New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-09
not obtainable: The exchanges Of the Clearing
Houses in the United States in 1887 amounted to
S61, 05l, 1913, 743 against $40 05l In 1856


SOL, O5l, siS,743 against S40193, 26i.o5l In 1856
An increase OF 81, 1866 500 or 3.77 per cent
The exchanges at New-Y York in 1887 were
$33, 4S4, 556,26S against S33, &c, $780, 6i2-a de-
crease Of 81 90, 273,344 or. 057 per cent Outside
sl7561262,475 against $k5,5i6,4 6l ,430-an in
crease of$2, 050 80l, 036 or 1921 per cent. These
figures are particularly interesting and instructive
They illustrate the magnitude Of the mare
operations at New-York In comparison with those
OF all the rest OF the country. They show, despite
the decline IN transactions at the New orK STOCK
Exchange-S6, 700, 900 in Goyernment bonds,
81 10, onp 900 in State aud railway bonds ana
IA, 900, 900 shares Of stock-the bank clearlngs
at w wsI ,S Esy Uo ef wnere
stock transactions furnish an infntesimal proper
tion of the abnk exchanges the gain was 3.2l per
cent Barring exchanges due to Stock Exchange
operations the gain of the whole country may
safely be estimated at % per cent as tho reflection
of greater activity In gneral business
Much mas been said and written about the short
crops of 1887. The latest Agricultural Bureau
t those Of 1885 as follows: wheat45O 900, 900
of 72l,80O bushels or 1,5S per cent: Corn
1883, 000, 900 bushels against 1oo5,4 600 IN
1854 decrease of 81 AL 900 bushels or 10
per cent. Cotton--6, $50, 600 bales against $3.50
800 bales in lSS6-an increase OF 5000 DaleS, or
2 per cent. Other authorities estimate the crops
Of ss7 at figures in excess OF those OF the Govern
ment but accepting the Government figures there
is nothing startling in the changes reported, par
ticnlarly when it is remembered that whatever may
be the aggregate Of the corn crop quantlty
hardly exceeding 300 000 600 ever leaves the c0un-
ties in which it is grown In the shape OF corn
The product of pig iron in 1887 was 100000
tons greater than i'll 1886; of steel rails 100000
tons greater; the out put OF anthracite coal was
Q 800 600 tons greater IN 1897 tn in 1886 and of
Eastern bltuminOus 100000 tons greater Inc
product OF crude petroleum III 1887 was 4,oOOooO
smaller than in 1886 and the deliveries Were
GOO 900 smaller The construction Of railway ex-
tensions in 1887 aggregates about ID 600 miles;
principally bult by old and wei. established com
mat
fore made and by issues of bonds bearing interest
not exceeding 5pir cent instead or per cent, as
was the common rate Tor the issues OF 1919 10
1882.
DULL WEEK WITH HARDENING PRICES.
The transactions AT the Stock Exchange during
the last week, except for the development oil two or
tnroe features. would not be worthy or mention
The total transactions in stocks for i've DAYS az
areQa, ed only 647.504 shares against T33,593
shares FIR the preceding four DAYS business In
the general bond market, however. there was an
improved demand not only for gilt edges" but
also for some issues that are still regarded as OF
speculative character Nothing but the limited
of bonds from reaching large proportions. Inc de-
mand was there. but the supply was not
in sight. In she stock market there ap,
peared q moderate investment demand for good
stocks but sufficiently pronounced 20 Influence
the speculation against The adverse efect- or the
Reading coal miners strike The Reading strike
nnauesiionabv did defer anticipated buying for
speculative accounts, and probably checked some
buviug tor Investment. Investors are as anxious
never do. WHAT there was done IN the way OF ag-
gresslve speculation was done by the operators ior
a decline who have carried over large lines OF
"shorts" from the old year. IN the first TWO days
Tuesday and Wednesday the week some energy
was displayed in the wav of selling stocks. st.
1 ani,c Mnf decline. sold from 70 down to ~
with considerable volume OF reported transac-
tons Reading handled moro discreetly at
from 65I4 to GAL because a support was earlier
discovered Later Western Union was selected
the stock ready to burst WIDE open, aud 1T was
sold off u per cent without bringing any real stock
TO market. ST. iul closed at 10 - Reading at COPS
and Western Union at 777s. with TRANSACTIONS TO
re-establish the figures not niue h more han one
halt OF those required to depess ns Se sbaAy ef
putting out additional contracts but their oIrdS or
evil omen all he more energetic in publish
ing what NAV happen aad tine w sps rx
are settled. The conditions are not exactly
parallel. but they specalatively are near enough so
TO remember that the great strik of 1887 made
the foundation for the succeeding great specula-
ton No one who sold stocks a. the beginning of
those strikes ever reaped proht from such sales.
BEAR LOGIC.
The Times still harps on the danger Of Govern
ment deposits ID national banks secured by pledges
of Government bo1ds 1t would he less absurd TO
say that bank had placed itself IN jeopardy by
loahing an individual par on Government ! per
cents, qnoied at 125 IN the market IS 1t abiolnte
Ignorance or something else which. after printing
Government deposits, induces The Times 70
say the toowingf If the banks
have $50 10000 of government money
OH band it means that this amount is en-
rloyed IN trade, and filling the ordinary channels
of circulation, which Is quIie a different thing
from having the money actually locked up In the
treasury vaults. 1t 1t were there. any method of
letting il out would be benefit to trade; bur as 1t
is out already and fulfilling its proper functions
a circulating medium; the. manner and method
which Congress NAV adopt for finally disposlng Of
IL, so far as Government ownership is concerned,
becomes matter OF some importance. There IS no
danger to the money m rket therefore. except that
Hon1 ma
circulation to cause disturbance" IL looks as II
after being driven from Its assertion that Govern
mept money IN bank practically was Locked as
fully as if in Government vaults it makes large
drafts upon the supposed ignorance OF its readers
perhapsing chat ongress NAV cast that servants
possible future baby on q red hot stove. For the
Information of readers of The Times we Will say
that Government deposits In banks take nothing
from the Treasury vaults; they Simply prevent an
accumulation in tie vaults of money that before
was III general circulation. and which by the trans
fer from private depo5itors in payment OF dues TO
the Governnent-otner than custom nutiesEto de-
posts he credit of the Treasury remains i'll gem
eral circulation The Government treats Its de-
posiis in National banks exactly as does an indi-
vIdual, except that it makes no loans: IL makes It's
payments from sub-trea,uries or depoitory banks
as best suits its convenience; last week 1t drew
from the banks for its monthly payments
exactly as an individual would draw his
check TO pay tor house or horse; that sun
on December 81 was to the credit OF the Govern
ment now it is the credit of the former creditors
of the Government before 1t wa5 to the credit OF
the Government duriug the period 1T stood there,
and now that it has been again distributed II all
the time was and Is IN bank or in general circula-
ton. Ii is hard speculative lines when the sirua-
ton is such that such illogical reasoning must be
resored 10 for The purpose OF inducing some ono TO
sell 100 shares of stock which he holds IN his box.
SubjOlned Is our usual table OF the highest low
est and final prices and number OF shares sold of
forty-nine active stocks together
with the final prices of week ago. prsfixei by the
prices Of January &. 1887:
WEEKLY RANGE.