New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-15
MONEY AND BUSINESS


tested as vet as much activity as was expected
IN legitimate trade, while the speculative activ-
ity mas been great in some branches. Thus the
reported sales of wheat at New \ ork already
exceed %, 900 bushels this year. against
about $4,000 900 to date last year; OF
corn 20, 300, 900 bushels, against S,200,O0O
last year; of oats Z, 900 bushels, against
100000 last year. and of petroleum
O,0OO, 900 barrels against 21,7OO,OO0 last
year. The dealings in cotton, on the other
land. have been smaller-S1O, 600 bales, against
]. 539, 600 la year. In the petroleum figures
reported sales at Bradford and Oil City are in
Guided for boil years. II will be seen that the
spe culatiye operations have on the whole been
much larger this year thus far than they we're
last wear to q corresponding date Yet the ex-
changes which repre- sent payments arising from
business of all kinds, both speculative and
legitimate, have been much smaller than they
were for the first two weeks of 1852 only
81. 48O. O0O, 900, against 100000 last
year. This loss is partly due to comparative
stagnation in the Stock Exchange, where the
sales of Stocks have been smaller by nearly
million shares than they were last year. Never
theless. after teductiug double the market value
of stocks the remaining exchanges for the TWO
weeks amount to only 81, 100, 100000, against
81. 1926, 900, 900 last year, decrease of II per
cent. Such decline in payments of all kinds
other than on account of stock operations, in
spite of marked increase in speculation in
products, clearly indicates larger decline In
the volume of legitimate trade.
This is to a considerable extent because the
payments incident to the first of the new year
were evidently much smaller this year than IN
1882. Of this fact evidence is seen in the
transactions at other cities, which were smaller
al Boston, Chic go, Cincinnati and st. Louis,
and scarcely larger ut Philadelphia, during the
first week of 1888 than during the first week OF
1882. While this state of things appeared at
all the chief centres of wholesale trade, the ex-
changes at many of the minor cities and manu-
featuring towns were larger than those OF
year ago. Apparently payments on account OF
the business of last fall were much smaller
than such payments were early in 1882 on &C
count of business in the fall of 1881. But the
new business also seems as yet to be smaller in
volume, outside of speculative dealings, than it
was year ago. 1t is not by any means
necessary inference that the present dulness is
to continue. The extremely mild and open
dealings.
Disbursements by the Treasury were not
closely watched LAST week, because there was no
apprehension to the immediate future OF the
money market They sufBced, taking the aver
age of SIX days ending with Friday, to add
81 529, 1872 in specie to tine bank reserves, while
the average Withdrawal of currency from the
bank was $2j1,SS1 As the banks report
gain in averages of 81, 325,000 specie and
So l6S 900 legal tenders 1t must be inferred
that their receipts from the interior added
about So 2OO,00 to their reserves. The sur
plus is now $3.50, 700, loans having been but
slightly expanded during the past week. There
is reason 10 suppose that large proportion OF
the recent increase has been in aid OF specula-
tons in stocks aud products. One or two banks
are said to be getting very high rates OF inter
est on loans made with petroleum certificates
as collateral; others have increased their loans
OH grain and cotton. In view OF the tact that
excessive speculation is now the chief danger to
the public prosperity, expansion In that dlrec-
ton cannot be considered conducive to the
general welfare. Whether loans upon securities
held for speculation have recently been in-
creased does not clearly appear, for although
of that character, very many time loans that
matured about the beginning of the new year
have been paid aud by the former borrowers
not renewed. There is much evidence that the
Amount OF money borrowed OH time by stock
dealers is very much smaller than il was "a year
ago. This indicates either that securities have
lodged more largely in the hands of those who
have large 7, sources or that the amonnt OF
them held in this market has dimashei within
year. The latter explanation, it is generally
believed, cannot be correct
The course of exchange, which is thought
quite mysterious 10y many, tends to support the
opinion that securities In considerable amount
have been sold in this market for foreign
holders, and such information as can be OBJ
tanned points in that direction. At the same
time it is fair to remember that purchases are
often made on foreign account without inn
mediate shipment OF securities or disclosure OF
the facts. Notwithstanding the large excess of
exports over imports in December and Novem-
Der, the'ful returns for the gear 1882 will prob
ably show very small excess If any, leaving
net exports of specie amounting to about
S35 900 900 as the only settlement yet made
for difference on freight and insurance accounts,
profits of importers and differentiation of i'm
ports, unless payment has been made i'll securi-
ties If the imports have exceeded the exports
of securities during the past year, as is genei-
ally supposed, there must still be some un-
Inundated balance due from this to other
countries.
Ghosts are at a discount. Once they met GER
tain welcome now they meet shotgun. We are
toid that 900 people awaited the Paterson ghost