New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-02-05
MONEY IND BTNINESS.

" tlelnan.
MONEY AND BUSINESS.
The past week has not been satisfactory
one in business. The failure Of large and
important iron establishment at Chicago, the
closing of the Goodyear Rubber Works. throw
ing 800 men out OF employment for a time,
m ugly strike resulting in 10 riot near Cncin-
natl, the destruction of large refining works
at Cleveland by fire, the deacation OF the
Treasurer of Alabama, the delay OF Congress
i'm acting upon the Tariff bill, and the prospect
that It may refuse TO suspend silver coinage,
all have tended to make the week some
what dlscourlgng one. The volume OF bust
ness grows smaller. Judging from exchanges,
which, after allowance for transactions
arising from sales Of stocks, probably
did not exceed $l9l, O00. 900 at Newly
last wcck-27 pr cent less than those Of the
corresponding week IN 1852. At the west
severe storms have blocaadcd some oi the
roads and seriously interrupted business. II
il noticed that buyers of dry-goods here
"opcrate with rather less libcIalty than Is
usual at this stage of the season; bread
stuns and cotton are very quiet for export,
but active in speculation, and petroleum and
provisions are IN somewhat The same condition.
The worst feature of the situation is that the
gambling end Of most markets IL very
active while the business end Is very
dull. Thus there were sold last week
81 bales of cotton for export, 2.3l3
for consumption. and 44S,40O bales " for
fu.ure delivery" AZ the Nor hcrn spinners
require nearly 1000 bales a month and
have bought in this market only l5,4l6 bales
since January /, it may be inferred that they
are doing a. little rs possible at present.
o. COURSE the first and main cause of hest
tation IN business is the expectation or the
fer OF legislation. Scarcely any change OF
duty or of internal taxes can be proposed that
does not seem 10 some persons 10 promise bet
ter prices and larger sales, and 10 others to
promise lower prices and smaller sales. Tho
former do not wish TO sell. nor the latter 10
buy. when they think such change Is about
to be made. The tendency is TO induce peo-
plc. while action is pending. 10 live from hand
10 mouth, and TO commit themselves as little u
possible. ahis kind of stagnation must be clearly
distinguished from a prostitution or dishcarten-
ment resulting from more lasting causes IL
might terminate on the instant, ii Congress had
acted. or if IL could be known that Congress
could do nothing for two years. Bat there are
also deeper causes OF inactivity, which affect the
market, to some extent and which II ought to
DO the aim of Congress to remove rs soon IL
possible by wise legislation.
Speculation has been very active. About
$1,000, 900 barrels of pctrOeum-more than
there il in the word-wcre sold last week at
the four exchanges that report. There WAS no
c.pecjal change in price, but money in growing
tight IN the oil regions. and some Ncw-Iork
banks ara extending increased facilities to
sp.cuhtors in that product here. The sales Of
wheat. corn and oats were about up to the
average of the past five wecks-abOut
157.OOOOOO bushels this year, against
81. 900 900 for the corr spending weeks last
wear. There was quite an advance i'll
wheat and decline in corn and oats.
bat neither had any other than a speculative
basis. Unusual activity in lard has resulted
in higher quotations though pork and bacon
are quiet A very large business in coffee OPP
tons has been done al advancing prices while
sales on the spot have been only moderately
large. The same feature runs through all the
markets, speculation is rampant, while bust
ness is dull.
The bank statement showed loss of re-
serve winch was caused by the increase of
Treasury balances. The money market has
been fairly supplied. howevor. aud 1t is not
generally supposed that any pressure can arise
here unless it be the result of disturbances in
the regions where oil or whiskcy are largely
held. The suspicion that some United States
bonds were coming from Europe has been
justified to- some extent; 100000 came in
one lot from France But the amount now
held abroad is probably not large enough to
make the movement important, except as it
tends to defer the importation OF gold