The Palatka daily news. (Palatka, Fla.) 1884-1888, 1886-12-19
jay Gouid's Opinion A. 70 What
Caused he Trouble

will say Ia morrow Tine most power
full factor in the decline was continued
strIngency in the money market al
though. rather curiOuSIy- the highest
rate for call loans was not made until the
last hour. when a rally was under way.
The highest rate at which anv loan was
made was per cent. a dav. " it'll interest,
which is equivalent - lS6 per cent.
year.
jay Could expressed this opinion TO
TI-ibHtse reporter who asked his views
about the financial affairs 1t seems 20
me, he said promptly, in reply, that the
interstate commerce bill Is the chief
cause of the high rate of money. IL has
aroused a good deal of diStrUst every
where. for certainly lenders would hard
ly know where they stool If the bill
should become a law. and there seems TO
be great ds niger that it will pass.
The West is full of the matter, and |
am told that many Western men believe
that the bill will succeed. lt would re-
suit M sending through traffic down the
Mississippi river ami from the Northwest
to the Canadian roads. IL would he
sever. blow to the Western and truck
line railroads. while II would build up
lines IN Canada.
ca-President Cox. Of the Canada
Southern Railroad, said the selling Of the
Michigan Central and Canada Southern
securities was inexpiicabie 10 him. As
regards these stocks he added
There is nothing in the situation to
alarm people. When December ends
these roads will make fine showing and
dividends will be- resumed. The dIvi-
,iend4 will b- made on "a basis which viii
guarantee 10 investors that a COnSerVa-
tive policy Is to be pursued, with a view
to a steady maintenance of the rate of
payment in the future, without inter
ruptIun or spaSmotlIc spurlS Those
holders who know best about the ali airs
Of these companies are uot throwing
away their stocks.
A. - extreme rates paid for the use of
money by brokers, the general opinion
OF hank officers is thar To 4 large ex-
tent they are artificial.
comparison Of the lowest figures
to-day with the highest of Monday,
ID e. e. VIII be Interesting and Instruc
tive. Today Canada Southern soli at
JGt. against III; Lake Shore at 81,
against l0Ot: New York Central at iOsi.
:g tinst 1l6.; Er e ut -. against 3s
I,-iaware, I4rckawanna and Western AT
IlAt against lI3l: Northwestern at ll0i.
against 12Ol; ST. Paul at - al.aiIs 96:
Il chmond aud West Point at -. against
-; East Tennessee preferred at ~,
agaiuEt 81 Chattanooga ana -. Louis
at 81. against 90; Tennessee Coal and
Iron at co., against III; Union Pacific
1T 90. against 81 /: Texas aud Pacific
Trust at 49, against % Wabash prefer
red at 81. against fl :; Oregon Transcon-
n ntal at ~, again I 81.
The string-ncy has come. and today
dId it's work in wreckIng values, and it
will nos be difficult matte to name the
banks which. through a willing or stupid
cooperation. have lent themselves to a
stock jnbbng operation. Outside of
Reading aud some of the Southern Wild
eats more ridiculous panic than that
of to-day was never witnessed. The busi
ness Of the country Is going along
smoothly, and the prospects were never
brighter. There is no change in the sit
uatIOn " hiCh does not make good stocks
more valuable than tney were two
weeks ago. Opinions vary rs To the re-
nit of the shaking up nf stocks, but il
seems probable that Il little time will be-
required - clear away the wreck and
complete liquidation. which must be-
made.
Jack SGnviIic a. Whoicsatc Center.
Jacksonv,lIe Blcckadrd" is the war
like caption OF an editorial in the Times
Union. That paper has grievance
against the j., I. X II. W. Railway be-
cause 1T trans are not run IN such "A way
rs to favor Jacksonville. rs n distributing
made that the mails from Charleston aud
Savannah reach the interior of Florida
rs quickly, and on the same tram. rs the
mails from Jacksonville. This must nat
uraltv he the case. BY the increase of
transportation. retail dealers in South
Florida arr enabled 10 obtain their sup
rl'"~ from interior poin'S as cheaply as
from Jacksonville, freight considered.
with a much less loss Cf time. and ena-
llIntv EhnF,r H., tbnfv sE.,.L- 4,
closer. Jacksonville. by reason OF her
location ut the mouth of the -. Johns
River III close proximity to the ocean,
and tie Crnreriug there uf several Impnr-
tant lines oG railway. will ALWAYS b. the
!rading commercial city Of florida.
But the day has passed when deal
eTS IN the interior are Obliged - receive
their supplies through Jacksonville "r
find il particularly 10 their advantage Ia
81 receive them. Distributing points are
being built up throughout the state.
which while they may not rival the
chief city of the state. VIII nevertheless
h. the commercial ccuters of large
sections of country. the supplies Tor
which are quite ~ tikely To pass bv a%
through JaCkSnnv lie Tdr6r.S H'rdid.
Senator MaNey's proposition To cxpel
Mr. Randall and his protcctiCnist follow
erS from the Democratic party. is a
cheerful one. We suEg, 81 that Mcs~rS.
Morrison and Hurd Ice appointed com
IN ttec to perform the task. They vii
have plenty Of time for 1t while the neXt
Congress - in session. u.-Nt- lo,L II-ib
""', RIP.
Jay Gould thinks Judge Grrsham's
opinion in the Wabash case was owing
To the buzzlug uf the Presidential bee il
his bonnet" From which il may he in
feIred that Mr.. Could would not con-
tribute so, 900 To Judge Gresham's can
vds~ ~ he did To Baincs. But then i
must tx remembered that Mr.. Gould ha'
met Mr. Blaine and he had not - met
Judge Greshlm.-N,jr lUiL HJuij
ipj
It IS gradually hecominc. snmethinl