New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-02
MONEY AND BUSINESS.

A further decline in grain and q bad report
| as to the business of Nichols of Chicago, weak
ness in provisions and lard. and unwarranted
rumors of the failure of Armour, duluess aud
singular strength in petroleum, aud decline
followed by some recovery ia stocks, were the
principal features of interest in the business
world last week. Nothing need be said of the
money market; it has been easy and received
no attention. Nor did the report of an in
crease in the numbe- of failures during the first
half of 1883 cause any alarm it is we'll under
stood that many of them have been Of specu-
lative soft, and that the collapse of speculative
rings is not disadvantages, but a benefit to
legitimate business.
| Distrust of the New-YorlS Central on account
of the completion of the West Shore Railroad
WIS the key of the situation in the stuck
market. On Thursday and afterward The opln-
ion gained ground that this distrnst had been
carried too far, and that the old and estab-
lished lines, notwithstanding new competition,
would retain an enormous business and con-
tinue to be valuable properties. 1t is not out
of place to remember that il is now just two
years since prices began to decline with the
shooting of President Garfield and the assur
ance of failure of crops. New York Central
sold in 1881 at I55, Lake Shore Mt 1852,
Michigan Central at 126I2. Wabash preferred
nj 9614. and some other stock ut correspond
ingly high figures. Alter a depression lasting
so long, it would not be at all surprising If
good crops should bring some recovery. The
great railroads are not exactly worthless,
though speculative management has done Its
best TO deprive some of value.
The news from the grain fields has been gen.
orally favorable, aud the decline in prices is
understood to be due rather to natural causes
than To speculative Influence. The surplus car
RED over from last year Ia large, the latest H.
formation promises very fair though not an I'M
precedented crop of wheat, and n large crop OF
other grain and OF cotton, ana the prospect is
that Europe will not have "a large deficiency
of whent IA ID had last year. The price of cot
ton has been affected by similar conditions;
there is every rea son to look fer a large yield,
anu the markets for goods do not seem to en-
large materially Mddling uplands declined
about three-sixteenths Iast week, without spec
ulatiye excitement or large TRANSACTIONS.
The oil market, too. seemed to be very much
left to itself, aud was very dnll, but did not de-
cline. It's strength under the circumstances
supports the theory of those who think the adj
vance above 81 ger barrel due to legitimate
Influences rather than tospeculatiun. Ofcourse
this nrodnct would be worth nearer 81 than
81 per barrel, il the supply should once def
nitely fall below the consump tion. and the long
continued failure to reach new deposits has
IMPRESSED many with the belief that such
state of things is not far distant. Several new
wells came in last week with fair Yields but they
gave no indication of any new deposit not pre-
yiousK tapped, and hardly compensated for the
steady decrease in the yield OF eii wells. The
discovery of a new deposit of oil Would be
hailed with great JOY at this time, except by
holders and spectators, because this product
has become one OF the most important in our
foreign trade, and this country has no occasion
to fear competition from Russia or elsewhere,
even in the German market, until the price of
crude in this country rises much above 81 80
per barrel. But without some new source OF
supply. the price might soon 60 high enough to
check exports.
The opinion spreads that better condition of
business is to follow the change of tafiif which
takes effect to-day, not so much because of the
nature of that change but because the expecta-
tion and apprehension of it have caused un-
reasonable distrust aud inactivity. There are
signs of very heavy transactions in the com
mercial world this week, preparations having
been made to take out OF warehouse large
anantity of goods us soon as the new tarf
takes effect. Included are materials for many
branches of manufacture which, it may be in
ferred, will now be more vigorously prosecuted.
With the removal of uLcerteinty as to the work.
ings OF the new law, the supply of cheaper
materials in some manufactures, and the pros
pect of excellent CROPS, the business of the
country ought soon to become very active.
The exchanges at New-York last month re-
iected the prevailing hesitation and were 8
per cent below those of June, 1882. exclusive OF
stock transactions, but were nevertheless very |
large What seems stagnat0n now would
have seemed wonderful activity few years
ago.
We reGret to notice a disposition on the part of |