New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-13
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MONEY and BUSINESS,

| MONEY AND BUSINESS
The past week has been one of serious de-
preston in the stock market; of dsquieting fall
ures in commercial and banking circles; and OF
comparatively active speculation in stocks,
| grain and oil. The cotton market has been
inactive and without material change. Pro
| visions have been dull, though the prospect
of very large production this year has made
the market heavy. In the dry-goods business,
buyers manifest unusual caution, though job
bers report some increase in Southern pur-
chases domestic woollens nevertheless open
with a tendency toward lower prices, and
colored cottons have been marked down in
some cases Groceries have been compare
| lively inactive, with better tone in Coffee
| and tendency toward lower prices in sugar.
Imports continue to decrese, and the ex-
changes last week were only $576, $50, 425,
against $3.50, S17,19 for the corresponding
week last year.
The grain market was stiffened by cOnsid-
cradle purchases and large charters for ex-
port. Wheat rose from Dig to gig cents, and
corn also advanced, though the sudden rise in
August options was due to an unfOunded APP
| prehension of corner. The report of the
Agricultural Bureau for August, though palp-
ably shaped to cause an advance IN prices,
had some effect. but the large charters for
export were the main cause Of Improvement
in prices. There is considerable complaint
about the grading of wheat in this market,
shippers maintaining that they get more accu-
rate grading in Baltimore, and the fact-if it
be fact-tends to contract business at this
port. No adverse crop news has been received,
and there Is every reason ut present to expect
a veIy large yield of oats, a large crop OF
corn, and n yield of wheat which, with the
surplus held over from last year, will exceed
probable demands.
Reported injury to the cotton crop in some
districts has caused a stiffness in prices, not
withstanding the small purchases for e1-
port The crop Is nevertheless likely to be
very large, and it may he we'll to remember
that the comparisons are with the yield OF
last year, which was much the largest crop
ever produced. The oil market has been
affected by the opening of some new wells in
PENNSYLVANIA, which yield literally, and by
monthly statement decidedly untavorable TO
producers or holders. But the reports Of
new fields discovered IN Ohio Missouri and
near Pittsburg also have some influence.
The weakness In the stock market has been
the principal feature of the past weeks record.
If there was an attempt, AZ many believe, to
sustain prices until the movement of the new
crops should induce the public to buy. that
attempt seems 10 have been abandoned by the
principal operators last week, perhaps in conse-
duencc of the distrust which commercial failures
caused. Whatever the cause, sharp decline
occurred, which was sufficient to induce heavy
selling 10y holders for investment and by dis
heartened spectators. On Saturday there
were large purchases by strong houses, partly
to cover short accounts, and no doubt
partly by investors or operators who have
patiently waited for good time to buy, but
il remains 10 be seen whether these purchases
were premature. The railroad earnings for
July show an increase of per cent in COM
paris0n with the same month last year, but
the mileage of roads reporting has increased
aboul per cent, and nearly the whole of the
Increase is found to have occurred on few
Northwestern roads. The ST. Paul, North
western, North Pacific, Canada Pacific, Omaha
and Texas Pacific report an increase of about
$1,ll9,000 IN earnings, and the increase in
all the roads reporting is only $l.l7l,5l0.
In the absence OF returns from the great trunk
lines, no conclusions of general application
can be drawn from these reports, except that
the Northwestern roads are generally doing a
good business.
The strike Of telegraph operators has had
considerable influence in the markets during
the past week. principally because of the cut
ting of wires At times the reports TO the
different Exchanges were entirely suspended
for a WHILE though the Western Union showed
its ability to furnish reports quito promptly
when its wires were not malicously cut The
practical failure of the strike would naturally
strengthen prices, but the main cause of de-
preston is public distrust which cannot be
removed in that way, or Immediately in any
way. This dstrust has its root in the fact
that several branches Of industry or trade
have been Improbable for year or two, and
in the management of some corporations with
little regard to the interests of stockholders.
The public has thus been rendered in meas
ure unable and unwilling to invest in securities.
But the apprehension of a general collapse of
commercial houses and of banks has no visible
excuse
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