New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-24
UONEY IND BUSINESS.

The markets fiuctuated more than usual last
week, and at times there was considerable ex
element. But the final result of the weeks
operations was to leave prices not far from
those of the preceding Saturday, except in the
stock market Wheat declined little on
Monday and Tuesday, but then heavy Trans
actions for export caused a recovery, and the
closing price was a shade higher than that OF
the previous week. Corn sank to 6034 cents
on Tuesday, but colder weather at the West
and n singularly excited warning of approach
ing frost, which was sent out by the Weather
Bureau but did not prove correct, caused
sharp advance TO SO cents cash, and 633s for
October. Oats sympathzed with corn, though
the net advance for the week was only cent.
As was natural, too, lard was active and rose
with corn, closing about S.42l2 cents against
8. 40 the previous week. The failure of the
predicted frost to arrive on time does not
seem to have removed all fear in the grain
markets, and sensational dispatches are
literally supplied by some Western journals.
The cotton market weakened steadily until
Wednesday noon, but an avalanche OF private
and other dispatches reporting serious
injury TO the crop caused subse-
auent advance, and the market for futures
closed little higher than on the previous
Saturday, while spot mddling uplands rose ls
fan 1OIo cents Prices are now relatively above
LIVERPOOL quotations, but sales for export
have recently been larger, and the reports
from the South indicate that, although the
long drouth has been broken, the rains have
probably come too late to do much good to
cotton. Thus in all these markets there has
been some advance in prices, not wholly
without reason. The oil market, after declin
ing a little, advanced to 81 17l4 Friday after
noon. but the opening of new wells then
caused reaction to 81 1872, from which
there was recovery to 81 14ll at the close,
against 81 10 on the previous Saturday.
The course of events in the stock market
was very different. There was a general add
vance on Monday, which continued on some
stocks until Wednesday. Eut the decline dur
ing the latter part of the week was general.
and in some cases large. Oregon Transconti-
mental closed ILL cents lower than on the
previous Saturday, Northern Pacific preferred
GA lower and the common 6ls lower, Union
Pacific Al lower, Louisville and Nashville 3ls
lower Wabash preferred 25S lower, and
Denver 2ls lower. But some other stocks,
notably New L rh OcHtIui anu l4thc CHoIc,
were very firmly sustained. 1t was
not unnatural that the expectation of
large crops should tend to strengthen
prices of stocks and that the fear of injury,
to the corn crop especially, should cause some
depression in stocks well as some rise iii
gram, but it is obvious that the very stocks
which have least to do with the corn crop
have been most affected by the speculative
operations for which the reports Of coming
frosts were used ms a pretext. The principal
changes were mainly due to vigorous attacks
10y operators who seek lower prices.
The bank statement received less attention
than it deserved. The loss of So, 900 i'll
specie was only in part balanced by gain of
$1,713,4O0 in legal tenders, while the increase
of So, 900, 100 in loans does not indicate that
the decline in securities has brought any
tightening of loads to the banks Apparently
quite large sums were sent to the interior in
connection with the movement of grain; the
Treasury averages showed an increase of only
81, zoe, 900 in specie and a loss OF $4,000
in currency. During the week, according TO
the Washington statements, unusually large
issues Of gold and silver certificates were
made, so that the amount outstanding in
creased $1,195,000 gold and $1,114,OOO sill
yer certificates No doubt these were issued
in the main for the transmission of money
from New-York westward, and the usual
statement of The Financial Chronicle shows
that about $2,500,000 was sent to the inte-
lior by the principal New-York banks. While
the reserve held by the banks is larger than
it has been at this date in either of the four
preceding years, the surplus Is only
81, 1871 ,O75 and was reduced more than hait
by last weeks operations. The banks can
hardly continue to expand their loans much
longer, and the new demands for fall trade,
if met at all, will make nece ssary some curtau-
ment of loans for speculative interests.
The unusual throng of loaded wagons on
the streets leading to the wharves and ferries
last week gave notice that large quantities oil
goods were being shipped, but, no doubt,