New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-07-07
MONEY And BUSINESS.

MONEY AND BUSINESS.
The one great fact in the commercial world
last week was that nobody failed. The wreck
ers had positively predicted great disasters,
and had produced such Il state of apprehension
| that scarcely any series of disasters could have
surprised the Street But the close of the half
! year passed without a single failure OF note,
| nor any unexpected default In the payment Of
interest the falschOOds that had been so indus
trously circul atcd were found entirely baseless
and quick reaction of feeling was natural.
| Later the prospect of the adjournment OF on
gress without seriously harmful legislation gave
still more encouragement. AS the Chicago
| Convention drew near, too the extraordinary
difficulties there to be met were better
| appreciated, the strength Of the Rcpubli
can position aud ticket was more generally
realized, and the prospect of a transfer of the
Government to Democratic hands appeared
much smaller to Wall Street eyes than it
had appeared for week or two. All
these favorable influences were helped by the
continued good news from the farms and the
plantations. The natural result was an adj
vance in securities, with a decline in wheat
and generally steady market for staple prod
ucts.
The stock market. rs we anticipated a week
ago, was in position TO rise easily and quickly.
Thsextrcmc depression produced by some fail
urcs and many fJlsohoDd', which had
really eliminated on Friday the 9th
was followed by an advance averaging
SD per share before that week ended and last
week 4 further advance of 80 10 was effected.
At the lowest point, on Friday, June y, the
average price of forty most active securities
was only SIS 81; at Che close of business be-
fore the holiday, the average for the same
stocks had risen to 800 OG. Northwest rose
So per share, Northwest preferred and ST.
Paul ! u each, New York Central, Lake Shore
and LlchaWanna about 10 each, eight others
from = to 10 each, five others over
I each. and five over each. Even
jhc wrecks moved n little with the ris-
ing tide. thodgh there WAS generally
a keen discrimination in the buying. 80 far "a
The movement wa, due only TO punishment OF
ihc people who had been selling property that
did not belong TO thcp, IT might easily be fol-
lowed by another decline. but thcro was not Il
little buying by solid investors. which has
taken out of thr Street part OF its load The
street u still mixed in itS mind about the polit-
zeal outlook. and there might naturally be n
good deal Of hesitation until after the Demo
cratic nominations have been made but the
impetus of commercial causes il toward
revival of confidence.
The wheat harvest has now advanced 80 far,
and with such excellent prospects, that fur
cher decline in the price could not be- prevented.
July fell from 1854 TO % cents, and August
from ~ OF TO 01li cents. "A much less can be
known of the corn crop for some time and the
supply within reach IL not excessive. the pIico
for July slightly advanced from 50i to
j0la cents, while the price for August de-
clncd from 81 to GO3i cents. Oats also
advanced trillo, and pork and lard IN
sympathy with July corn. But the market
was comparatively steady and rational. In
cotton, unfayorablc weather in the Atlantic
States caused u reaction from 1919 cents. the
price touched on Saturday, the 2Sth, but the
later news removed apprehensons, and the
close on Thursday was IL Is cents for spot mid
ding upands, .O3 for July, and Lilo for
August. II may be noticed that prints were
weaker, declining during the week from about
33s cents for els to 3l cents. The manufact-
urcrs seem to expect IA very large yield, while
the speculation has hardly recovered from
the decentralization of recent failures. In
the other principal markets. there was not much
change; coffee slightly advanced to 10 cents
for Rio fair, sugar to rs for fair refining
and butter and cheese were fairly held. Oil
dropped off / cent during the week for GER
tiGcates, and the price Of refined was made an
eighth lower at 73l cents.
The bank statement of Saturday showed Il
slight decrease in loans, a gain Of 1888, 900
in specie, and loss of only %Sl6,300 in legal
tenders, SO that the reserve has now risen
to $SS, S7S,S 500, and the surplus to- $1G,302,-
500. The change since the panic in May
has been marvellous, and there is reason
TO believe that the banks are not only nOnli-
nally stronger, but really in more healthy
condition than for several years. The enor-
nous loans based on speculatiOns in products
of various kinds, and securities Of all concciva-
bic s0rtS-it is believed, have been to great
extent liquidated, and the banks have more
money available for the support OF productive
industry and legitimate trade. If they will
stick to that policy rigidly for a year or two
they will realize larger profits than they have
been able to secure during the past twelve
months.
4 DUDE POLICE.
III