New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-28


The rapidity and force of the rceoil against
artificial and unreasonable depression Of securities,
which began on Monday will not be disputed by
| the people who have been selling property which
| did not belong to them. Monday forenoon they
were still selling the Lackawanna stock Of other
| people Mt 9Ol2 before IL o'clock yesterday they
were scrambling for it at 102l2,.and 1T aiterwam
went still higher; Northwest advanced over 80 per
share in the twcnty-four hours Missouri Pacific ~
| per share Western Union So per share, and other
stocks recovered so rapidly to make sellers quite
unhappy The immediate cause of such an adj
vance of course was the cOnscousl ess of sellers
that they could not get the property to deliver I'M
less holders should foolishly sell it, as they had
| done themselves at less than its real value. As
soon rs the Street discovered that the real value OF
! properties was about to have some influence IN the
market everybody awOke to the fact that many
substantial dividend-payng stocks had been selling
| for much less than they worth 1t Is notice
able that The london Economist of the 18th, received
yesterday, states that "very large purchases OF
| American railroad securities are now being made
| by English capitalists, the low prices to which
| they have been driven having tempted influential
buyers" and it supposes that, even at that early
date the buying for English account had been large
enough TO render shipments of gold hither not inn
| probable.
| Mr. Cox has done thing that deserves nm
qualified praise. His bin to protect the llarbor OF
| New-York from destruction by the dumping of
refuse, all intelligent citizens will admit, aims TO
correct an evil which other measures have proved
poweress to check. The harbor, in the broadcast as
well as the narrowest sense, belongs to the Nation,
and if city or State cannot take proper care OF IT,
| the National authority may well be invoked.
The course of Senator Jacobs in the State Leglsla
ture has been such that any bill lie introduces ought
| to be scrutinized carefully The bill now before
| the Governor providing that consent Of half the
| propert y-owners in Brooklyn must be obtained be-
! fore gas mains can be laid III that city by any new
company is one of the peculiar measures character
stic of Senator Jacobs It's intent is to permit the
| existing combination in Brooklyn to control IN
future the entire gas supply of that city. As tile
companies now existence never obtained the con-
sent of any propertyOwners, unless members OF the
| Common Council could be called such, it will be
seen what an advantage they would retain over
future rivals. In Brooklyn, well as in New
| York the people are uniustly taxed by comb:na-
ton of gas companies enjoying valuable franchises
| that cost them nothing. 1t abuse that sooner
| or later will call for legislative regulation. In
| Chicago gas is furnished at ~ - per 1000 cubic
feet, while in this city nearly twice that sum IS
| charged. The Governor should veto the Brooklyn
| measure and any similar acts that strengthen the
existing combinations
1t IS natural that Senator Hoars strong language
regarding the Utah question should seem exag-
gerated, to those who have never learned to regard
| the family rs a thing with which Government has
any business Bat he IS clearly right in maintain
ng that the family relation is the very foundation
stone upon which all political relations in this
| country rest. The adult male votes because he
broadly represents the family, which is the political
unit.
The April statement of the Bureau of Statistics
shows an excess of imports in that month Of
81 .26s 90s which is rather larger than the excess
OF exports WAS in April, 1883. During four months
of 1854 there had been an excess of $16s95,657
in exports against S5f 73 1913 in the correspond
| ing months of last year. The difficulty was not
that our people imported extrayagantly; there was
a small increase in imports. Nor had there Deen any
failure of crops lack Of production to account for
our Inability to sell more largely. Great quantities
of products still on hand and offered in vain at
much lower figures than were asked in April, bear
witness that the country had enough to sell Its
ports declined from 1919 791 81 in the four months
of 1888 to $23J, 791 900 in the four months of
1884, because reckless and senseess speculation
fixed altogether unreasonable prices for important
products In consequence, we exported in April
u
May we have been obliged to face the consequences.
A run was caused on a NOrwalk bank by news
paper hoax which was written as to make refer
ence to sand bank appear like reference to local
savings bank The credit of banks is far too deli
cate to- be made the subject of journalistic jokes,
and the Norwalk editor ought to have known this.
RIMS upon banks have been caused by accidents
having no real relation to them III the of the
run upon Lubbocks Bank, London, half n century
ago. An old woman in a red cloak fell down in a
fit opposite the bank, and was of course instantly
surrounded 10y a growing crowd. In a few moments
those who were on the skirts of the crowd could
not see what caused the excitement but some one
happened to look up, and that the stOppage
was opposite the bank. ITS a run on LubbOcks
Bank !" he exclaimed. and then and there an
actual and formidable run began, and continued
for twenty -four hours. Decidedly it Is not safe to
make sport of bank credit
The Department OF State has boon called upon to
determine whether the republic will be imDered
by allowing half dozen Cinnamon to land at New
Orleans for the purpose of operating silk loom
which is to be one of the exhibits at the Exposition
there. This solemn problem was referred to the
Treasury Department, and Secretary Folger has
now decided that the aforesaid half dozen China
men may land the Chinese Restriction act to the
contrary notwithstanding, provided they pledge
themselves not to remain in the country longer
than Is necessary to display their exhibit The
strangest exhibit" In this affair IS that made by
the land of the free and home of the brave"
reduced to consult seriously before permitting half
a dozen foreigners to enter this traditional asylum
for the oppressed" even though it is thoroughly
understood that they have 10 intention of staying.
But when the United States passes restriction acts
it must take the consequences, however humiliating
OF ridiculous they may DO.
PERSONAL