New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-03
MONEY And BUSINESS.

| MONEY And BUSINESS.
The business of last week was not espe-
cialy active except in the Stock Exchange,
where depression early IN the week, ami
recovery alterward, led to large transactions
Prices have now made quite II substantial
advance from the lowest points touched in
August: st. Paul. 5ai cents Missouri Pacific,
5la cents Western Union, 5ll cents; Central
Pacific, Union Pacific, Canada Southern,
Louisville and Nashville, Omaha, Wabash
Lackawanna, jersey Central, Northwest and
! Rock Island, each from to A cents; and
Burlington, Illinois Central, Micnigan Central,
Texas ana Pacific, and Wabash Preferred, each
from to 33i cents Ncw-York Central has
thus far gained less, and Lake Shore only liz
cents, while Northern Pacific has recovered
22s cents THIS upward tendency has been
irregular and rather ftful, being partly due to
the covering of "short" sales. but there has
also been considerable buying for investment
by people VINO pay for their securities and
take them out of the market. II is generally
felt that prices have declined far enough and
long enough to make the securities of really
we'll managed companies n safe purchase If
| the crops turn out IA well as may be expected
from present indications. But there Is still
distrust of the management of many CORPORA
tions. and this prevents anything like the gen.
| eral buylng movement which in former years
such crop prospects and such a fall in the
price of securities would have produced. The
public still takes very little part IN specIlla-
tor, and the buying for investment has not
vet been large enough to have a controlling
influence upon prices.
Grain has been a little lower in price, because
of the generally favorable news. Wheat did
not decline much, though the yield promises to
| be larger than was expected, because the news
| from Europe leads To expectations of very
| large demand for export. AS yet, however,
! both the foreign and the domestic movement
| has been comparatively small. Corn is now
within about n fortnight OF safety, and If kill
| ing frosts do not come very large yield is ex-
pected Prices have therefore tended lower
and the large yield of oats has caused a little
decline. Cotton has been disturbed by un-
| favorable rumors as to the condition of the
CROP but these have only sufliced to cause a
very slight advance IN futures, and no change
| in the price OF middling upands Tor immediate
delivery. Provisions have been rather dull,
| lard declining shade, while pork has been
| fairly sustained. Oh has advanced, and the
movement in the price of refined TO SIS on
| Saturday was followed by rise IN crude GER
| tificates, which, however, was not sustained
| through the day. There has been no change in
| butter. buta little better demand for export in
cheese tea and sugar have been about steady,
with a fair trade, and coffee and tobacco little
| frmcr. On the whole, the markets for the
principal staples have been unusually steady
during the past week, without any sign of I'M
healthy activity.
The dry-goods business has been considera-
bly, affected by the large auction sales, past
| and TO come, but there has been fair amount
of buying and the demand appears to be inn
| proving. Large sales of blankets, rugs and
mats are announced for the coming week, and
the sale of cassimeres last week brought prices
| 80 to 80 per cent below a:ents' quotations !;
but, it is said. mainly because the goods offered
| were not OF the most desirable kind. Some
| concessions in price OF cotton sheetings are
| noted, but otherwise prices of cOttons have
| been sustained, and the volume of trade rather
| increased. The statement that many of the
mills realize that there has been over produce
| ton of some kinds of goods, and are curtaiing
or changing, tends to check the depression.
| The past week has been comparatively free
| from failures, and, in view of the fear that
recent serious disasters would involve many
other houses, this is justly regarded as very
encouraging sign. 1t is the more encouraging,
too, because the scrutiny OF commercial
paper by banks and other lenders has been
rigid, and the expectation of large demands in
September has caused some hardening in the
money market. Day loans were still made at
21o per cent on cOllaterals but some demand
appeared Tor time loans on collaterals at per
cent, and good slngle-name commercial paper
paid as much as 6la per cent Stlll there is
very little reason to apprehend any monetary
stringency this month. The banks hold
larger reserve and larger surplus than they
have held at this date in any other year since
resumption, and the great liquidation in specu-
! lative dealings enables them to diminish their
loans at the very time when loans usually ex-
| pand. Last week, 100, they slightly increased
their cash balances, though this was probably
in part because the average for the previous
week did not accurately represent the situa-
ton nc its close. The movement OF money
to the interior, however, must have been
small, and the rates of domestic exchange
at Chicago and some other points have become
more favorable to New-York. OF the $32,OOO,-
| 900 of called gig per cents. the Treasury has
| redeemed in August only about $l1 ,OOO,o0o,
| 80 that there remain over 81, 100000 to Dc
.o5ooxs.ol t ooy t;c,a IN thara ahould he DregS-