New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-12-15
MONEY IND BNHINESS.


| by the reduction IN prices. In tho Iron and In
| some branches of tho cotton manufacture. III
| fine movement of raw cotton and In the exports
Of wheat, lower prices havo already induced
| largo transactions. There wns no trouble about
money. The supply was nbundar I, and loans
ON call were still mndc ut li2 per cent? the
banks report no change of consequence m"
| their surplus reserve still remains above
| Al2, 100000; foreign exchange has iluctuate"
considerably, but closed just rs u closed the
week before and the lnrgo exports OF cotton
and grain. together with recent loans effected
| by strong American companies IN Lonuon'
fairly balance imports only per cent smaller
than those of Il year ago, and snch saI's OF
| stock on foreign account rs the recent decline
| may have caused
The stock market declined unusually. Lack
awanna fell DIG cents, st. Paul 5's, Lake Shore
800. Northwest, Burlington and Quincy, New
| York Central and Manhattan between ana 3
cents. and Western Union, Northern Pacific
preferred, Louisville and Nashville, and Union
| Pacific between and cents during the week.
| Naturally, for such decline there were several
visible and immediate causes, besides the
general distrust of investors and the prudent
abstcntion CT the public from speculation Inc
outcry at the West about grain carrying rates
| beyond and south of Chicago, threatening
| legislation this winter, was one cause when h'iu
| much influence. The belief that II Democratic
Congress and Administration would make
mischief with the Pacific roads was another.
Tho continued failure of the trunk lines To
| adjust their controversies was another ana
potent cause and the apprehension OF trouble
| in the coal combinations strengthened by safes
| which seemed to come from inside parties
| nroboblv had more influence than any 0thcr
| force of n temporary nature. lt is just as well
| tn notice that very remarkable pains were
| tol,en bv the wreckers and their organs to con
| oratulate Mr.. White Oh having unloaded his
| Iockawanna. Elusive admiration from that
| quarter prompts a shade of suspicion IL Is the
| fact that circumstances do not look prOpltlous
| for the continuance of the coal combination III
its present form. The attempt to sustain
market by partial suspensions OF mining Is an
| unnatural and most costly mode OF overcoming
difficulties, and must come to gref, sooner or
LATER. Whether any different arrangement
short of every man for himself" and the rest
of il. can be effected in view of the legal ana
financial position of the Reading is not so clear.
The prospect that the Erie will begin to COM
| nete as n seller of coal next year also mas Il
natural influence. But 1t is possible, as cx-
periencc has shown, to patch up coal comDina-
| tions. or freight pools or arrangements Oh
almost any other kind, in a very unexpected
| wov and with disastrous results to the people
| who sell what does not belong to them. Inc
| comnletion of either of several arrangements
that are possible, for temporary uses at least,
| might nj any time cause n complete and more
| Ohio in the market,
II is perhaps significant circumstance that
loans asked by some prominent companies
have been quickly taken. and that lower prices
Of iron have led to pretty large sales. Inc re-
duction nv some concerns To 81 9 per ton for gray
| forge though meant to shut out Southern iron
from the Philadelphia market, may prove more
oficocious in n different direction Large sales
rero made. and the Thomas Company also sold
| 10 900 tons No. foundry at SIS, and several
| very largo bridge contracts were made, giving
immediate employment to some works that
| have been idle In nails, too, rather better
demand was reported ut 81 10 to ~ 10, and
thouch BUYERS professed to expect further fall
I, merchant bar. the price remained 81 ~ to
Q, 40 for refined 1t would be premature to
assume that the turning-poi in the iron tradc
| had certainly been reached, but there are some
favorable indications. AT 81 per ton in Phil
o1oInhia. having 81 o. freight thither by
staamer from Savannah, and by ral 10
Savannah from birmingham, Alabama, tho
maLr,s of the Southern iron can realize less
,bo, ali 40 per ton, which will not yield them
, lorva nrnat Whenever possible purchasers
AFRO sntiHhed that bottom hab been ieaoheu,
w,u, largo contracts are likely to he madc, and
| tho uncertainty IA to the tatiii Hcema now tn ho
tho main ceuar If DELAY IN connection WIN
tho teril tho cabin, treaty muAt be- tcchonod
IA having en important elocl upon Tho iron aud
nleol hunnoan, That treaiy means ilor ore To
some people. aud free orc "a Aomr means rum
"a many others.
Purchases of wheat for export amounting To
200, 900 bushels were reported on Thursday,
but tho price continued To fall. and - In
elevator and 7oas for January delivery were
the closing rates for No. 2 red-a decline OF 2is
cents on January and liz cents on elevator
grain. The people who 81 confidently predicted
that the farmers would not sell nj 80 cents
or more, Chicago price, are rubbing their eyes
rs the visible supply mounts toward ll,0OO,-
900 bushels, and still the grain comes forward.
Corn oats and spot cotton closed the week
without change from the previous week, and
tho decline on cotton options was small. Lard
declined considerably, closing Mt $50, ana
| oil. after an advance on Monday to 71i2
dropped to 67i2 on Saturday, and then
recovered to 1898 ut tho close. Pork, coffee
butter, cheese and sugar show no change worth
notice. That business is much depressed, oven
those who supported Cleveland are now per-
ceiving. The present question is whether the