New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-17
MONEY AND RTSLNESS


We have passed what may be called the
panic date, and yet money is worth only 2
per cent on call in Wall Street. The pros
pect of any stringency this year vanishcs rs
the weeks pass without any important de-
mand from the interior, or any extensive
"bull " speculation in products or securities
The principal cause of the abundance and
chcapness of money is the continued unwll-
ingncss Of people to buy securities, but next
in importance is the collapse of almost every
speculative movement for an advance in
prices. The multitude is not buying wheat,
or corn, or oats, or pork. or lard, or cut meats
which have all declined in price aud. if the
present crop prospects hold, are likely to go
still lower. Nor does the multitude care to
buy cotton, though it has advanced a shade
because it is felt that the information now
current about the new crop cannot be trusted
as entirely dsinterested or trustworthy. In oil
there has been some advance, but il has been
conspcuOusy engineered by q few powerful
corporations and operators, with unusual
care TO shake the public" out after every
upward jump. The condition of all
these markets of late has been such as to
prevent any considerable absorption of money
in the undertaking 10 lift prices. If this state
of things continues a little longer we shall
not only have a much smaller demand for
money to be used in these markets than is
usual at this season, but an excellent prospect
of large exports. and consequent commercial
credits upon which gold can be moved this
way if it is needed.
In the stock market, prices have generally
advanced during the week, though not steadily,
nor without much opposition. The net result
of the weeks fluctuations has been a gain in
the prices of most stocks, though not "A large
one. But the principal feature of the situation
is that the public does not buy largely. Even
when it is believed that prices are likely to
rise, the public prefers to let the managers
and operators enjoy the benefit, and, while
there has been some buying of good properties
for investment, 1t is insignificant in effect
compared with that general and confident
buying which makes "a bull Market" and
relieves the great spectators of their
load. The public distrust or hesita-
ton is due only in small part to any
apprehension as to the general condi-
ton of business, or the future volume of
traffic. Belief that the crops are going to be
ample does not, as usual cause free and large
purchases Oh SiOCkS ItdI Oh TdllfOdu wars Is
general, and distrust of corporate management.
Unless tins changes, the market may move
onward for some time without materially affect
ing the demand for money.
The banks again reported a gain in loans,
and larger increase in deposits, with no
practical change in the reserve. The worth
lessness of the weekly statement of averages
is again illustrated, because the official reports
show that the Treasury has increased the
amount of gold, silver and legal-tender
certificates outstanding by ST 1870, 900 during
the past week, while taking in only about
$1,000,000 in cash, wholly in legal-tenders.
The banks have been sending some money to
the interior, but an amount unusually small
for the season. The exchanges were large for
the second week of the month, but only
because speculative dealings were large after
deduc'ing double the market value of stocks
sold, the remaining exchanges were $40, 600, 600
less than those OF the first week III September
and 81 100000, or nearly 30 per cent, less
than those of the corresponding week last year.
This statement, however, does not indicate
the volume OF new trade in those branches in
which purchases are made largely on time.
The activity in the dry goods business in
creases, with fair prospects for the fall trade.
In metals there is better cling, and new
orders have caused several establishments to
resume operations; among them the North
Chicago Rolling Mill with 1000 hands. The
prospect of cheap food, and of .ower prices loi