New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-23
MONEY! IND RUSINESS.

| the fear of complete arrest of cOmmunlca-
| lions had a controlling influence, and since
| the strike actually began there has been
| great decline in the volume of transactions.
Both speculative and legitimate business have
of course been affected but in different de-
grees. Those who buy for consumption or
use in manufactures have reason to buy about
the same quantity whether the wires are work
ing or not, and will if they can get orders de-
livered, while those who buy only to sell again
at profit do not dare to take the risk of be-
ing left without knowledge of changes in the
markets And as sellers of imaginary proper
ty are generally more apprehensive than buy
ers, operations on the "bear" side have been
| particularly curtailed. The consequence has
| been general rise or steadying in the prices
OF products, with great decrease in the vol
ume of business, and especially of speculative.
business. At such time one realizes how
greatly the extension of telegraphic facilities
| has contributed to promote mere gambling in
| products.
| In some important products, however, an
upward reaction had commenced before the
strike occurred. Wheat sold down from
| 81 23l2 June 1 to 81 105s July 6, but had
| advanced to 81 1854 on the 18th, and has not
made further progress since the strike took
place. Corn, on the contrary, after selling at
| 70 cents March 1 aud 65l2 cents June 1,
dropped to 57as cents July 6, recovered little
and then fell off to 56l2 cents on the 18th.
Since the strike it has recovered to sos cents.
Oats sold at 81 cents April 1, and had fallen
to 40 cents July 2; there was then q re-
covery to 4ii9 cents, but fear Of the strike
4 Al.
the / 9Th, and there has since been an advance
to 40l2 cents. Cotton sold at 1914 cents
June 1, fell to 9.S7 cents on the 17th, and
has since recovered to 1904 cents. Oil GER
tiicates dropped from 81 16l2 July to 979l
cents on the 18th, hut have since recovered
to 81 0G3i, though the close on Saturday was
weaker at 81 OF. Lard fell from 9.65 cents
July 2 to $50 cents on the 16th but has
since recovered to 0.25 cents. Very similar
changes were produced in the stock market by
altogether different causes. From July 2 to
the 18th there was general decline, amounting
to about cents for New York Central
cents for Lake Shore 3l2 cents for Northern
Pacific; 2 cents for Missouri Pacific, and Ala
cents for Western Union. But since
Thursday the advance has been
pa cents for New York Central; 2 cents
for Lake Shore; 50 cent for Northern
Pacific, III for Missouri Pacific and 1's for
Western Union. Here the controlling infu-
ence was the covering of previous short "
sales, and the determination of powerful
operators to arrest a decline which had become
threatening.
Under the foam and froth of speculation,
the real business of tho country went on in
the main as usual, except that its volume
was much diminished by the uncertainty as to
prompt transmission of orders or quotations.
There were, however, two failures of consld-
cradle importance, that of the Manchester Iron
and Steel Company, for about 81 100000,
and that Of L. w. Holbrook & Co., dry
goods dealers of this city, for $750,000.
Though these may not be attributed wholly
TO disorder in business, they indicate continued
strain In two important branches. All the
Western nail mills stopped work on Monday
for a month, and a general suspension of
production of manufactured iron has as yet
brought no definite improvement in price.
With coal held up in price, and much less
decline in ore than in finished iron, the mills
have much difficulty. The strike in the
Bethlehem Works continues, though q mill
IL
limited wayn on the 10th. At Birmingham,
Ala four hundred and fifty IRON workers struck
to resist the Pittsburg scale of wages. Indeed, |
strikes were rather the feature of the week in |
other directions at Now-York 1000 cigar |
makers stopped work, the manufacturers |
having united in the determination to submit |
no longer to dictatiOn by the unions and |
1 300 coakmaxers struck, declaring their |
wages inadequate. 1t Is reported, too, that |
700 men in the South Chicago rolling mills |
will to-day demand payment by the ton. so rs
to earn So or 81 per day, whereas they have
been getting So TO $3 so. The works have
been closed for repairs, but it was expected to
start again to-day. A plan to reorganize the
Union Iron and Steel Company of Chicago,
which failed some time ago, il discussed, but
not yet carried out.
While capital and labor seem to be having
more difficulty than usual, the trunk line rail-
roads met during the week, enforced payment
in money by roads that had transported more
than their allotted percentage, recognized the
pool with eight members, admitting the Nickel
Plate and the Chicago and Atlantic, and
agreed to leave the allotment of percentages
first to Mr.. Fink, and, if his finding is dis
puted, to Mr.. Adams as arbitrator. Good
crops at the West, and news of favoring
weather in Minnesota and Dakota, doubtless
strongly impelled the roads to this decision
they are going to have a large traffic, and
cannot afford to quarrel about it, The only
morsel of gloomy crop news comes, as
usual, from Alabama; this time the worms are
doing mischief. But there Is not much pros
pect that the world will suffer for want of
cotton for the next twelvemonth. The official
reports of foreign commerce showed an increase
of $3,30O,O00 in exports of breadstuffs for
June, in comparison with the same month last
Il dAAA 900 In,