New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-04
MONEY IND BUSINESS.

Last week was one of comparative inactivity
in business circles. as is usual between the holt
days. The feeling generally expressed by busi-
ness men il not one of unmixed satisfaction at
the results Of last years work, though there are
few who take II gloomy view of the future.
Unsatisfactory balances on the accounts of the
last half year are generally attributed to the
effects of the drouth of 1881 upon the purchas-
ing power of the people, to excessive specula-
ton, to over-production in some departments,
and to the gradual decline in prices. But these
causes are In their nature temporary. it is said,
and the business of the country must presently
revive and become larger and more prosperous
than ever. The prevalence of this feeling pre-
vents such sombre reflections AZ might other
wise be suggested by the marked increase in
number Of failures, the unquestionable shrink
age in volume of purchases during the latter
part of the year, and the unwelcome results
often shown upon balancing books for the last
six months. The country is still exceedingly
hopeful, and refuses to believe that it has dis
counted its growth for years to come, or In
vested in permanent form more capital than it
can spare.
The Treasury here closed the old year with
S115, 40, 800 in coin hand, against
$50, 100000 in gold certificates outstanding
Hence 1t has, of coin owned, only S5I, Cos,
a loss of SIC, S29, 100 since December 2. or
this amount the banks report 81 ecie increase
of S., 447. 800; the rest appears to have gone
into the interior Included in the Treasury bal
ances are 81, O00, 900 in gold received from the
Mint during the month, which sum is added in
computing the loss as respects the banks. There
Nf IN,
ury balances Of currency during the past week,
but its gain in average OF 1888, 753 nearly ac-
counts for the loss of S444, 800 reported by the
banks. The associated banks have increased
their loans $5,597, 700 during the past month,
and their deposits $12, 72S, 700 while their cir
culation has decreased 1892 100. This shrink
age Of circulation is In part owing to the pre-
paration of some banks TO retire from the Ma
tiOnal system in order TO avoid restrictions in
doing business for brokers. But there has been
surrender of circulation by other banks also,
doubtless resulting from the rapid retirement
of bonds.
Several failures Of some importance were an
nounced near the end of the year, but they are
generally attributed to causes not necessarily
affecting entire branches of trade. The tone
of the stock market, contrary to general expec-
tation, was weak up to the close, and there are
some who look for considerable decline before
any important advance can be made. These
hold that the market was held III by main |
strength last week to prevent deliveries of |
stocks on privileges which matured on Satur- |
day, and it is reasoned that IL the strong opera
tors wished to buy stocks they would have |
made no resistance to a tendency of the market |
which would easily have brought them in sew |
eral hundred thousand shares at little lower |
prices than those current. On the other hand |
1t is claimed that the market has been prepar-
ing for a great advance in January, that the |
public usually comes in after January TO in
vest its dividends and interest, that the strong
men have a great part of the stocks and will |
hardly be disposed to sell ut low prices when
they can as easily make higher quotations, and |
that the recent hesitation has been intended to
larger short interest. Everyone
can Judge for himself which of these theories
accords most nearly with known facts.
Mention was made yesterday Of the moderate
decrease in exchanges at New York last year.
Boston and Baltimore have also done smaller
business in 1882 than In 1881, but at most of
the cities the volume of exchanges has in
creased. The following shows the amount at
some of the principal cities for FIVE years, the
sums stated being millions,