New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-15
MONEY IND RESLNESS.

CIOlH dul luC Stutlhl NOuhAbloh Va bN''-A'N'Nj
and Of declining prices in almost every market.
This anomaly, so often seen OF late, is begin
ming to attract attention to It's real cause.
The markets have been made by speculation
for long time; the speculative transactions
have so greatly exceeded all Others that legiti-
mate purchases or sales were of no effect.
The speculative fraternity had antici-
pated a large business, great prosper
ity and advancing prices this fall, and
had accordingly loaded up. But the
public declines to buy at the advance; the
spectators find themselves forced to sell out
at loss, one after anOtherJ and their sales so
far exceed the ordinary purchases for consump-
ton. export or investment that prices steadily
sink. In brief, the public refuses to speculate
this year, and leaves the professionals to put
up prices If they can; they are unable and
have to sell, and so the public is enabled to
buy what it must have at rates which would
seem unusually low even in time of general
adversely
General adversely there is not The volume
of business is not as large as it was last year
or in 1881, after deductions on account Of
speculation, but it is nevertheless very large
and tolerably steady. Over-prOductiOn still
cmbarrasses some branches of manufacture,
but even in iron the visible stocks are much
lower than they were at other times when
higher prices were easily maintained. The
country is now sure of an abundance Of every
great staple for food, clothing or use in man
ufactures, or for export and it has every
reason to expect a good foreign demand
for all exportahle products, though buy
crs generally hesitate, in the hope that the
collapse of speculation will bring about still
lower prices. Labor is generally employed,
and at fair wages. The obstacle to n genuine
improvement is a prevailing want Of conf
dcncc and that is caused mainly by excessive
speculation.
The exceptional markets which showed
strength last week were few Cotton advanced
i cent for middling uplands, and ranged
higher on all futures, in anticipation OF
very unfavorablc crop report, but when
the Bureau report came out on Thurs
day it was found less encouraging to short
crop people than they had expected and
pressure to sell followed, though prices did not
fall back to the level of Monday. Coffee was
active, and the failure Of bear Spectator
caused an advance; sales ut 1l3l cents were
recorded. Tea was firm at auction sales, and
sugar steady, though refined was lower. To-
bacco was also very firm, and better freight
rates indicated that the actual movement OF
products was not falling of. In the dry goods
trade, also, though there WAS much irrcguiarity
with only moderate transactions, the tone was
more firm and no decline IN prices is noted.
The grain market started with a sharp
decline on Monday. amounting to nearly 2
cents on wheat / cent on corn, and l. cent
on oats. The lowest points were reached
on TUESDAY but the covering Of contracts has
since prevented further decline, and
in some cases II partial recovery has
resulted. The export demand Is moderately
large, but obviously has small influence IN Il
market in which IO,9ll,O 900 bushels of wheat
were sold last week The oil market, also,
started with a fall of cents on Monday,
and successive declines followed daily
until 81 O77s was touched on Thursday.
A recovery then followed to 81 ll7s
on Saturday, which was checked by report,
now Geographically pronounced false, that "A
new well had begun 10 flow. The COntradic-
ton did not reach the market until after the
close at 81 lOls, more than 3 cents below the
closing price of the previous week. Iron was
steady since the reduction OF Thomas No. l
to S2l, but the market for steel rails was
thrown into confusion by the offer of large
blocks, it is stated, at $50 by the Lackawanna
Iron and Steel Company, rs an effort to break
the combination, that company beng dlssat-
isncd with its position therein.
The stock market was constantly depressed
until nearly the end of the week by heavy
sales and adverse rumOrs to which those sales
gave color of truth. Notwithstanding Mr..
VandcrbilGs denial, it is still stOutly asserted
in the Street that Mr.. w. X. Vanderbilt has
been a heavy loser, and The obvious fact is
that he must have been if he has held any of
the stocks i'm which he or his family arc sup
poscd To- have interest. But a man may lose
heavily without affecting his sOyency. The
statements Of Mr.. w. II. Vanderbilt, and par-
ticularly the announcement thathc had begun to
buy, helped some recovery on Saturday, aud the
market closed above the lowest prices of Thurs
day and Friday, but during the depression the
Gould stocks were put down to very low
figures. The Northern Paciiic5 were also de-
pressed to the end, while the coal stocks
recovered some through the week from the
fall of the week preceding. But the tone OF
the stock market has not essentially changed.
The public does not buy the doubt as to the
success of the trunk-lne pool in preventing
omen wars has not been removed, nor the dis
trust OF railway management. Mr.. tnks
allotment of percentages of east.bound freight
from Chicago, though it takes off ia per cent
from the Vanderbilt lines, and 9aI from the Lake
Shore and Michigan Central, and also takes
off sI4 per cent from the Pennsylvania lines,
giving II per. cent to the Chicago and Allan
tic and per cent to the "Ntckel-Plate," has
met with no protest as yet. But the expected
early completion Of the Wcst Shore road, with
the certainty that it will take great deal OF
traffic from the Grand Trunk, whether the re-
port of pending lease proves to be true or