New-York tribune., 1883-12-17
MONEY IND BUSINESS.

| attention last week, business In Otner IldIhelo
was irregular, with general tendency to lower
| prices. Oats made an exceptional advance OF
| about cents, with large speculative transac-
| tions. Wheat jumped up to 81 1234 on Monday.
1t afterward settled back below the closing
point of the previous week with much shrink
age in the amount of speculative dealings, Dut
rose a little on Friday and Saturday, so that
cash and December wheat shows small ad-
vance for the week, while later options show a
small decline. Corn started upward with wheat
on Monday, but fell back, and on Saturday last
sold below the prices of Saturday the Sth. The
other markets generally tended downward
Cotton declined an eighth. with remarkably
small sales except for future delivery; the
receipts were 10000 bales larger than those
of the corresponding week last year, and the
exports about $4,000 bales smaller-only
100, 722 bales, against 2O2, ,5S3 last year. In
provisions the early advance was followed by
realizing sales, so that lard closed about the
same as the previous week. In the Mercantile
Exchange. butter fell about cents, while
cheese barely held its price In groceries,
coffee was dull and nominal, options declining; ;
foreign fruits were weak; tea was quiet and
steady, with oOlOng firm; and sugar declined
till fair refining sold at 6ls cents. In the
metal market, iron did not change in price ma
terially, but $4,000 tons of steel rails were sold
in Pittsburg at $35, and $4,000 more to the
PENNSYLVANIA for delivery at various points,
while tin dropped on fall in London. The oil
market, in spite of an advance in refined, was
weak and uncertain. In dry goods, the
Financial Chronicle reports, "the tone of the
market for cotton goods is weak and unsettled
and quotes several reductions of price, noticing
also that wholesale buyers have shown "a
disposition to reduce their stocks to the lowest
possible point"
A weak stock market often explains a some
what general depression in the markets, but in
this instance the condition of business seems to
be- due to other causes. There is some dis
hcartcnmrnt because expectations for the latter
part of the year have not been realized and
this is in part because speculation has inter
fercd both with consumption and exports.
There is also some fear that Congress may
disturb the tari0, but this is not reasonable
because the Senate is Republican and the
President has the veto power. Strlngency of
the money market causes no difficulty this year,
but the diversion of capital into speculative
dealings is matter of complaint in several
quarters. The accumulation of manufactured
and other goods. which appears in many
branches of business. may be traced To the same
spiIit of ovcr-coniidcncc, which cXctes spccu-
lation and thus checks consumption and exports,
at the same time encouraging Over-productiOn.
But this disposition to push production,
legitimate trade and speculation To excess may
be- a,cribcd with much reason to the continued
imitation which operations Of the Treasury
produce.
This imitation continues at a rapid rate.
On December the Treasury held $339, 1926
in gold and silver. and had outstanding
SlGl. .S2s ,23l in certificates; on the 10Th it
held $3.50. .927 81 ia gold and silver, and had
outstanding %lG762 l,53l in certificates.
Since November 3, the outstanding paper
promiscs have increased $16,33S, ,OO0 and
since November /. lsS2 about $sO,0O0,OO0.
The bank circulation, meanwhile, is declining;
the withdrawals of bonds exceeded the.depoSits
by SI.GlG.OOO last week. Probably there is
no other subject on which it is moro important
for Congress to act promptly than upon the
silver and banking questions, which are closely
connected
The course of the stock market last week
was influenced by many rumors, but by some
important and mfnvoTblc facts. The war of
rates declared by the trunk lines against some
Of the Western roads, though a disturbing
force, shows that the Eastern roads are able to
act with degree of harmony which it was
recently fcarcdthcy would not maintain. The
traffic agreement between the West Shore and
the Grand Trunk roads has been anticipated
so long, and ts effects have been so fully
that it seems hardly reasonable to
regard II as Just cause for new revision of
values The struggle between the Union
Pacific and the Burlington and Quincy has
reached point at which, according to all
experience, efforts for settlement are likely to
he made in earnest and the call for meeting
of the Iowa pool on Tuesday may have results
not now expected The persistent attempt to
break the Willard stocks so far succeeded as to
nut Oregon Transcontinental at the lowest
point vet reached. But it il Just when things
seem to have "no bottom" that experienced
men grow most wary the same stock sold mt
3 llo in October, and then rallied l4li cents in
eight days If there is nothing worse in the
affairs of this class of roads than has yet come
TO light, holders of the securities may well
that the Union Pacific sold mt 2Sli !
five years after its completion, and yet after
ward rose to 1908. The violent fluctuations
which have occurred this year, it may be
noticed, have not been due to bad business, but |
TO auarrcs between managers and corporations. |
In eleven months, 81 railroads show an increase |
IF $2l ,425, 900 compared with 1882, and 53 of |
Ihnm share in that increase. 1t is not because |
the business is bad, but because it is worth |
having that the managers and spectators and |
rival corporations fight about it.
TRICYCLES FOR LADIES.