New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-12-01
MONEY and BUSINESS.


MONEY AND BUSINESS
Transactions in the various markets during
the past week have not been very large, in part
because of the Thanksgiving interruption
There is still. however, prevailing dulncss in
most of the markets. the exceptions during. the
past week having been mainly in stocks. oil
and cotton. In the cotton market and in grain
the result of the weeks operations was sub
stantially no change in prices. In stocks and
in OIL the result was "A considerable advance.
The cotton market closed week ago mt n
decline under sales to realize. Early in the
week, however. cold weather at the South and
higher prices abroad gave renewed strength.
The operations have not been very large, and
the receipts for the week were considerably in
excess of the average. or OF the correspond
ing week last year, reaching 2S1,692 bales.
| Exports on the other hand, were smaller than
for the corresponding week last year. The
stock on hand is now 81, 900 bales less than
on tho same date year ago. The
natural consequence was a reaction, so that
prices closed on Saturday with scarcely any
difference from the range of the Saturday pre-
viOus Much the same movement occurred in
the grain market. Early in the week there was
| ~
this market sympathized. On Wednesday, how
ever, downward movement began, and the
close on Saturday varies scarcely quarter of a
cent from prices week earlier. The movement
continued especially large in wheat. while the
export demand has been only fair. In
the oil market the first three days of
the week were dull, with scarcely any change
| in price. Just at the close OH wednesday an
| advance of about cent was made, and after
the holiday. on Friday, n vigorous campaign
against shorts, lscd upon the reported de-
cincs in production of some important wells,
pushed prices upward rapidly, reaching on Sat
urday 10 cents against ~ cents on the Satur-
day previous But there was afterward cOnsid-
cradle realizing and the close was at 1873
| cents.
The uncertainty and dulncss in the stock
market continued on Monday, but gave
place on Tuesday and later in the week
to a stronger upward movement. The
| change i'm the management of Erie is
said to have contributed to tho improved
feeling, and the al ustment in Texas Pacific
appears TO be practically complete. A sharp
decline in Northern Pacific early in the week
was aftcrward recovered, and the close shows
| ~
sharing. In Lackawanna tho advance was
goa cents; In st. Paul, 3is; in Ncw-York Cen
trail, 2as; in Louisville and Nashville pig
in Northwestern. pa and in Eric, Kansas and
| Texas, Lake Shore Missouri Pacific, Jersey
Central, Oregon rranscontincntal Pacific Mail,
| Rock lsl,nd, Rcadng aud Texas Pacific. be-
| tween ono and two Cunts Thcrc IN undoubt-
cdly better feeling In tho market. and u
rather general expectation that an advance IN
| prices of moro healthy character will soon
begin but II cannot be said that thu advance
thna far has had any other basis than apecua'
| tive manipulation
| I'm the provision market Their, was o0naidera-
| bic activity In lard. with u decline In prices,
Sugars also were lower, but last week y
| advance IN coffee was nominally maintained,
though options sharply declined. Tin closed
lower, IA well IA lcid and copper. On the other
hand. speculative prices in iron gained strength,
| and n better feeling appeared in manufacturing
circles In the dry goods market there was Il
quite active movement in holiday goods, es-
pecially in foreign spccia'tics, but the general
demand for imported fabrics was very small.
| The condition of the wOollen market remains
| unsatisfactory. The demand for cOttOns was
| irregular, and some wellknOwn shirtings were
| reduced by agents to the lowest figures ever
known. while print clotht were in moderate
demand and closed firm. The reduction in
| bleachcd c0ttOns caused more active move
ment, but it cannot be said that on the whole
the aspect OF the dry -gOOds market is more
satisfactory, except as the supply OF goods now
| carried is said to be smaller than usual, and
steadily decreasing because of the reduction in
quantities produced.
The accumulation of idle money in
creases. Nearly %2,OO0,OO0 was added to
the bank reserves last week, and over
So, O00.0 to tho surplus, which now
reaches the altogether Unprecedented amount
OF $40 ,267,175 More than One-third of the
entire reserve is thus in excess of legal require
ments, and the loans last week decreased
$3,O25 100. Out OF $i09, 200, 900, the banks
are lending less than 20 per cent, and have
seen before. Imports continue small, while the
| exports have recently been large enough to re-
duce the rate of foreign exchange. Norris there
any satisfactory indication that the demand for
| money will soon increase. In almost every Ill
rectiOn there are industrial establishments
| closing, or reducing their working force, and
| the fact that the workingmen generally accept
the reduction Of wages does not outweigh the
prevailing stagnaiOn of trade. There are en-
| couraging features however, in the iron bust
ness about Pittsburg and some large orders
for steel rails have been placed In Eastern