New-York tribune., 1885-07-06
uOXEY aND BUSINESS

The dunCss in the markets incident to the
midsummer holiday week, combined with those
causes of duness which have affected the
! markets continuously for months past, rendered
the past week one of especial inactivity. There
was improvement in the stock market, but in
nearly all other speculative markets the ten
dency was toward weakness. Money was
| abundant, and the decrease OF nearly
| ~, 900, 600 in the surplus reserve was only
noticed as the first substantial decline which
| has been witnessed since the first of April.
| The Treasury statements for the close OF the
| fiscal year have been regarded as rather more
| satisfactory than was expected, though 1t Is
plain enough that the dangers arising from the
| continued coinage of silver have by no means
| been removed.
| One of the most encouraging symptoms of the
time is the coifparatve ill-ouccess of specula-
ton in products. notwithstanding unusual
efforts made to lift prices. For, if the business
of the country is to revive, unless free exports
of .rplus products can be maintained. trouble
will be caused almost Immediately by the con-
| tinucd coinage of silver. During the past
| week. the efforts to rekindle speculation in
grain have been very active and determined,
| and more dreadful information of dire calamity
has been printed than at any other time for
| many months. Bnt with reports everywhere
circulated that the yield of wheat is not to
exceed 3OO,OO0,000 Or $50, 100000 bushels
| the price of cash wheat in elevator and of the
nearest options declined during the past week
Ia of cent per blshel. Oats also declined,
though corn advanced n OF | cent. The indi-
cations that the public Is not disposed to take
part in another carnival of speculation IN
products warrants increased confidence rs to
the financial future. for the greatest dangers
that we have 10 fear mt present spring from the
speculative spirit and its possible maniicsta-
tions. In other markets, only one manifested
any revival OF speculation, and III the oil
market though prices r0se To 97i2 cents Tor
crude closing mt 96i1 those who are in the
habit of specializing in that commodity are
exclusively interested, for the outside public
does not appear to have any part in the deal
ings.
A feature of considerable interest is the con-
finued depression both in cotton and in print
cloths. Last week. although spot cotton
advanced Lie of a cent. the futures declined rs
much or more, and the general tone Of the market
was weak. Print cloths, Notwithstanding the
closing of many mills and the reduced produc-
III
known. and the remark current about the
market is that there seems to be more sellers
than buyers. Lard was also depressed during
the last week, selling mt 6.73 for July, mess
pork sold at $li 70, and the recent specula-
tons in copper and tin have not been main
taincd, copper closing mt 1920 for Lake and
tin at 1925 for Straits. The iron market also
looked weaker, and it is noticed that the
Thomas Company has reduced the price OF No.
TO SIG. Gray Forge has also been reduced DO
cents at Pittsburg, and it is thought that con-
tract for 20 900 tons of steel rails il likely to be
placed at a price below S27 ton. The weak
ness in manufactured products, though one of
the most disheartening symptoms from an
industrial point of view, has its encouraging
side in this, that it secures to the producers
supplies of cheap material mt time when,
without that advantage, very many establish
menis that are now In operation would be
compelled to close.
The slight advance In the stock market last
week, averaging less than 20 cents per share
had abundant Justification for those who
believed that the new agreement would prove
effective i'm the nominal restoration of east bound
rates. In any case, IL must be admitted that
the tone of negotiations has been moro favor
able of late, and there is n better prospect OF
satisfactory traffic in the future. Nevertheless,
the unfavorable report of Lake Shore, the
unusual decline in Lackawanna stock, and the
inability of the parties Interested TO reach any
settlement of the West Shore matter, serve as
warnings that some Of the necessary conditions
TO lasting recovery have not yet been reached.
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