New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-21
no wy M RESLNESS.


S33, 20s, SOelcgal tenders, has come largely
from the Interior where the dulneSs OF business
and the liquidation of many speculations cause
accumulation of funds for which employment
here is vainly sought. Since December 81 the
Treasury has increased its stock oil GOA
$1,421 ,977, but has increased the amount Oh
outstanding gold certificates TlO.944,l6
small part of this increase of debt has been IN
Cured by the purchase of silver, for the treas
ury holds 50, 100, 276 more of that metal than 1t
did at the beginning of the year, against an III
crease of only 81, 255,4 S0 in silver certlhcateS
larger part arises from the virtual redcmp-
ton of legal tenders, of which there are no"
S4743,796 less outside the Treasury IMAM
December /, while the increase in legal-tender
certificates has been only $705,O But inc
remaining excess of gold certificates issued over
gold taken in, namely, S4,72s,59l, represents
money borrowed by the Government since De-
cember 31-nstead ofopaying out cash, 1t mas
issued paper promises to pay. TO that amount
then, the accumulation of money in the banks
NAV be attributed to excess of Treasury disburse-
ments over Treasury receipts. But the re-
serve of the New-YOrk banks has lncreaseu
$l5, 700, 900 since December %.
The liquidation of great speculatiOns III
stocks and products has not prevented an IN
crease of about $1,000, 300 i'll loans-trom
1927 ,535, 100 December % to 1892, 5s6'Soo,
january 10. But the deposits have increased
during the same time no less than 81 ,o23, 49,
and the amount of them, $345,5S0,7OO. IS now
about $13,00O000 in excess OF the loans
Neither in legitimate business nor in speculation
do the banks find room to employ the large sums
which roll in upon them, and the unhealthy
state of speculative markets seems to be Que
even more to the large initiation of currency by
the Government than to the inactivity OF buSl-
ness and the consequent accumulation OF
money ordinarily employed therein.
Both in stocks and in grain. the liquidation
has gone on during the past week with raplHlty'
Forty stocks embracing all that have been active
would have cost ut the closing on the l2th' Tor
100 shares of each S273.Gl2. and at the closing
nm the 10Th. S2G2. $50. showing an average de
cline of 50 80 on each 500 ot par value. or 3.9
per cent of the market value. In grain, purchase
Of 10 600 bushels each for February, March and
Nav wheat and corn. and March and May oats,
would have cost in Chicago on Saturday, Janu-
arv y. $3.50, and on Saturday, the
10Th. SO. 1862 80. showing an average decline
=
market value Oil dropped from 81 1914 to
81 Os3s, and there was also decline from
50 1G TO S. % in lard. The market tor cotton
was comparatively inactive, without change
of price for spot while metals were rather
stronger lead advancing. But the great speech
lative markets were all depressed, and some
failures i'm the wheat trade, here and at the West,
were followed on Saturday by the assignment
of William II. Guion. who had been operating IN
stocks and products with heavy losses. In the
grain market the scantiness of foreign pur-
chases and the great accumulation Of surplus
wheat fully explain the decline In oil. the
onening Of new wells prompted heavy selling.
The stock market was influenced by the collapse
of the North River Construction Company, ana
by persistent rumors of disaster to great CAPT
talsts, Notwithstanding the prospect OF settle
ment Of trunk-lne troubles.
The North River West Shore, Ontario and
Western ENHANCEMENT is not well understood as
vet. even by some of the men to whom it has
brought heavy losses. Perhaps it has more
depressing effect upon public opinion because it
is not well UNDERSTOOD This wreck. following so
closely upon that of the New-YOrk and New
England and the fall of Mr.. Willard has shaken
|
ground for encouragement in the fact that such
causes of disturbance no longer hang over the
market and in the improved prospect for the
trunk lines. Lower prices for grain, moreover,
always promise better traffic for the great rail-
roads. It does not make any difference whether
the resort to arbitration between the Eastern
trunk lines and the Lackawanna was due to the
coercive power of the pool or to the fear that
the Injunction obtained against the Nickel Plate
would destroy the pool altogether; in either
ease it promises an amicable adjustment Of Il
controversy which has been threatening the
values of securities for long time.
PERHAPS the nature and extent of the distrust
in the Street were more fully shown by the cur
rent rumors of Mr. GoulGs embarrassment then
in any other way These reports come from
same men who have from time to time given
positive information that Mr.. Could had sod
ont all his Telegraph" or his Missouri Pacific, or
| his other stocks, and that he was "short of
| everything If he had sold half that these
well Informed people said that he had the re-
cent decline must have made him very much
richer. The more rational supposition is that
| he has lost some money, and still has a little
! left. The average price of forty stocks is
barely l i per cent lowert than it was at the close
of last year, and exclusive OF the Willard stocks
and the Ontario and Western, the average is
higher than it was then, fully ID per cent. a
/ shrewd banker yentured on Saturday night to
remark that he would like to be bankrupt just
! as Mr. Gould was"
| Some Of the members of the Legislature appar-
entity have strange ideas of the proper functions
of that body For instance, Assemblyman Earle