New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-10-05
MONEY IND BUSINESS.

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MONEY AND BUSINESS.
There was considerable liquidation of pecun-
| iary Indebtedness in Wall Street last week, and
a still larger liquidation of old grudgcs The
| campaign against men who had sold property
! belonging to other people resulted in several
! failures III the closing of short accounts for
200, 900 shares, moro or less, and in an advance
of Just 90 cents per share III the average price
of sixty stocks, to $50 81, against $4S Sc for
the same stocks year ago. 1t was matter OF
wondcrmcnt that after such failures the price
! of stocks did not advance more. The explana-
ton is that the mark ct is pretty much confined
to the spectators, so that an anticipated de-
mand for 100000 shares OF stock prompted
| liberal orders to sell. The holders who are
most heavily loaded know that they have no
other market on which to sell save that which
! the necessities of squeezed " shorts may sup
ply and so were willing to Tighten cargo
wlrre they could. Having sold freely while
the forced purchases of the victims were in
progress, they we've the better prepared to push
prices up by new buying on Saturday. II was
suspected on Saturday. too, that new batch OF
short sales had been made by men who be-
levcd in lower prices, but had been willing to
see smith and Heath pushed to the wall.
But the events of the past few weeks certainly
have not favored the selling Of other peoples
property. The railroads have made real
progress toward an adjustment of rates on
paying basis, and the traffic continues large
Last week rail shipments from Chicago were
90. 40 tons, against 1914 the same week
last year. A decrease is to be expected when
rates rise, but If the roads can get 20 cents for
30 900 cons they will be better Off than with
only 10 cents for $1,000 tons The great
abundance OF unemployed money, moreover,
IT it does not prompt many to invest In stocks
until the future management of railroads is
more clear makes it easy for those who are
willing to carry stocks on speculation, and the
state of other markets discOurages speculation
in products.
Last weeks sales of wheat at New York
amounted to only 80, 694,0 bushels, against
lIOlQ 900 bushels the previous week, when
thoughts of war in Europe causeda rise. The
close, at 9Gal cents for No. red
winter was one cent below the
close for the previous week, and
with freights at cents TO Liverpool 'the price
is still so far above the foreign level that cx-
ports have been practically stopped. The
movement from Atlantic ports for the last week
in September was only about half the exports
for the corresponding week last year, and the
movement last week ut New York WAS less
than third of the exports Of the previous
week But if tie circumstances tend to de-
press speculative trading in wheat, the cotton
market is even less encouraging, the price Of
low middling having changed not even n six
tcepth for more than three weeks, while the
price of print cloths has declined about one
tenth of a cent. The combinations rule the
markets for lead, copper aud tin, and the oil
market, after advancing about l cent, settled
back to the starting point. Provisions are also
dull, with pork shade weaker and lard shade
stronger than Il week ago. With so little out
let for the speculative spirit elsewhere, the
movement in stocks would naturally have
more participants, and yet nearly the whole
trading in that market also is confined to a few
securities.
In commercial circles ii is commonly observed
that the Improvement has been perceptibly
checked and that a more satisfactory distrbu-
ton by retailers must be awaited before the
wholesale trade can resume activity. The deal
ings which gave sOmuch satisfaction some weeks
ago were largely based upon anticipation of
an Increased demand from consumers, and there
is now something like a pause to see whether
the anticipation was warranted. In the iron
market, fewer sales are noted than in Septem
ber and though prices for the best grades have
not changed, there is Il large supply Of ordinary
iron ut prices scarcely above the lowest Of last
summer. Steel rails are firmly held at $50 or
better however, and the mills are said to have
orders for some time 10 come.
The arrival Of $1,250.000' in gold from
Europe only in part compensated for the with
drawal of about $2,4G0,000 of various kinds
of money from circulation during the week by
the Treasury The Washington kilograms
show that it held on Saturday, i'll excess of
certificates. 50, G89,575 more gold than week |
ago, %l17,30S more silver, and $3i4,053 less |
legal tenders. The ban KS again increased their |
loans, and reported loss of ~, 1863 100 specie |
and 81 1880 legal tenders, but their sur
plus reserve is still $il 400, 200, having now
got back to about the level of November and |
December of last year. The exchanges last |
week were Il little smaller than those of the |
corresponding week last year, both at New |
York and outside of New York. The uncer- |
tainty IA to the monetary future, aud espe-
caly as to the action of Congress next winter, |
evidently has depressing influence.
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