New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-09-08
MONEY IND BUSINESS.

Notwithstanding the hot weather, which
usually causes general stagnation when it
comes 50 late in the season as tins. there has
been increased activity in the markets, with in
dications on all sides of more liberal buying.
This has tempted some Spectators to sell
heavily. especially in wheat lard, oil and some
stocks. so that the speculative markets have
generally made little advance during the week.
Nor have the conditions been such a. to Justify
any advance The more liberal buying is met
by the fact that stocks on hand are large. The
news from Europe does hotpoint to n large de-
mud for the unprecedented supply OF wheat
we have on hand. and, though the price was a
shade higher ON Friday than at the close OF the
previous week. it dropped off about ! l2ccnts on
Saturday. With every prospect OF an enor-
nous corn crop, spectators IN Chicago are en-
gagged in "cornering September 80 that the
price here advanced 3l2 cents tor the week
without just cause or proyocation.
Possibly the operation was meant in part To
sist the unloading of pork and lard previously
acquired for. in the face of the advance i'm
corn pork dropped - cents per barrel and lard
! = cents per 100 pounds Cotton WAS boosted
by reports of injury, but nevertheless dropped
q cents per 100 pounds, and The Financial
CLroniclc saysi "W We credit only m part the
reports of harm done which are now being
received" and believes that the crop may be
larger than chat of last year i'm every State
except possibly Texas.
The oil market took nm upward rush to 90
cents during the week. and then settled back
slowly TO about SO, from which point it sud
denly broke saturday afternoon about cents
al, a.
take of telegraph operator was peculiarly
adapted to serve the purposes Of those who
seemed Ia control the market The great sale
Of 2Oo0O,0o0 pounds of copper 10 the pool of
manufactures, at price said 10 bc 10 cents.
is regarded as n good thing for both pnrios.
though the large production leads many to
expect Hiill lower prices Ia tho future
Tho plan Of closing iron rtnacoa
has hrrn abandoned. bat there has been nn In
ctrnard volume Of trade IN pig aud in ntorl
rails. with moro htnnuna IN prices Merchant
bar A. nHll depressed, by Western compctition.
Il said, aud good non hns sold Al ~ 80 pcI
100 pounds. The attempt To Introduce the
manufacture Of steel nails ON a large scale
CAUSES some resistance at Wheeling, but Shoen
berger & Coz at pitsburg, are about 10 build
IA large furnace to yield 100 tons daily, in order
to producea nail grade of low carbon steel The
consent of the men 10 IL reduction of Fifteen
per cent at the oxford Nail Works. in New
Jersey, has not yet been announced, and the
Lackawanna Company proposes reduction Of
fifteen per cent for officers and men; the men
have consented to "A ten per cent reduction Al
the Rensselaer, Works, at COhOes which tbcre- |
upon started after Il long period of dcneSs.
The coal trade OF the East is still in "A state OHM
certainty. All sides are complaining Of the man
ayers; some bccausot they do not promptly reducc
production to the present demand, and others |
because they do not invite a great increase of |
demand by Il concession i'll prices. The truth
is that the consumption has been checked bv
the persistent attempt TO hold the price of an |
thracite far above that Of btuminous Goals. and
the same cause checks manufactures of yar;ous |
kinds IN the localities where this fuel Is neccs- |
sarily used On the other hand. the orcaniza- |
ton of many gas-fuel companies IN Pcnnsyl- |
vania lessons the demand for btuminous coal
and for coke, at "A time when the miners of the |
Pittsburg and the Hooking Valley regions are |
engaged in prolonged contests about wages. At |
Buchtel, dispatches say that the number of new |
men at work has increased, but the fighting of |
Il week ago has not been resumed
There is nothing new in banking circles ex- |
cept the suicide of a cashier at New Brunswick |
and the run upon the National Bank. This is |
another case Of directors who did not direct, |
and of loss through implicit confidence in one |
man, who used his opportunity and the money |