New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-04-02
MONEY AND BUSINESS.

The rate of interest declined last week and
the extreme stringcncy passed, though n little
over per cent was generally paid on loans,
! and ut times as much as 10 per cent. But the
relaxation in the money market did not make
business more active, and the week that closed
| on Saturday vas one of the dullest on record
of late years The exchanges were smaller for
six business days than for the previous week,
which included Good Friday, and the amount
| exclusive OF payments arising from sales OF
| stock was about 500, 000,0 900 less than for
the corresponding week last year, or II per
cent. Notwithstanding this inactivity, and the
| depressing influence of several failures of
considerable Importance, the prevailing tone OF
| the markets was strong; stocks were Oh the
| whole "A shade higher at the close than at the
| beginning of tho week, though the aggregate
| sales were only about 100000 shares
wheat advanced about cents corn III cents,
and oats 2i4 cents; provisions were shade
stronger and cotton declined only sixteenth,
while petroleum, Notwithstanding the opening
of some productive wells declined only about
2la cents for the week. Tho advance in bread
stuils is the more significant because the remark
able dulncss in the export trade has caused
ocean lItlRnlo W W a ttulS lOI gram
by steam to Liverpool, and ample rains in
California and Oregon have removed the fear
of n short crop on the Pacific coast
The discreditable condition of the principal
markets is we'll illustrated by the fact that
important events affecting the actual demand
and supply, such as those above mentioned,
had much less effect upon prices than the de-
cision of the Illinois Supreme Court virtually
refusing to permit gamblers who got caught
in corners" to escape the consequences by
pleading that grain gambling Is illegal. This
decision terminates q contest which originated
in the July wheat corner last year; the price
was held at 81 30 on the last day of the
month, and operators defaulted in over
100000 bushels about quarter of the
quantity, it is said, being for New-YOrk ac-
count. They appealed to the courts to pre-
vent enforcement Of decision against them
10y tho Committee of the Board of Trade, but
the case was decided against them by the
lower court and has now been decided against
them by the Supreme Court The effect APP
parently, Is to render the law against corners
imperative when the Board of Trade, in ac-
cordance with its rules, decides that named
price was the legitimate and true price of an
article on the day in question. This encourages
spectators to believe that the capital and
skill of powerful clques will again be en-
ployed with as much effect rs ever to make
artificial prices in the market, regardless of
actual conditions.
The banks gained $S65.SO0 in reserves last
week, while the operations of the Treasury
here were such as to add 81 ,212, 900 to the bank
Al. n M
and imports of gold added $3.50, 900 more. 1t
follows that about 81, 100000 was sent to the
interior, as usually happens at this season. The
large imports of gold and the disbursements of
interest by the Treasury have barely served to
supply amounts withdrawn from New-York
banks for the interior, for their reserve is now