New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-29
MnNEY IND RESINESS.

MONEY AND BOoINEoS
| Wall Street is more rational than it used to
| be. in one respect. Time was when two sue
ccssive bank returns "beOw the dead line"
would have caused scare. This was generally
utilized by the large operators to shake out
smaller and less experienced holders, and then
the markets moved onward and upward again.
Possibly the fact that there are not many
"lambsn about the city at present, &C
counts in part for the absence of alarm. Inc
banks have been cutting down loans, as their
reserves declined, but without causing any de-
cline in the markets, which are generally higher
than a week or a fortnight ago. The reserves
have now fallen from S91, 100000 about the
middle of July to less than S77,OOO,OOOi ana
the surplus of SO, 600 900 has been changed to
deficiency of $500, 900, but the outgo OF
money has not been so great as 1t was last year
or in 1881 during the corresponding weeks, and
in both of those years much larger deficit had
appeared for several successive weeks without
serious consequences. The money market con-
tinues very easy and money very abundant
and there is no alarm whatever. About all the
money lost last week went to the West and
South particularly to the South, for the move
ment of cotton, which is coming forward quite
freely.
The discouraging feature in the markets for
products is the revival of speculation. Cotton
was disturbed by speculation at Liverpool
rather than here, and exports were considerably
below those of the corresponding week last
year, while sales for export in this market
dropped to almost nothing BuOyant prices at
Liverpool were caused, it is said, by spccula-
tive operation resembling acOrner The SOuth-
crn markets responded but sightlyj spot cotton
here advanced only one sixteenth, and the sales
of futures in this market were not large nor
materially changed in price. Notwithstanding
MI the stories of n short crop, the receipts at
ports and from plantations are both larger than
in 1882 or ISL, aud but little behind 1850.
The grain market also gives signs Of renewed
speculative activity. A sudden and cOnsidcra-
bic advance at Chicago Oh Saturday closed a
week in which transactions had been very large,
and prices had recovered about cents for
wheat, IL cents for corn and ! cent for oats.
The very low prices ut Chicago and all other
primary markets have been the most conclusive
evidence that holders were not really convinced
that the worlds supply was going to fall far
short of the demand, and the rally last week,
being apparently due mainly to vigorous cam
paign against shorts in n market largely over
sold, may not prove to have much staying quail
ity. Prices are unusually low, 1t Is truc--low
enough under ordinary circumstances to suggest
an carly adyancc-but it is also true that the
demand from abroad this season has been al
together disappointing thus far.
Oil closes "A little stronger than it did a week
ago, with general expectation of monthly re-
ports favorable To holders In the iron market
there has been no change; coal was depressed
at Ncw-Iork rather than nj Philadelphia,
and there is still IA disagreement between the
Ncw-York interest which desires partial sus-
pensions next month to " stiffcn the trade and
the Philadelphia interest which strongly OPP
poses any curtailmcnt of production Provisions
have been dull, with a weaker tendency in lard.
Coffee and sugar have been dull, with lower
tendency toward the close Of the week, and
naval stores are lower In the dry goods mar
kct the week has been one of exceptional mac
tivity. and the stocks held by retailers seem To
be large enough for their present expectations
but merchants here look for much better de
mand when cold weather begins.
The recovery in stocks, which began about
the middle of the week before last, was main
tanned through last week with sharp advances
in some stocks that had been largely oycrsod
Michigan Central has now risen 1ll2 cents
Canada Pacific -, Oregon Transcontncntal
IIls. Oregon Navigation 10. Northern Pacific
urcfcrrcd, Northwest and Lake Shore Z or
over Ncw-York Central g, and Northern Pa
cifc. St. Paul, Omaha, Lackawanna, and Illinois
Central or over. Some other stocks, however
shared but little in the rise, and are still near the
lowest points. There has been some buying
by investors or traders who considered the
market low enough to render some advance
almost certain. The outside public Is not
vet taking much part in the market, and
in the absence Of such basis for
sustained upward movement renewal OF
heavy sales for speculative account might
at any time change the temper OF the
market and the course of prices. The railroads |
are doing Il good business, and there IL less
complaint of cutting rates than there was some
wccksago, though hcapproaching complciiono t
the West Shore is still cause Of apprehension |
On the whole, business is more active than it !
was. There is a prevailing hopeful temper, !
though this Is not unusual when there Is
turn upward in speculative markets, and |
sometimes mslcads. But if gambling in
products does not too greatly disturb the mar
kcts, there is good reason to look for sub |
stantial improvement at an early day, and the |
only unfavorable symptom now visible Is the
ouick revival of speculation In several quarters
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