New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-18
er.. YORK DAILY TRIBUNE, MONDAY MAY 49, 1885

New York, the markets were in the whIrl OF
panic year ago. so that the decline OF nearly
AZ per cent is not strange.
Corn ran away from wheat, falling 2 to
cents during the week, and oats. also declined
little, as did pork and lard. While the grain
and provision markets tended toward lower
prices the cotton market wGvered without real
change the oil market was a shade stronger,
and quotations for metals were generally a
shade better. But there is no real change in
iron excepting that the uncertainty rs to nego-
tiatiOns at Pittsburg disturbs the calculations
of Eastern as well as Western pro ucers and
consumers. Actual prices for coal appear to be
little nearer the circular figures than they
were week or two ago. In the dry-gOods
market while the great auction sale aroused
fresh interest. there was doubt whether Its in
huence would be favorable on the whole, and
it is thought to have had a distinctly unfavOr-
able influence on the wOollens trade, as an in
dication that, even with reduced production,
goods cannot be marketed through the regular
channels, or without some concession from cur
rent prices, which are by no means satisfactory.
The market for foreign goods is especially dull,
though the quantity taken into consumption Is
only about IL per cent less than at this time
last year.
Once more the banks of New York re-
port the largest cash reserve ever held, and
the greatest surplus above legal requirements.
The cash reserve is about 10000, 900 larger
than at this date in 1881, and about $66,OOO-
600 larger than at this dite in any other year.
The surplus is now S41 100000 larger than III
1881. and $40. 100000 larger than in 1878,
and $47, 900 900 larger than in any other year
at this date In part. the money added to the
reserve came from the Treasury, which lost
during the week 1852 $3.50 in gold owned,
SS19,2S4 in legal-tenders, and 1882, 1872 In
bank notes, while "gaining" $1,336,74 IN
silver owned. and $927,217 in bank credits.
But the gain Of the banks in legal-tenders APP
pears to have come mainly from the interior,
and The financial Chronicle states that the
receipts of currency exceeded the shipments by
nearly $2,90O,000. Western papers report
small notes superabund0nt and that many OF
them are being sent hither. The receipts OF
silver certificates by the Custom House here
continued to decline and for fourteen days OF
May were only 1872 per cent of total receipts,
against Alp per cent III April.
Settlement of freight wars at the West was
prices of some stocks. and with
the usual perversity of that market.
those stocks advanced scarcely any
or declined, while many others which
had only imaginary reasons for appreciation
were vigorously hosted. prolonged bull
market of the same sort would be IA paradise OF
cats and dogs" The fact that New-fOrk
Central closed cents lower than the week be-
fore, and Lake Shore IA lower, and Erie pre-
ferred 2l2 cents lower. and Lackawanna Us
cents lower and Burlington, st. Pual. Omaha
and Northern Pacific stocks Mt about the same
pr ce or a little lower, while some other stocks
were rushed up 3 to cents each, was an indl-
cation that some busy bees improved the shin
ing hour. Until more definite progress has
been made toward settlement of the affairs OF
West Shore, Reading, the " Nickel Plate" and
some other concerns, and the relations between
labor and capital become more settled, specula-
ton ia likely to be even more uncertain than
usual. The hope that great strike IN the IRON
mills may be averted by some compromise was
encouraged, toward the close OF the week, by
the withdrawal of some demands by the work
ers, but the difference between the parties is
still wide, and seems difficult TO bridge.