The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-05-11
FINANCE AND COTTON
FINANCIAL.

rnv London Economist says on several
in of late Mr.. Goschen has called at
..U,ion 10 the appreciation which he be-
sen" n have taken place during the past
NV 'n Years or so in the value of gold, and on
W. W. aInssday evening he de alt with this sub
;"at very exhaustively In an address to the
rp,smbers of the Bankers institute. Italy,
n",many and the United States, he re-
,;nded his audience, have all during recent
years absorbed immense quantities OF gold
%r currency purposes. Their aggregate re-
Nniremepts have amounted TO about LOO,
GmOO and concurrently with the up
Swinging of this enormous new demand
there has been falling oil in the annual
sold production That now amounts to
moi more than so 100000 year. the out
nv, having gradually diminished to this
p point from an average of 100000, 600 per
ipv"nr in the five years 1926. Upon
the available gold supplies, therefore,
great strain has been put,
and the tension has been all the greater
because year by year the population has
srown and the volume of the worlds trade
Sss eypsnded. On the other hand, it is
,rns considerable economies in the use of
cod have been affected, Banking facilities
have been extended, payment by. checks
has 10 an increasing extent superseded pay
ment in coin, and stock-exchauge securities
have been made to play far more impor-
,ant mart In the settlement of international
transactions. In Mr.. Goschen's opinion,
boXeyer. these economies have not coun-
terbalanced the reduction in the available
gold supplies and the increase in the cur
repcy requirements, and the result OF this
Il, he holds, that gold has appreciated in
value, This is, OF course, equivalent to
saving that there has been fall in the gold
price OF commodities, and Mr.. Goschen by
comparing the prices OF q large number OF
representative articles now and in 1873
shows conclusvely that there has, as a
matter of fact been a general very heavy
fall"
An exchange says: Few people seem to
be aware that in neglecting TO reduce the
annual fire loss TO minimum the nation is
assuming burden far greater than that Of
the present national debt. The fire loss of
the United States during the last eight
years has averaged $74 ,1S0,95l year, an
amount almost sufficient to pay 81 per
cent. interest on the national debt when 1t
touched the highest point, in 1865. And
the fact that insurance companies bore 50
per cent. of the loss of the eight years ought
fire to the nation. The people pay insur-
ance companies twice as much as the COM
panies pay back. and property-owner
themselves bear the whole burden of the
annual fire loss without aid from corpora
ti0hs.
The Toronto Monetary Times has the
following suggestive paragraph: Failures
continue. We are entering, apparently,
on period when their volume will go on
increasing. Money lenders and dispensers
ofcredt will need to keep sharp lookout.
Bankers have had experience enough, 1t
might be thought, to last them century
But recent events have shown that expert
ence Of that kind is easily forgotten in good
times. Ii is certainly exasperating that
hsrd.earned profits should be swept away
by the folly and bad management of bor-
rowers of money. But it is question
whether lenders have not-as of old-been
making credit too cheap. Whenever this
is done, punishment invariably. follows.
The cashier of u prominent bank in Louis.
VILE Kentucky, in speaking of the large
checks recently drawn by J. Gould and Mr..
Huntington, one for 81 500, eco and the other
for So 900 600, stated that during the war
the First National bank of Louisville han
died several checks for two and three mil
lion dollars each. He says that some time
ago. when the Wilmington road was bought
by the Pennsylvania railroad, the latter
gave check for 1900 900.
The London Economist thinks that the
demand for bullion for export to the United
States has ceased, and will probably re-
main dormant until autumn. Gold may
come from London in small amounts, as it
mas recently done to Holland in connection
with the new Dutch loan, but IL is not
thought that any large amounts are likely
70 be taken from England for that quarter,
out in the present condition of the bullion
reserve at the bank very slight movement
would be quickly felt.
The gold in the Bank of France amounts
70 slOS, iSi, SIS, which is lS,732, l25. 10 more
man we have in the treasury OF the United
States, The French silver on hand exceeds
S,-OS oOOOOO. The amount of specie in the
Bank Of France is Si07 ,0l3, 900.