New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-02-26
MONEY IND BUSINESS.

GOnly week more and TINS Congress Will
abolish itself" A great many men said this to
each ether on Saturday, with sense OF coming
relief Improvement in the markets seemed
likely to begin, at one time last week, In ad-
vance of the adjournment of Congress, but II
any efforts to that end were made they proved OF
little avail. The tendency of all markets was
dispirited and disheartening for the present
with general anticipation Of better things II Con-
gress gets out of the way without doing mischief
The transactions shown by bank exchanges were
very small, amounting to only $649,397,6l9
for the five working days Of last week. Ex-
elusive of exchanges arising from sales OF
stocks, the number of shares sold in five days
having been about 100000, the Other ex-
changes were less than 800, 900, 900. and 27.3
per cent below those of the corresponding
broken week of last year. In not few cases
bankers and merchants are made to realize that
uncertainty AZ to Congressional action has al
most blocked the business of their customers
and correspondents, and possibly larger share
of the present dulness is ascribed to that cause
than actually results from It,
The banks lost about l,SOC, 900 to the
Treasury last week, all in coin. As their re-
ported loss in averages was 81, 400, 900 specie
and 81 $3.50, 200 currency, 1t IL inferred that
shipments of large amounts OF currency were
made. The domestic exchanges rule strongly
against New York at the gran-handling CEN
tres. and much money has been sent thither,
while purchases by the West and South from
Eastern manufacturers and merchants have
been rather smaller than usual This move
men. 70 the interior was hardly expected to APP
pear In such force during the present month,
but the losses TO the Treasury have been antici-
pated. Since January q the Treasury has
added $1,000, 900 to its balances here, and the
banks have lost about $S,S0oOOO In cash,
having meanwhile expanded their loans
Sc. 800, 600. Operations In products appear TO
e1plain this expansion at time when other
business is decreasing rather than increasing.
The Treasury had no success in getting bonds
for redemption last week, aud, notwithstanding
the stagnation In branches OF trade that are
affected 10y the tariff and the internal taxes,
is taking In much more money than 1t pays
out Any definite decision, whether for or
against reduction of taxes, is likely to be fol-
lowed for time by some increased activity In
purchases and payments, and II adverse TO re-
duction by increased revenue The accumu-
alton OF money by the Treasury, on the ether
hand will not be checked until the LIST of June
or July, when a new law may take effect If one
should be passed. From these considerations
further depletion Of bank reserves might be in
ferred, especially If the speculation in products
remains active.
Cotton has declined little, with no reported
sales for export even at the decline. The re-
ceipts at ports were 1874, 448 bales last week,
against co, leo for the corresponding week last
year. European advices untavorablo to exports
of hog products caused some depression In that
market; coffee declined little, and speculation
in petroleum runs toward lower prices. The
dealings in dry-goods wore moderate In
amount, though stimulated little by better
news from the river regions of the West and by
the advancing tendency of wool. Wheat has
been depressed, with heavy sales and small de-
mand for exporc and corn has also declined, but
OATS are firmly held. 1t Is regarded by many as
n matter of encouragement that tho heavy fail
urcs In iron have not led to others, and the only
commercial reverses reported during the past
week have been OF minor importance. The
prevailing hope that better business will follow
Congressional adjournment has n sustaining in
nuence.