New-York tribune., 1884-12-29
u0NIl lND BrSINESS

now hopeless ln The brllrl that the Nillelhrss -
doomed,
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MONLl lNb HiSiAkss
The lear elusaa without great ACTIVITY 0rnA-
rtomrnl IN ANY " lhn pAehannna bat Tho Nniy
nhaonrn ~ speculative lr1n IA a hopeful Htnp'
lom, The volume ~ hRlilmnin bnsnoaa IA uol
anHl lhnnph II lnlls short NJ ilu expectations
ppnolnlly entertained ~ Nnw iprh The 81
CHANCES ahoW payments amounting IA about
FIl ,2iO OOO, 600 iOr the Year. nnd N 10 iO br
remonboird that, on account ol the alttlntnm
IN speculation, ihe fall Ia plir's ~ slorta, nnd
many recent arrangements for lesaonng the
payments on speculative account through ceat'
ing house, thr proportion Of this nggtognlo that
ia duo 10 speculative dealings IA smaller than IN
any olhnt recent ycnt Outside oi Ncw York,
with allowance for tho change In the number OF
coniuR houses reported during the pnst yenr,
the volume Of business hns boon surprisingly
well maintained. lut the speculative markets
are greatly depressed. and prices that depend
on the speculative markets, md In u few
branches of manufacture the number Of hands
at present unemployed Iangcs from ono-tcnth
to Onc-sixth.
In the grain market there has been some re-
covcry during the past week. January wheat
closed the week at - cents against S03i the
Saturday previous; January corn at ISL,
against AZ and January oats ut , III, against
33i, cents Cotton was also trii'e stronger,
while oil declined from 753t to 73ii cents, and
lard from T30 to G9j The principal de-
cline however, vas IN The stock market Lacka-
vanna dropped "a rents dniinP the Week
burlington and Dttinrf, eents iakc Shdtc ga
crnis. NeW f8tk rcntftl "a Scnts N0tth-
VesiFfN 81 eeHts 81 iANi 359 crnts tni8n
tselie 4i,eeNis. WeatefN pNHN ! i5eeents his-
sQnll faeNe, y esrie, sisNNtIAH. si@ ceNtshtNa
ieFsey tentgai 9 eents. sNel y seAeA' AeeiiNe,
without any panie az espeeiai e&ellemeAt, slN-
My relects the generai iudSment that the pres
ent conduct pi railway manaSers Is not ealcu-
lated to benefit the stockholders, and that the
market as a gambling place Is too easily aud
thoroughly manipulated to offer falr chance
for outsiders All the negotiations OF the past
week, however, have pointed toward tho set
tlcment of railroad quarrels as probable and not
far distant On the other hand, the fear OF Con-
gressional mischief making is rather increas-
ing.
The New-York banks close the most 'remarka-
Bile year of their whole history with nearly
~ |
serve of nearly $l1 100000. They began the
year with over $90,000,OOO cash, an amount
unprecedented for January. which quickly
swelled to Sill 100000 i'll the sixth week of
the year. In spite of the enormous expansion
for speculative purposes which subsequent
events disclosed, the surplus at the middle of
February was over $2l 100000, an amount
then unprecedented, and regarded with amaze
ment. In fifteen weeks from that date. the
banks had lost about 80 100000 of their cash,
which dropped to $67, 800. 900 May "1, and the
enormous surplus was changed into deficit OF
S6. 600 900. Yet this startling change was less
violent than the reaction which followed. In
only nine weeks the reserve rose to
$lO7 ,OO0, 900, and the surplus passed the pre-
vions hgh-water mark, and, jumping
1897 900 900 in nine weeks, reached S3O,G0O,-
600. Afterward dulness prevailed, and the cash
mounted to about $l2 900, 900 at the begin
ming of December, and the surplus to about
Sl2 ,OOO, 900. Tho banks close the year
cogged with money which they cannot prolita-
bly, employ with safcty.
This condition of the banks appears at this
time 10 be the trdo barometer Of the business
situation. Apprehension has locked up foratimo
not only the 1928, 900, ,O0Oheld by the New York
banks, but many hundred millions moro. II
seems impossible 10 doubt that n swift and strong
recovery would begin, II thcro could only be-
certainty that neither the industrial nor the
financial situation would be- changed for the
worse by the Government liut the commercial
treaties and the agitation by Froc Traders In
Congrcm menace all industry And, II there
IA hafnsaing doubt IA 10 the action Of the Cow
crnmcnt IN respect 10 dutics on imports, there
ia very strong probability that II will continue
10 do mischief In regard 10 the currency. This
is not the fault of the Secretary ol the Treasury,
but of the law. He Il compelled to pay out
something. Last week out of the entire amount
received for duties here, over GHy-tre per cent
was In silver and hardly more than ten per cent
in gold. II this state of things could be aveltcd
by prompt action of Congress, there would
surely be more reason to expect the hopeful
employment of idle money by investors.
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REGULATING RIfLhOiD COMPETITION
An able article on the Passenger Pool aud Clear
ingllouse." written by y. r. picrson vice-chairman
OF the JoiniiExecutive Committee of the trunk lines
aud their western connections, has been published.
II contains much valuable Information respecting
hai