The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-06-16
FINANCE AND COTTON
FINANCIAL.

FINANCE AND UUITON
FINANCIAL.
AZ the readers of the Chicago Times have
,.sn informed, the English statistician,
grsschen. maintains that q general decline
u ssH,;ces since 1872 has been caused by q
uv..arrinc relative scarcity OF gold. He es.
sEn,stes that since that year Germany, the
Tri,ed States and Italy have absorbed no
I.ss Than 81 900, 900, 900 OF gold. The Lon
s"n economist thinks that this figure is
uaeh 10 high, and estimates the absorp-
,;on nv the countries named at $685., Co.,
M Probably the Economist comes nearer
~ The truth than Mr.. Goschen does. The
sorld,s production during the ten years
nav fairly he estimated at $3.50, 100000 at
last We may therefore conclude that
~, less than $3.50, 900, but
nDyobsbly not more than $8O0, Q9e,.
EN of the amount taken out 20
The ground has gone to replace Joss by
wear and otherwise, to meet the demands
IN the arts, and increase the stock OF money
N countries other than those named. II
rll not do to infer, however, that gold is
no scarcer relatively to the work 1t has to
IA As money than 1t was in 1873, for in the
prsceedIng ten years not sless than 81 ,1O0,.
oOOOOO was taken tfppF the ground, the
treat bulk Of which went to countries
SSlher than the ones named, SO that they
probably received from t16 to four times
Is much as they did AsllfI33aE she .Iast ten
years, This is dt% 10 enough 70 pro-
duce 6onsidenb lg effect upon prices.
sill the Economtst is right, ne doubt, in
saving that this cause alone is not enough
10 account for all the decline that has taken
place. II is as undoubtH wrong, how
ever, in assuming m s Improvements as
caused the decline in part. Reducing the
ofcourse, reduce the price Of those articles,
but it cannot cause a general fall OF prices.
The volume of exchange SELECTED by money
and the volume OF money remaining the
ame, Q fall in the prices of some things
will be attended by q rise in the prices of
other things, unless meantime there Is q
change in the volume OF credit transactions.
And here we come to the secret OF the gen.
eral decline so far as it has resulted from
any cause other than the growing relative
scarcity of gold. There has been q great
contraction of credits since the season of
imitation which eliminated in 1879, and this
ccoperated with the diminished produc-
ton Of gold and the exceptional demand
for it to produce general fall of prices. II
is this that most Of Mr.. Goschen's critics
have failed to perceive. @e
The New York Tribune sa,s: THE rela-
tons between the railways has been more
critical for some time past than has been
permitted TO he known. 1t was an open
secret, even before the beginning of inland
navigation, that rates were not maintained,
aud while the charges of cutting rates prin-
dpaly were made against some OF the small
Tor and less important companies, shippers
and receivers OF merchandise have looked
wonderfully wise when asked to what ex.
tent the practice was general. 1t is now
beyond question that matters are approach.
ing such a crisis that nothing less than
prompt action by the chief executive Off.
GERS ofthe various railroads will prevent an
open rupture at an early date. Despite the
fact that grain may come from Chicago to
New York by water at eight cents
bushel, or about fifteen cents per
out Of Chicago A.271 tons of grain. or that
Shore and the Nickle.plate roads carriad
6456 tons and the Baltimore e. Ohio
The Grand Trunk each / 800 tons. The
tai rail movement of flour, grain and prS
visions last week from Chicago was 2S,l42
tons against 81, 764 tons for the week Of
l%9 and 81, 102 tons for the week Of 1881
VI the old roads only two-the Pan Handle
and the Grand Trunk-carried as much as
they carried in the week of 1882, and only
one rOad-the Grand Trunk-carried as
much as in 1881. The Grand Trunks gain
ls'w week on the week of 1882 was $50 per
cent.
A Boston exchange says: "The one
Gyould stock that has started the street is
Western Union. That suddenly sprang to
me front on Thursday, rising rapidly IL ON
My per cent. to 81 amid good deal of ex.
element. 1t was learned immediately after
The top price had Been toucheS young
george Gould had sailed to EyI}1pe on Tues
gay, and from this sprang reEnfts that he
mad gone as his fathers MESSENGER to take
over large block of Westerly Min stock
lof the convenience of the London mark
Jay Gould told one of his friends that
george had gone for the bensft of his
health, but unfortunately for that story the
young man is extremely vigorous and
Mong., Wash Conner ssidthat his part
aef had gone oat west soue%here, and the
genial and vivacious NJ orosini, Jay Gould,s
private secretary, remarked in broken ltal,
ian Ti that the dear boy had gone fshiA5,'
me mystery that was thrown around ~
matter BY these apparently contradint1sk
Natements was not altogether uninter3 q
~ Undoubtedly the dear boy sailed On
Me AbyssiRia on Tuesday. although his
name did not appear in the passenger list,
W. u Is extremely doubtful whether he
.ook much Western Union stock with him
s sSa whether be will not bring it back In
M ,Ie same box. At any rate the price Of
W., Ms STOCK began to drop as soon Us the mys-
u&l-S.
4, The advance was partly due certainly
WIN, .ne anxious covering OF shorts by the
,Ieculative ex.Surrogate, Bob Hutohings
. VINO evidently did not like being short of
we. l0oOO shares. The smaller bears i'm
~sse oh took fright and climbed for the
NMvVL with great avidity. This is probably
VIC Cllef CAnpp Of tho ri "