New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-20
To,a OF 10 roads. s756e.s4i s8,552667 s9579iOO

. [" OCf
Coiorso ocking Valley and Toledo. 32s2o2 29sg1s
Evansyic AID Inrisnsrois 2 6ss Issls
TosS Ann AIgcr Sor, Michigan: s2i5s 1875 80
MAeeling and Lake Erie 1854 loSoof
Total of SIX roads ............... s54o7aO sjs6s
TIE GENERAL SITUATION.
We have shown that the United States Treasury
last week ,Lmulated cash balance In It's vaults
of S2,526,492 and reduced its deposits IN banks
S766,1s6, giving a net gain OF 81, 100000 Now:
il is interesting to note that in the same week OF
1887 the Treasury accumulated IN ITS vaults
cash balance of 81. 72S,6 go and added TO IT'S de-
posits in banks s4e5. 6S2 making net gain to
its total cash balance of S5,2l4 1902, against
gain OF 81. 700 900 last week. On February IT,
1887 the Trcasurys net cash balance in its vaults
was exactly s2,3S4, 53l more than it was yester-
day. In the year, its creation OF money, Dy tne
coinage of standard dollars, has amounted TO
about S34 900, 900 so that by Treasury operations
the amount Of legal money in general circulation
has been increased some S31,5OO, 600 during the
twelve months, and by imports of gold S33,OOO,-
0o0 o nnu ~ our dcpos in National
banks yesterday were Si0,l3S106 greater than
on February 0, 1887. making the total net
balances in vaults and banks yesterday s42522-
727 greater than year ago. or, dcductng the
silver coinage, about sS,500Cn0 greater These
are facts well worth remembering. because it was
about this time last year that the senseless hue
end cry Of Treasury accumulations of cash began.
The SURPLUS balance of the Treasury is increas-
ing by the payment Of debts from current re-
CENTS as Is shown above. its net cash balances
are little chan gcd as vet There is question that
tho bill authorizing the Secrcarv to use the surplus
for the purchase OF bonds will become n law
II has been shown that the banks loss Of cash
last week was approximately the same as in the
week Of sS7 and 1886 by reference we learn
that the loss for the week Of sS was attribute
BILE TO the same cause that of last wce<-Sub-
Treasury absorption-while that for the week of
1896 was due to geld exports These items are
worthy Of mention now. because from certain
publications, and from indications which we see,
ii seems probable that another attempt Is 10 De
made to create a scare about Treasury absorb
tions and tight. money for effect at the Stock f
Exchange With nearly 100000 900 more legal
money in the country than there was year ago,
it ought not, and probably VIII not succeed a
second time with bank and trust company ON
GERS In the meantime money, despite last weeks
bank losses of cash. continues easy at 2a2 = on
call at per cent for three to six months loans
on collateral and at 2a3 per cen, h lor CssoG
here that the city banks as o rule: never , ,
much money time on Stock Exchange colat
erals Such loans made by trust and insur-
ance companies
TT railroad earnings reported above speak OF
the general situation outside of the speculative
markets they tel OF large fscts
and not fancies theories, aud they contijidlct
all pcssimistc predictions. The unusually large
ABSORPTION by investors of railway bonds since
the new year bespcaks a confidence in the sltua-
tion that bettles the transactions at the Stock
Exchange and does point mark against Stock
Exchange methods. The proposed scheme ior
the creation of statistical department at the
Stock Exchange. under the charge OF comle-
tent and trustworthy audltorto fathom tine depIs
Of railroad reports and their secrets meets WIN
general favor: he only :rLwbac'; is the question
of its practcability, and few persons believe IL
can be successfully carried ont.
A BETTER TONE IN STOCKS
The week opened at the Stock Exchange with
dulness intensified, so that on lu sday the to,ai
transactions aggregated only $4,000 shares lheie
was no marked depression in the values Iurlhs
the two days dulnes,. Looking at 1t from a
speculative point of view and supposlng that
there was bul' party manipulating the
market it would seem if dulncsS was created
for the purpose OF inviting short sales, ar ar
tain it is that the market late In the week dis-
putes the theory advanced that " IL was the
magnanimity of the bears in not pressing slocks
on Monday and Tuesday. that ayerted PANE
1t is moro probable that after the last foIr months
,xpcrience the lesson had be learned that shorS
nut on duh market, rcaped quick loss Ater
Tuesday there was betterment IN the snuat ron,
a DEVELOPMENT of confidence, such as seemed at
the close of business Tuesday night never again
could come THE Tribune however that even
ing quoted the market as closing strong; anu
from that time there was a gradual improve Prove
ment in values. with executions here ana mere
The effect of bear" tactics to check
the advance The settlement of the
d 1%susH on the part of Western railway
managers to return to their legitimate business OF
running their trusts for the benefit Of the owners
and not for their personal spite or their private
stock speculaton. Of course help matters along
materially. The bears now have in view the
threatened strike Of miners III the LackaWStninia
must necessarily occur in arranging matters NJ
the West AS to the Lackawanna ana Wyo,,
ming strikes it is probable that the companies ana
individual owners would welcome a TWO weeks
Law off They have been running fuIl tlme since
January to fill up the gap in the, supply OF coai
caused by the Reading strike, and have neSIecCeu
necessary dead work. which must be done.
On the other hand the miners OF these dlstrlcIs
need TO remember that their fellows OF the SchuyI-
kill and Iehigh regions after strikes OF sever,
weeks and four months respectively, are not wen
prepared to support them in idleness 1t wlu take
time TO arrange matters out West, but u Is saie
"a saw that the work begun last week Will go on
till peace is fully restored -. ,-.. ..ou
No one at all Conversant with speculation ever
raises the question of a difference In the legitimacy
between buying stocks on margin Tor pront anu
selling them for profit on decline. one slde
of the speculation Is as legitimate as the other
but neither is legitimate or lawful When Tor the
purpose of accomplishing its ends, IT resorts 10
the distolting Of facts, the manufacturing o,
news the starting Of false ideas which lmperll
the general business of the country, and to ao-
solute lies Such methods are as disgrace1ui TO
" buls, as to bears" and usually accomplish
no permanent profit TO the side which uses them.
The know-alls" never do it. ,
Subioined is our usual table including the
number of shares sold Of all stocks highest lowest
and final together with the final prices OF week
ago, prenxed by the prices of February 10, 1887: