New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-25

within the power Of Shyocks, TO save Is per cent
low at 2 1-2a4 per cent Beyond that moderate
circle the strngency was scarcely felt. except III
the loss Of business because Of IT, But Mr.. row
DERBY was factor in the money market last week.
The disposition which he exhibits, even If it turns
out that he lacks the power. TO tie up and elnDaf-
rass the whole commerce OF the country at 'nis
particular time was menace which served 10
check buyers both for speculative and investments
account. To talk OF an extensive liquidation Is
simply ridiculous In the face OF the fact that tic
total transactions in the general department Oh
the Stock Exchange last week amouDted only 10
s36,761 shares. We think no one will dispute
that the bears did the heaviest part of the selling
there a buying in and selling ont for that
account, confined chiefly 70 the professional oper-
atOrs which furnished the largest part OF inc
transactions reported. The declines established IN
liquidation had little 10 do with the decline III
prices, The liquidation of the operations OF Iast
haps at profit and perhaps in the bankruptcy
court.
In aid of salvation from the Bankruptcy Court
particular attention will be drawn TO the GAN
gerOus condition of the Newf0rk banks, because
their loans for the first time since 1882 exceed
the amount Of their deposits. 1t is even proDaDle
that it will be printed that for the first time
such comparison has been made, despite the
fact that till 1884 the bank loans almost uni
versally were greater than their deposits Among
business men 1t generally is supposed that thclr
liabilities are reduced But among some of our
new fnancers, both brokers and writer's, the idea
bilites furnish situation that possesses the qpal
ity Of the haven OF safety. Now, with banks,
their deposits their chief liabilities, their CIR
cuation being secured by O deposit with ihe
United States Treasurer Of Government bonds
Their assets consist Of their loans as well as OF
the cash which they have on hand. The caPitaIs
of the banks in the New-foy.l Clearing House
amount TO S6O,s2, 200, their undivided surplus to
S599S7 1 90: total S120, $4,000 For the frSt
time in three years the banks are earning some
interest upon their own capital: that is, they are
actually leaning about s45, 5000 of their own
Sl2O. 1880 During the stagnation Of 1854
1887 they were unable 10 employ their deposits
low rates yet it was difficult for operator
to scalp l-S per cent profit out of an operation
for the long account, excepting during the I'M,
mediate period following the reorganization OF
the West Shore Railroad. The boom which
came then was based entirely upon special causes
and not upon the general business Of the country.
Now everything Is reversed. Stocks have neen
so gradually absorbed by investors during the
last two years that there stocks outside
of the rattlctraps which fools can obtain posses
sion of before getting mp grand ou' spe qua
are no leaders in the market of a character TO
command confidence. And hence the making OF
quotations for the trading at the Stock EXCHANGE
has been and is given over TO SCI OF pesSIhIs,,s
who in connection with certain railway Officials,
make up and furnish 10 the Street" large Mrt
of the so-calcd daily news. II brokers had gen
orally been loaded up with speculative accounts
during the last week, after the manner IN when
they were few years ago, the disturbing IN
hucnces could not have fnilcd 10 create iirst
class local manic with transactions for the week
running ND 10 over 500. 900 shares day. instead
81 n meacre total Of $50, 900 shares for the whole
week. We happen 10 know that the leading
bears" are entirely Disguised with the result OF
the weeks operations, both as 10 amount OF bust
ness done and the smallness Of the declines estab
lishcd Bat as nope springs eternal in the human
breast the pessimist with an increased Short
interest pins his last confidence upon failure of
thc Treasury to relieve the money market ana
thc success OF Mr. Powderly in his extreme efforts
10 cripple the whole commerce Of the nltei
States It's a slight reed to rest upon.
An examination OF our Weekly Range,
which is prciixed by the prices for me
corresponding time Of 1880, vii! show thn'
in many instances. notwithstanding the IN
crease in railroad earnings. both gross and net
the latter being made mp after extraordinary
charges 20 operating expenses. for improvements
and bettcrncnts: Notwithstanding the Immense
improvements In general trade MS shown by the
bank exchanges OF the country Notwithstanding
the HIGHER prices which the agricultural IN
;crcst is receiving for all its products, both for
the surplns Of the old crop well as for the
new crops, and notwithstanding the general
unusual favorable prospects for the future and
continuous expansion OF legal money NJ the rate
Of 81 10 600 per diem. the final quotation OF yes
terday for stocks generally are lower than they
were one year ago.
Following is our usual table, giving the num-
her Of shares sold Of all stocks, the highest. low
est and final prices Of the week. together with ~"
final prices Of a week 90 prciNed by 'he average
prices Of August -, 1850: