New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-09-07
MONEY md BUSINESS.

MONEY IND BUSINESS
4 further decline in the stock market, in the
grain market IN the cotton market and in the
provision market, and decline in oil, con-
trasted last week with continued improvement
in the dry goods business and in the iron and
steel manufacture. The banks succeeded in
placing somewhere over S5OOO,OOO OF their
reserve, and expanded their loans by
81 i3, 800 but this money seems to have gone
either into the Treasury or out OF the city. The
financial Chronicle, in statement which 1t
SAYS sexhibits the receipts and shipments ot
gold and currency by the New-Iork banks
during the week. reports net loss oil only
1924. 900 by the entire interior movement.
But the Official Treasury reports show that the
receipts here were only $l,200,000 greater
than the payments. Yet the bank statement
indicated that more than So, 700, 900 in specie
and 81. 5000 in legal tenders had gone out
of the banks somewhere. Ii It was not tenn
porarily Withdrawn tor Use in some large Oper-
alton, OF by means of some new private arrange
ment with the Treasury, the disappearance OF
So large nm amount would tend 10 discredit the
published returns of receipts and shipments by
the banks. Notwithstanding the payment OF
ments by the Treasury from Monday to Satur-
day at all points was only $l,2l6,95B, or about
q. much rs the excess OF receipts over disbnrse-
mcnts nj New-York. II would not bc very
surprising. therefore. II the Treasury had phi
vaiely borrowed few millions more from the
banks IN some of the private ways which seem
to be in favor at Washington.
The stock market was less depressed by the
reduction of rates to 10 cents for grain from
Chicago than might have been expected.
People appeared TO be- impressed with the idea
that this great reduction is likely to insure a
speedy settlement, that Mr.. Vandcrbit's roads
reduced rates for that purpose, and that the
meeting during this week will therefore end
in some agreement. Bat the increase OF ship
mcnts from Chicago nj the reduced rates IS very
small the aggregate for last week amounting
10 only - 900 tons. Even this small move
ment can hardly be maintained unless the cX-
ports of grain increase. The passing OF the
dividend by the Northwestern Is now consd-
cred To be measure of prudence IN view OF
the losses anticipated from the threatened con
struction of new lines To st. Paul and Kansas
City. and the strife which those undertakings
will cause Northwestern preferred declined
l3l cents and Manitoba 3ll cents, but although
the decline i'm Northwestern WAS the largest
change, others were important, especially in the
c,al stocks. Reading declined 3ls, Jersey
Central do. Erie preferred ,, and Delaware
and Hudson Ia cents. The Reorganization IN
the coal trade appears from quotations pub
lished To be- very great. 1t is said that Lacka-
wanna chestnut has been sold at SO 20 and
Delaware and Hudson stock - chestnut at 3d.
while Lehigh chestnut is said to be abundant at
S3 50. and rs for Beech Creek coal, it is quoted
at 81 30 alongside steamer The trade
seems to he worse than ever, since it has been
reported that the control of 1t would soon be
secured by the Pennsylvania through the Beech
Creek and Reading concerns.
During the week the news from the crops
has been really unfavorable True there has
been little of Importance about the wheat crop,
but some damage has been done to corn IN the
Ncrthwcst. and also some damage to cotton,
and i'm either case no one can tell rs yet how
much. Yet the price Of cotton declined
quarter of cent, relatively equal to decline
OF DIG cents per bushel for wheat and print
cloths were n shade lower in spite OF the re-
ported improvement in the market for cotton
Goods. Corn and wheat declined l3i cents
each and oats / cent during the week. A
lack of demand commensurate with the supply
go be expected, even il all reported injury has
becu sustained, is evidently the controlling fact
e the situation. The exports Of wheat for
four weeks ending August % were less than
one-third of the exports for the corresponding
weeks last year, and the exports of Hour less
than twn-thlrds of those of the corresponding
weeks last year. This solid fact 0utwolghs in
DAYS like these, a great many elaborate state
ments. such as the one published by The Prod
nee ETchange Bulletin. which figures out
deficiency eff 70,OO0,0O0 bushels of wheat for
the whole world this year. If this is so, sellers
are strangely blind to their own interest, and
need 90 have some guardian neutrality-suspicious.
some sptculatOr, or manufactures of specula-
tive statistics.
The iron market is really in better condition.
Last week pig iron advanced about 90 cents,
and rails are now quoted ut $50 per ton, while
refined bar is held at 81 80. The injury to the
cotton crop is not supposed to have prevented
the largest yield on record, and the Southern
reports are exceedingly confident. Neverthe-
less, the business actually transacted is not yet
large. The exchanges ut all the cities outside
of New-York were smaller in the last week of
August, 1884, than in any other week for four
years. aud yet the increase this year is only 3.5
per cent in comparison with that lowest week
for years. There il much reason To hope for
improvement, though rather less than there