New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-06-02
MONEY and BUSINESS.

|
free scope to gloomy imaginations, and had
enabled interested parties to create the belief
that the situation was worse than II really was.
Even on Sunday morning, after the details
had been printed, an organ of the Wall Street
wrcckcrs declared, with curious ignorance that
the banks had suppressed the details because
they did not dare to show how the different in
stitutions stood. The statement, when compared
| with that of May II, shows a remarkable shift
ing of accounts during the two weeks OF excite
ment and disaster. The Metropolitan had lost
$500, 900 deposits, but was in 4 much better
condition than before one other bank had lost
$1,000, 000 another $3,000,00O, and three
others between $2,000,000 and 100000
each, these being mainly banks having large
number of accounts for banks in the interior.
| On the other hand the City Bank gained
$1,000, 900 in deposits the American Exchange
$1,000, 900, and ten others smaller amounts,
showing, in addition TO the withdrawal OF con-
siderable deposits by the interior banks, shit
ing of important accounts and an extensive
liGuidation. The stocks formerly held by some
banks in large amounts have been turned into
cash, while the deposits of large customers OF
other institutions have been invested
in securities at the unusually low prices
reached week ago. In general, though some
of the banks hold less than the % per cent re-
serve, the condition is decidedly better than
vague rumors had led people TO suppose and,
with the effective union of all the banks, and an
improvement in the tone of the market the
prospect is much brighter. Though some
money went out of town. the only thing needed,
even at the worst was proof that the banks had
.I., hat rqs CriFn m
in part by the agreement to unite forces and
issue certificates, and for the public still more
effectively by the publication of the detailed
statement on Saturday. 1t must be conceded
that the action of the banks in this emergency
has been generally worthy of high praise.
The stock market is evidently in strong hands
again What immediate movement may suit
the chief manipulatOrs it is of course lmpcSsl-
bic to say. But the fact is that stocks have
been purchased in large amount for invest
ment and have thus become more scarce III tine
| Street than they had been before for Il long
time. 1t is reported that large shipment OF
gold will arrive from Europe this week; large
sums have certainly come in from the interior
in PAYMENT for securities taken away II no
| bad news comes To disturb revivlng cOniiderce,
an Improvement in prices seems probable. But
the people who live on public calamiticS have
strong hope that the frost, OF the fiood or some
other great disaster to the country, may yet
! help them ont.
The frost has done great damage in few
Eastern States to vegetables, but IT does not
appcar to have reached the corn belt at all, or
to have harmed any of the important crops.
! The floods in Arkansas and Louisiana nave
harmed cotton within limited Area rs have
heavy rains in part of Texas, but the tone of the
market, which has been declining, indicates
that those who make it a study do not consider
the injury important. All evidence points to
large Weld of wheat and corn. Perhaps the
most decisive indication il that Chicago banks
are generally refusing to loan on wheat, claim
ing that three years is long enough to carry
if. and that il would be better for the trade
TO let the price find its legitimate shipping
| "lcvcL' If these views had been acted upon
long ago. the country would have been richer
than it is A similar feeling was manifested
here on Saturday by s)me banks in regard to
! LONG contracts on cotton, and the number of
notices issued was unusually large. 1t is a
healthy sign that speculation generally seems
TO be hating as one dispatch from Chicago
abscrvcd, "OpcratOrs have concluded to quit
the deal until the market is in condition where
they can use some Judgment" Sooner or Later
! it will be recognized as the part OF wisdom to
" quit the deal " always, when the markets are
not in such condition.
| The railroads are never quite at peace when
the traffic is too light to keep them all busy, but
they are nevertheless doing fairly large bust
ness. The assertion which has been so often
! made that at a 15-cent rate the roads hauling
grain from Chicago arc actually losing money
ON every bushcl taken does not impress the
public much, in view of the efforts made by the
roads to get more bushels to carry even at that
rate. A ch ange in the wheat movement, how
ever would be of great advantage to the rail-
roads. as to the country generally, and such
change is to be speedily expected, if no serious
injury occurs to the growing crop. Economics
on the Union Pacific are stated to have saved
SOS 900 per month in expenses, ana the trans
fer of the Wabash to the control of a receiver,
rs explained by its friends, is calculated to per-
manentIy benefit the company by chopping Oft
unavoidable leases and contracts. The report
that the company is about to begin war of
rates is officially denied.
The convention this week is likely to have n
! large influence upon the financial prospects.
BusipcSs men who never vote the Republican
ticket, as well as those VINO 90, unueIot'lhu lhdJ
! Democratic success in the Presidential election
would mean prolonged agony of uncertainty,
if not a financial earthquake Hence the nomi-
nation of a candidate deemed likely to be de-
fcatcd irrespective of his personal merit, might
affect business interests uniavOrably, at least
for a short time But tho nomination by tho
Republicans of a strong and probably inyircible
candidate would be felt instantly in Wall
! Street as an encouragement to investment and
! legitimate business.
| GrNNY BAGS And DEMOCRATIC FALLACLES.