New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-12-03
TO them refused, on the specious ground that
they do not know how to make proper use OF
the money,
MONEY md BUSINESS.

standing the two holidays. Even when money
is easy and abundant, the risk and cost of car
rying over two days usually cause tendency
toward lower prices. But nearly all the specu
lative markets have advanced during the past
week. though the gain in wheat at Chicago
was only half cent, corn advanced cents
oats IA cents, pork 67i2 cents per barrel and
lard 80 cents per 100 pounds, while at New
York cotton advanced a shade, and stocks
closed on Saturday from 1 to cents higher
than the week before. The exceptional mar
kets are those in which over-production or the
pressure of excessive stocks has controlling
influence. Oil declined one cent, notwthstand-
ing a monthly report deemed favorable by
holders. Iron did not improve though the con-
tinued sales at low prices tend to relieve the
market. In dry goods, business was dull, and
the accumulation of stocks leads to the expecta-
ton that prices may be lower. Sugar and
coffee were not very active, nor was there a
| change in price. The coal market is still
affected by the disagreement between the carry
ing companies as to their policy. But, notwith-
standing the comparative inactivity in these
departments, the prevailing tone in business
circles was hopeful, and the tendency of most
|
The upward movement in stocks has been
rather steady and persistent than Eighty. 1t has
support, first, in the excellent reports of earn
ings, and the feeling that the securities of roads
that are doing so well are selling at low prices !;
second, in tho accumulation of unemployed
money and the belief that, with the large dis
bursements in January, there must come a
heavy demand for investments; and third, in
| the perception that the prophets of evil have
| exaggerated and misrcprcsentcd beyond meas
ure. There is no wild speculative fever in the
stock market, but Il great many safe securities
| have been taken in moderate amounts for in
vcstmcnt, and the prevailing belief is that pur-
chascs of this character must increase. 1t is q
| potent fact, too, that the roads which have been
most threatened by competition in consequence
| of the completion of rival lines seem to be do
ing good business the growth of traffic COM
pcnsates them for all losses by diversion to new
lines thus far. In the far West there is some
wranging among the railroads, but IN open
rupture between strong companies almost al
ways leads to Il speedy REIMBURSEMENT, and there
are reports already of a new secret traffic agree
mcnt which may entirely supcrscdc the Iowa
pool. The Eastern trunk lines have advanced
'i'''''
ton are likely to have enough to do.
High grain and advancing stocks do not agree.
If there is a scarcity of grain, the carrying
companies must feel it in diminished traffic.
Those who wish to break down prices of sccu-
rites have, therefore, been particularly active in
circulating extraordinary stories of disaster to
crops. Only few days ago The Cincinnati
Price Current was quoted as authority for an
estimate that the yield of corn would fall be-
low 800, 900 900 bushels, but on the Doth
that paper said :" The trade has lost its head on
" the corn question. The corn crop may be
safely put down at 10 per cent below last year
in quantity" The crop of last year, less 10 per
cent, would be about l,16j, 100000 bushels.
The Price Current adds "Therc was Il surplus
in last years CROP and if this was o per cent OF
q the production, and it was probably larger
@proportion, there will be no shortage In
- supplies this year, The prophets of evil will
now cease to quote The Price CHrrent-and
attribute their stories to some other journal
Prices both Of wheat and corn have now been
advanced so far that exports have been Sc
riously checked, and the Eastern war, even if it
should last and grow. could hardly affect prices
or increase the foreign demand for breadstutls
for some months TO come.
Money accumulatos rapidly, though issues of
Treasury certificates were large enough last
week to account fully for the gain of Sl,25l,OOO
in bank reserves. With moderate increase i'll
loans, the banks appear to be i'll an exception
ally safe position for this season. Duncss in
commercial circles has much to do with the ac-
emulation of unemployed funds, but the in
activity Of patient waiting differs widely from
the stagnation of disaster. Even in the iron
business, and other branches of trade that are
most affected, it is seen that temporary halt
will enable the markets TO clear Themselves and
prepare the way for II more healthy activity.
There is not much apprehension OF mlschevous
legislation mt Washington this winter the gem
cral feeling is that President Arthur will have
fine knowledge as well as the disposition to
arrest any harmful measure. Meanwhile, 1t can
hardly be said that the general business OF the
country is Frustrated when the shipments OF
flour, grain and provisions from Chicago last
week by rail amounted to 67,402 tons, against
a.. 600 for the last week in October $4,000 for
the last week in September, and $1,000 for the
last week in August Exchanges also show
that the volume of business at twenty-seven
cities outside of New York was almost as large
in November as in that month of any previous
year. The shrinkagc at some points, or in
few branches of business, is wcll-nigh balanced
bv the steady expansion in great number OF
branches in which trade has not been disturbed
by over-productiOn or speculative markets
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roo MANY TEKT-BOOhS.