New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-06-30
MONEY 4yD BUSINESS.

| MONEY AND BUSINESS.
! Last week closed with more encouraging
SYMPTOMS in almost every branch of business
The shrnkage of loans and deposits ceased aV
last, and the banks reported little expansion
in loans and n heavy gain in specie. Specie
began to move from Europe to tins country
Cotton fell enough to Indicate that the artlhcla
control Of the market had probably been broken
by recent failures, and large sales Tor export
! and for consumption were recorded. Tram
declined still further, and moderate demand
for export appeared, with some Improvement III
ocean freights Oil was more steady, with
| somewhat improved demand. Crop news was
almost universally favorable, and IA considera-
BILE part Of the new wheat is out of danger.
Congress managed to use up another week OF
its limited remaining time without doing any
harm. Political events, and particularly the
organization and conferences of the Republican
! National and State Committees, caused
marked change of feeling in the Street III regard
to the prospect of Mr.. Baine's election, and
many who were selling early in the week be
cause they anticipated Democratic victory and
consequent disaster, began buying before the
week closed in the belief that the Republican
party would retain control of the Government.
With all these influences tending toward inn
proyenent, it was not strange that the stock
market began TO react on Friday, and closed
the week with marked advance The fact
that the market had been largely OversOld, and
was in lust the condition to render bear
panic probable, had something to do with the
actual movement, but there was much evidence
that strong operators had begun to sustain the
stocks In which they were interested. Mr..
Gould had given proof of his disposition and
power on Saturday, the DIST, and tho support
given to some leading stocks last week showed
that his mind had not changed. The report
that Mr. Vanderbilt effected a heavy loan last
week prepared many to expect the sharp up
| ward movement in his securities which began
| on Friday Other strong buyers appeared, and
! il ia generally anticipated that the disburse-
ment of many millions for interest and divi-
dends about July will give further support
from investors. The failures which caused
much depression early in the week did not
prove of character to warrant any apprehen-
sion, and the liquidation which continued until
Saturday was notably free from any spirit of
panic.
At the lowest point. reached a week ago, the
contraction of loans by the associated banks
since May 3 had been $l9,0OO,0OO. During
the same period the deposits had shrunk
$50, 800, O00 the cash reserve being only
$50, 1885, 500 June p, against $S4, 10000
Nav 3. Last week the loans began to rise, and
! though the increase was only $397,S it was
regarded as evidence that the necessity for
contraction was over. The severe pressure in
the money market early in the week, when
loans Oflargc amount were being shifted, indi-
Gates that the banks are now lending millions
To n different and stronger class of borrowers
than those who were using the same money
week ago, and the gain of $l,469, 800 in the
specie reserve seems to have been about
! So 100000 from the Treasury, about
81, 900 from the interior, and about
| 81 ,OOO, 900 from abroad. Continued imports Of
specie may be expected for some time to come
if the gamblers in grain and cotton do not
again get control of the markets and play the
mischief with our foreign trade.
The sales of " spot cotton last week amounted
to 1856 bales which is a very large quantity
for midsummer week, and the sales of phan-
tom cotton reached SOP, 400 bales The fail
ures of Staber & Co. and Morgan's Sons caused
much liquidation, and the price dropped fully
81 of a cent, the downward movement being
] acccleTdtcu W III 20 estimates vi bIiC tOlulnS
crop and by news from abroad. The stock i'm
ports is 10000 bales less than it was a year
! ago. in the interior towns 10000 bales less,
! anoat (American) $4,000 bales less, and in
Europe 10 600 bales less, so that the large de-
mand for export which the decline excited was
not unreasonable. The exports from last years
crop to date are about $50, 900 bales less than
those of the previous year, but the weather re-
ports continue favorable for cultivation.
The grain market dropped on Monday, re-
! covered little afterward on account of a cold
! storm, but showed weakness again on Thurs
| day, and closed about 3 cents below the price
of the previous Saturday for July wheat, 3i2
cents below for July corn, and cent below for
! July oats Saturdays market was weak, not
withstanding the somewhat improved demand.
! The immense stock of grain on hand begins to
press heavily Oh the market, with plenty Of new
and better grain coming forward The Caifor-
MIA papers and State report claim probable
| crop of 81. 00O, 900 bushels wheat, but this may
well be received with allowance for the usual
exaggeration. Harvesting has begun in South
ern Ohio, Indiana. Illinois. Missouri and Kan