $50 per cent
on cost II Is perhaps needless TO say that the
goods were exported for tho benefit of draw
back" This may explain how II Is that there
IL 60 much smuggling OF cigarettes
Tho Public says II 10 worth while 10 observe
that Poors Manual, unfortunately the only re-
cord that we have of railway statistics, puls the
cost of all roads reporting in 1875 at S4ll5, coo
900, From that time to the close of 1881 Poor d
Manual adds 1000 miles Of new road and only
100000 of new securities As the new roads
have issued more than $4,000 per mile in par
value of securities, while many old roads have
issued large amounts for improvements and
Equipments it follows That considerable par,
OF the securities affected by foreclosure must
have been wiped out legal eXistance.
An official of the government who has giver
great attention to the question of finance, espe
ciallv silver coinage aud production, said tha
had /! not been for secret Instructions given Il
z the commissioners OF the International confer
ence, European countries would have come int
an arrangement for fixing the status of sive
coinage throughout the world. The reason /
failed in reality was that the administration wa
hostile to silver and the American commission
erD were sent with the understanding that the!
were TO hinder and not encourage an |, terna
tlonal adjustment of the question. Foreign gov
erhments were now holdins of in the matter
because they understood from this policy tina
silver coinage here was to be of short duration
and that the government was actually oppose,
to the policy which il was at present carry il
out with reference to the stated coinage of $
much per month