New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-01
BTSINESS IND SPECEL1TLON


Speculation has been relatively more active,
during the past week, than Legitimate business,
and yet the volume of business of all kinds
has been unusually large for the season. Great
speculative combinations in grain and pro-
visions have collapsed, or at least have met
temporary reverses, and the transactions in
phantom wheat, corn and pork have been
very heavy, but with an advance in prices of
wheat after Tuesday. A sharp decline i'm
cotton on Monday and Tuesday was followed
by larger advance on Wednesday and later
so that the price rose from 11.69 to II
cents. In some descriptions of dry goods there
was more active movement, but in others
the large deliveries were mainly account of
former orders. In iron there il increased
activity, with prices fully maintained. The
export demand and speculation caused some
advance in petroleum, crude certificates moving
from 76l4 to S0ls cents, and closing Mt ISIS
cents. The tea sales resulted in pretty full
prices, but the markets for sugar and tobacco
have been weaker.
The chief speculative movement of the week.
however, has been in stocks The powerful
combination which has so successfully de-
pressed prices for more than month.
so that the lowest prices for five or
six months were recorded on Wednesday
for majority of stocks, met with n
decided reverse that day. and the market
has been growing stronger ever since, with
very large transactions. AS the decline has
been largely due to manipulation, SO the later
advance must be regarded as a natural recoil
from depression which investors regard. in
some degree at least, as artificial, excessive.
ana not likely to be permanent The same or
similar speculative combinations may. never
r,olra ~
the probable recovery of the President, the
ease of the money market and decline of ex
change toward the gold importing point. the
more definite and favorable news as To the
wheat crop, and the growing conviction that
the railway managers must come to terms be-
fore long, all tend to make operations for q
further decline more difficult. When all the nm
favorable features have been set forth and
considered. and the worst that can be expected
has had its full effect, it is in accordance with
experience to suppose that the next general
tendency will then be toward higher prices.
Speculation In several important branches of
business has been excessive and unhealthy.
ana yet not OF such magnitude rs to eDdanper
the general prosperity. At this season. active
speculation in leading products is natural,
ana by no means altogether mischiey-
Gus. Excessive speculation in stocks becomes
dangerous when it enlists too large n part of
the Nations earnings and threatens the peaco
OF the money market, but at this time the
public has much less share than is usual in
the dealings in Wall Street, and the position
OF the money market is exceptionally strong
Inc treasury statements to be issued TODAY
VIII probably show that large amount If
called bonds still remains to be redeemed az
that the disbursements during the present
month will be large. Meanwhile the official
report OF foreign trade shows that n very
large unllqmdated balance in favor of this
country has been created during the mast
year. upon which New-York will draw specio
rom Europe whenever the condition of the
money market renders reinforcement desirable
Inc present position of the banks ia sufficiently
strong, and the fact that the reserves declined
only $3oo,OOO last week, though the Treasury
temporarily absorbed over 81 600. 900 indi.
Gates that some of the money sent out earlier
in the season is returning.
The exchanges prove that the volume of
business is larger than ever before in .Julv
not only at New-York, but throughout the
country. The aggregate exchanges at all
the clearing houses outside of this citv
for three weeks of July were 1897, 600. 900.
an increase of Sale per cent over the CORE
spending weeks last year, while the exchanges
at New-York for the month of July were
$685. 100000, an increase of 1872 per cent
over any previous July. Though part of