New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-06-29
CONGRESS AND BUSINESS.

OONOhEOO AMI OOOINECC'
MERCHANTS DRAWING A LONG BREATH
THE ADJOURNMENT GENERALLY GREETED WITH
SATISFACTION - UNCERTAINTY AND DTsrRusr
DIMINISHED GENERAL CONDITION OF BUSINESS.
Business men in this city state that they re-
gard the adjournment of Congress with feelings OF in
relief and sasfaction relief that they know now
the full OF the mischief wrought during the ses-
sion satisfaction that for few months no further harm
may DONE They breathe feer. they say, at the ad-
ournment of Congress that has rested like incubus
the busness of the country Ever since the beginning
Of the been crippled by the discus
sion of questions that 1t would have been better
to have left undisturbed. The Silver bill as
amended and passed has done it is said, no great
harm, but the bill first proposed and the discus
sion that followed worked great mischief; aud
especially in this that they produced an uncertainty
and disrust that fatal to mercantile activity. inc
Potter investigation was referred to by many mer-
chants " 1t would not seem, perhaps, that merely
political measure would have disastrous effect on the
business OF large country, but that political scheme"
said one merchant caused uneasiness among bus
mess that perfectly parayzed all operations Men
heated 20 in extensive ventures, out OF sheer
dread as what might be done 50 long as Congress
should remain in session The fear, too, that might do
something irrtate and disturb labor the results Of
which could have foretod, added TO the unoer-
tainty and dread"
1.-TWO things" said Mr. Halves, OF David Dows Co,
"a government to its Commerce. fixed hnanclal
policy and the utmost exactness "a 10 what constitutes
title to property On both these points there has Deen
il seems to me, terrible confusion Of ideas The adj
jOurnment consequently brings relief to all business
men," What can you expect" asked member OF the
firm of E. r. Durkee Co., from Congress in which
there is not probably single business man Who arc
the business men in Congress There Is not snslo
member who could manage successfully New-York
business" Other merchants various lines OF business
agreed III the expression of satisfaction at the ADJOURN
ment and were nearly unanimous to the effects on
the volume OF trade. While said that II was vet
too after the adjournment 10 observe an spprec
able effect. and while others claimed large increase,
but did wholly attribute il 20 the closing OF the ses
sion all asserted distinctly that business could not wei
be worse than it had been during the session.
To the tobacco trade especially, however me az,
reduce tae tax ON tobacco 1t said, would not have
caused large losses stocks directly 10 the nlahhiac
urers Bt the proposal threw such chill the trade
that until Congress adjourned, the demand for goods
tbat On ming tnbaccos they had guaranteed tier
toners from loss but fnecut and graduated TO-
baccOs aud suus. They lad adopted TINS course IN
oTdT 10 retain their trade In plug goods hch they be-
eyed would have been injured IL was said that they
would have lost $4,000 by their guarantees had
tmrers said tney had been compelled to follow this
course aud sincerely glad that Congress bad 40"
i0urned without disturbing the tax lhelr business.
they said, now very large, but the increase was
20 the execution Of conditional orders received our
ing the consideration OF the tax and 10 the denand ON
account OF the reduced stocks held by the distributing
trade. ...,,-
Members of the Cotton Exchange stated that their
business was at all affected by the adjournment OF
Congress. Ii Congress never To meet again, SAID
they the mills would be relieved from the great uncei-
tanty which existed 10 what 10 might 40, ales
ITS VACATION III regard to the financial policy IL would
SEEM they tgougbts that the members womb endeaVor
Ia fad out what country most needed To establish
upon firm financial basis but instead they would res
turn with better ideas than they possessed when Con-
gTess adjourned. -. -,
ON tne Prod ee Exchange the markets were not ale
fected nv tue adjournment OF Congress- but there was
general feeling OF satisfaction There bad been con-
slant fear that financial measure would be passed
Which would affect iuiurOusy tine general interests or
the country Gold being nearly az par, excDanges
were made in currency without taking gOld into ac-
count. There had been a decline on wGeat IN
Ordinary grades Of fIOm % 10 80 cents
bnshei during the Dast sixty days. ana decline
OF so barrel -four since May but this shrinhage
was accounted Tor by the large stocks when mao been
held by few firms inths city. The result hau Oeeh
tbat The European stocks were excessive, ana TAO
markets had become overloaded. The TWO or llfeo
houses ho ling these large stocks had been heavy losers
but it was SAID they perfectly sound, and could
stand q falling market for some time 10 come These
same houses we're long on tue market last fd NbeH
prices went up, and they Oily losing what they
made THEN. Iue stocks held on tne other slde, IL was
autlOrltiveiy stated, were held on IUlelsn ascoun'
and not by dealers here. ,
Tile anticipation OF large crops, 10 was further stlteo
made tue dealers inclined 10 market theif stoch
even at lower prices aud while the exports were MUCH
greater than at the time last year, the de'
/ maud was hardly equal 10 the visible supply. On
Monday last tue amount OF gram IN store was conf
| DafItIvely large. While lower row tnau Tor
MANY year,-frOm 43 Ia 45 cents bushel-ihe stocks
were small, the shipments being on direct orders
from the West. The following table gives the exports
present time aud tor the period year ago, show
ing a large increase.