The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1885-06-23
BARRELS OF IDLE CASH
NEW YORK GLUTTED WITH MONEY
WANTING EMPLOYMENT.
a movement TO Erect Tenement Houses
for WOrkingmen-Gains of specie i'm
European National Banks-The
U. S. Treasury.

CHICAGO, June 23 The New York CORE.
spondent OF The Inter Ocean telegraphs.
The Hood OF money in need of profitable en-
ployment mas had something to do with the
upward tendency Of the stock market
With no end of money to be had on call in
Wall street for l per cent the outlook for
the money-lender is indeed blue
The surplus reserve of the New
York banks is now in excess of
$62,OoO,0 600. On the corresponding dates in
the last two years tie surplus was about
$9,O00,O 600. At other financial centers both
at nome and abroad the story is much the
same. The socialistic friend at my
elbow argues that capital has be-
come permanently redundant and
TO an extent not yet perceived. So
much so indeed that capital is now in the
way of returning to labor whence it came.
In short, that IA one way and another labor.
always the real capital, is to give employ
ment to money. 1t is at least clear that
numerous facts are Mt hand in proof
OF the belief set forth. Take as a single il
lustration: A strong movement is on foot
here in New York looking TO the erection of
model tenement houses The return on the
investment is to be per cent and the wage
receivers who become tenants are to be
made joint proprietors as far as possible.
Certain it Is that if the "brown stone dis
trict" is to reduce its expenditures invention
and design must expend their forces in the
Improvement and cheapening of the things
required by the ordinary every y-day man.
leading furniture man told me the other
day that thus far the thought in his business
had been mainly expended in catering to the
wants of the rich. If money is to be drug
at l per cent the thought-energy must
speedily find more popular expression.
There is indeed good reason for the belief
at this time that the state of trade and
industry in the lines nearest life is by no
means so bad as the prostration Of the
money lenders business would lead one to
suppose
The last reports from the leading National
banks of Europe show heavy gains of specie
Last week the Bank of England gained $3-
6s5, 5S5 in gold, of which amount over 81,
00n, 900 was received from foreign countries
In the same period the Bank of France
gained s., 62s, 900 in specie, of which
1858 600 is silver. The Imperial Bank
of Germany reports gain of
$5o5, 900. The aggregate increase of specie
OF these three banks for the week was &c.
| SS9, 900, of which 81, ,07S, 900 was silver The
Bank of England now holds in gold $751;
| 300 $50, an increase of SIS, 440, 900 over the
corresponding date of last year. The
Bank of France has now S23S,-
$50, 953 in gold and $2l6, 900 $50 in
silver, against sos, 156, Ssl and s2O2,
s45, O23 in silver at the corresponding
date of 1854. In its official returns the I'M
perial Bank of Germany does not dis
tinguish between gold and silver. Comput
ing the holdings of this bank at ne-fourth
gold and three-fourths silver, shows the gold
now held to be sSs. 4S5. 900 and silver sll5,.
ASS, 900 against $50, ,647, 900 gold and s1ls,-
932. 900 silver one year ago
While the United States treasury shows a
marked change in the relative amounts oi
| gold and silver now held compared with one
year ago, the aggregate of specie now or
hand not covered by outstanding certif-
Gates is 81, 750, ,204 in excess of one year ago
During the last twelve months the treasury
has lost s2l, lO9, S66 in gold, and gained S22,
$780, 070 in silver.