New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-10
MONEY IND ErSLNESS

business improved percepuby last week,
both here aud in other cities, though the gen
eral tendency of prices was not favorable To
speculation in prod cis, aud the pro 'ortion of
legitimate business done WAS evidently larger
than usual. Speculative excitement was
greatest in the stock market wher, an advance
IN prices was quite steadily sustained until
Friday, but was followed on Friday and
Saturday by n sharp decline. The Dretexts
mot frequently given in the Street for this
reaction do not deserve notice the realizing
OF the profits which had been large on the
previous advance in many stocks was sufficient
To start adownward movement, and the reports
of injury to the corn crop tended To make
buyers doubt whether the upward movement
had not been premature. The decline from
the highest points on Friday ranged from |
TO . cents for some of the best investment
properties. and from = to 4 cents tor stocks
that arr more active in speculation. Louisville
aud Nashville declined most of these As cents.
having risen 1914 nts within two weeks and
the fall in other stocks in some measure
proportional to their previous recovery from
the extreme depression late in Angus
Whether there is any lasting change in the
tendency of speculation may depend upon the
result OF the corn crop.
The current statements rs to injury to corn
by frost are exceedingly conhic ing. Tele-
grams from Chicago say that the injur- has
been insignificant, and survey in The Chicago
Tribune allirms that yield Of 100000, 600
bushels is already secure. with prospect of
1000, 100000 bushels if no further injury is
sustained. But other and at least in part
,I,.;.n tI.nN L.. a.
has been considerable, and the Signal Service
reports of temperature, showing the progress
of an unusual cold wave over the vallies of
the Missouri. Mississippi and Ohio on Friday
night and Saturday are not encouraging. But
there is basis of solid fact In the state
ment that large part of this important crop
is already out of danger. The yield expected
was SO very large that loss of 200, 600, 900 or
even 300, 10000 bushels by frost would still
leave "A larger supply than has ever been con-
sumed or sold in any year. Unless the damage
done should Prove quite serious, therefore
the effect upon markets for grain, hog pro-
ducts, or the stocks of corn Transporting roads,
ought not to be very important. But specu-
lation will undoubtedly make all possible use
of unfavorable reports for some time. Last |
week there was an advance OF about 2 |
cents in corn, and oats advanced a little |
in sympathy, while large deliveries of
wheat caused a moderate decline. Lard |
was much depressed early in the week, |
and closed at $50 cts, against $50 cts on |
Saturday, the 1st inst. The speculation in Gil |
was not large, though prices steadily hardened |
toward the close, under the influence of ex- |
pected reports to runs and deliveries.
The annual review of the cotton crop by |
me Financial Chronicle makes the yield of |
1882 larger by 4O3, 900 bales than that of |
any previous year. Even this does not tell |
the whole story, for the average weight of
bales was very large, and The Chronicle calcu-
lates the yield at 3,430 million pounds,
against 3,201 million pounds III 1880, and |
2,772 million in the largest year preceding. |
1t is stated, too, that the crop was of much |
better quality and condition for spinning than
any other large crop of recent years. Con-
sumption in this country for the first time ex-
ceeded two million bales; The Chronicle makes |
it 2,O61 900, and the exports 4, 7I5, 700 bales. |
and the stock remaining 232, 100 bales. 1t is
believed that the current estimates as to the |
injury to the new crop are exaggerated, and |
that the increase of stock visible and invisible |
will make up for any loss in yield that is
probable. The movement in dry goods last
week was in harmony with these opinions,
some standard brown shirtings having fallen