New-York tribune., 1884-01-28
At0NEY IND BTSINESS.

Of the South fight against WltH All Jilcil niiBhu
MONEY AND BUSINESS.
With larger reserves than were ever held
before by the banks, with rapid progress toward
rcadinstmcnt of the relations between laborers
and employers, and with visible signs OF i'm
proverncnt in some branches of business, the
markets have all been sharply depressed during
the past week and have recovered from the
depression with encouraging alacrity. In the
stock market out of thirty eight active stocks
twentv-seyen closed higher by 80 to 3os cents
than the week before only seven were lower,
and the rest at the same price. The advance
on the whole was small thirty EIGHT purchases
of 100 shares each on the 10Th would have
shown profits of only 81, 5G2 30 at the close on
the 26th, or about 2-3 of L per cent on the
cost. But the decline in the few stocks OF the
Northern Pacific list, being large, overbalanced
in the average the advance in many other
securities. The general tendency at the close
was clearly toward better prices. though 1t was
in large degree due to reports III regard TO
railway settlements which, in the colder ana
clearer light outside the Board room, did not
apncar quite as substantial ms they had during
the dealings. Progress toward settlement may
be reported in cases. II Is true, but the later
news from the N0rthwcstlOoks unpleasanty war
like. The agreement of the Eastern trunk lines
with the West Shore seems TO advance wlthiess
difficulty than was expected, and the selection
of Messrs. Booth COe and Canda to investigate
the affairs of the Ontario and Western is a
guarantee to those interested that thoroughly
upright aud careful report will be made.
The principal trouble with the railroads Is
that too many of them are practically controlled
by spectators rather than by solid investors
who insist upon knowing all about their prop
erty. Hence the rumors of disaster to this or
that spccuator have had more force than they
deserved. BY way of suppressing one OF these
rumors. Mr.. Gould thought fit to give pretty
convincing proof that he was not quite ready to
20 to the poorhouse. But more substantial
cause of weakness in many securities was the
fear of reckless or ignorant or blacbmaiing
legislation by Congress As tits unhappily neccs-
sary for the people to be taught by experience
what such Congress means, the lesson may be
wholesome though distasteful.
In the grain market there was decided
advance in prices wheat advanced 3 cents for
January and about cents for later options;
corn advanced about l cent for January and
Nav and p cent for February and March and
is no solid Improvement in the demand for
export or for home consumption, and the
advance is only a natural reaction from the |
sharp decline which the posting of unsound |
grain produced. The relation of supply and |
demand remains unchanged, and elaborate |
statistical statements, though ingcnlOusly !
devised and assiduously circulated, fail TO alter
the fact that this country has allowed the |
opportunity for marketing its great surplus OF |
wheat to pass unimprOved.
The cotton market was dull throughout the |
week, except when the excitement in stocks |
caused fear of failures on Wednesday. Exports |
dropped to 110,15 bales, against 15l, $50 for |
the corresponding week in 1883 while receipts |
also declined to 104,5 bales against 136,4OO |
bales last year. Prices wero slightly stronger |
for futures toward the close of the week, but |
the probable effects of the contest about wages
at Fall River and elsewhere had not yet been
realized. Els0n's annual review, as tclc-
graphed to The Financial Chronicle, shows a
larger stock on hand January l, both in Great
Britain and on the Continent than there was
year ago, the increase in both being 5000
bales, and the consumption in Great Britain had
not declined in December, but was still about
900 bales weekly in excess of the consump-
ton at the close of 1888. The great strike of
operatives, if it continues rs long as late
English journals indicate that it probably will,
must cut down British consumption consider
ably, while the reduction in wages which is
generally determined upon by New England
mills seems likely to be unwisely but stubbomly
resisted. Stocks of goods on both sides of the
ocean are SO large that makers can hardly be
much averse to a suspension.
Provisions sympathized in movement with
grain rs grain, contrary to reason, sympathized
with stocks. Coffee has been weaker for actual
but stronger for options, and tea has
been active for both Sugar fails to advance
though dealings have been large possibilities
of legislation affect that market. Some con-
tracts for large lots of steel rails were taken
during the week at prices below previous
quotations, but there is better demand for pig
iron. Oil advanced sharply when it appeared
that the new wells were declining in yield as
usual, and the export demand has been large.
Old rates continue for coal with better demand.
In the dry goods market, the demand was dis
appointing and the tone unsettled, partly
because OF uncertainties us to manufacturing.
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