New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-07
MONEY And BUSINESS.


onnrobension than attended 1883 to its mclan-
cholv close. notwithstanding the disaster to Mr..
Willard, and the appointment of receiver for
the Ncw-York and New-EngIand better tone
has prevailed in the stock market ana with
tangible reasons. The iron trade has octtcr
outlook, and dispatches already note the I'M
provemcnt in orders received at several points.
The wheat market has yielded a little and
there has been but a slight advance in cori' and
an attempt to rush provisions upward has been
checked by large rcaizations-iacts which give
hope that speculation III products VIII nor Iiii-
mcdiatcly run away with what chance Tor
imDrovcmcnt there is. Cottonadvanccd little,
partly because of small receipts and partly
from the shifting Of speculative contracts from
one month to another, but the statistical posi-
ton does not encourage aay upward movement.
With receipts from plantations hardly l3SOUo
less for the crop year than those OF the year
preceding there is an increase OF about 3Jo'ooO
bales in the stock on hand at the ports ana
interior towns and the European stocks are also
larger than year ago. Coffee has advanced to
l2ll for fair cargoes because OF small receipts
at Rio while sugar ma, declined to ccntSIor
fair refining. and oil has been without imp0r-
t.,nt movement. better demand for export
has lifted cheese. while butter has been firm.
Tins the market for products is generally tIce
from, disturbing features.
Mach ,.os ,oodo ot first Of the reduction Of
..,,ga, tbo tr,,,l, 1n,os which caused some
depression In stocks on Saturday morning.
But the market afteward became very strong,
apparently because sagacious men saw that
New Yorl, Chicago rate Of 20 cents for wheat
in mid-wintcr. % cents Cor provisions and
hogs. and 80 cent, for bulk meats, would soon
hiring the companies to some understanding.
At the West. too even the most obstinate
unbclievcrs begin to admit that any serious con
test is likely to be avoided, though they still
deny the current reports that the burlington
and Quincy has closed an agreement with the
new alliance to maintain rates. The truth Is
that the ability Of many important railroads to
work together for their common interest, and
70 WELD vast power for the suppression of any
disturbing influence, has never been manifested
moro clearly than within the past two weeks.
The admission of the West Shore to the trunk
line pool, with so high percentage of the total
shinmcnts as II per cent, was a genuine sur
prise to many who have not been misanthropic
or hopeless, for it was hardly believed that the
proportion of traffic to be surrendered by each.
There are still controversies to be adjusted ana
obstacles to be overcome IN the railroad world
but it is undeniaOle that recent events nave
given better ground Tor hope than has been seen
for long time.
The year opens with gain in bank reserves,
as usual, but the surplus Is now much larger
than it has been at tins date Tor long time and
the reserve is much larger than 1t has been Tor
at least fifteen years. Indeed within that time
| the reserve has only three times been little
above $50, 100000 IN the first week OF January,
and it now exceeds $9O,OOo,OOO. The increase
| in loans under such circumstances, is most
natural, and there is room to hope that it
! may point to an increase III legitimate business
rather than IN speculation Inc 9o'oo,OoO
gained by the banks III casl Is Salo 10 nave Oeen
| drawn manly from the treasury, .housh lle
| balances at Washington give no lnulcatlpn OF