New-York tribune., 1885-03-02
MONEY IND BUSINESS,

The Justice of the warning which The
TRIBUNE has been giving ever since the recent
advance in prices began was made apparent
on Friday and Saturday. The advance had
been largely based on the belief that the efforts
Of Mr. Tilden and Mr.. Cleveland would secure
suspension of silver coinage. But 1t was
nonted out that this most desirable result had
not vet been attained, and that an advance
based so largely upon hope would probably
end in sharp reaction if that hope should be
disappointed. The defeat of the motion OF MIR.
Randall on Thursday was followed by general
decline in prices not only of securities, but also
of products, though the fall in wheat was helped
by the imposition of higher duties on imports
into France. The immediate future of the
stock market depends upon artificial influences;
at the close on Saturday it had lost only half OF
the advance made on Thursday from the
closing prices of the Saturday preceding, the
average of sixty stocks being $iS 90, against
SIS February 21.
In the grain market, undue prominence was
given to the change In the French duties,
which, as has been explained, affect the market
ing of only an insignificant part of our surplus
But there were sufficient causes for n reaction
the previous advance had been unwarranted by
any change in the ratio of demand to supply.
In fact, the hopeful state Of feeling in regard to
Congressional action had led to the belief that
more active trading would soon establish much
higher prices, irrespective of legitimate cOnsd-
erations, not only in wheat and other gram,
but in provisions. The disappointment since
Thursday has therefore caused a reaction.
Wheat closes 3l2 cents lower than on Saturday
the 2lst corn about pa cents lower, and oats
about cents lower; pork 70 cents per barrel
lower, and lard at IL 8 instead of 73O cents. In
butter, cheese and eggs there is also weaker
feeling. Sugar has declined to i7s for fair
refining and 81, for crushed coffee declines II
cent to gig for fair cargoes and April Japan
tea sells at 24as cents. The cotton market
advanced to liz cents for middling uplands,
and has since declined sixteenth. The only
movement which has held an important
advance is in oil, which closes at slai cents,
against 1913 the previous week, but the shifting
price of that commodity has little to do with
general conditions of business.
There has been no change in the metal
markets, and in the present state OF things no
change is dishcartening. Some brands of iron
find ready sale ut the present low prices, but
hopes of speedy advance, or OF general I'M
provement, still rest on "things not seen"
rather than on any actual and visible transac-
tions. There are some orders for No. ! foundry
at Sl7 30, and the average price of bar iron Is
about l. 20 while il il asserted that S26 has been
taken in large orders forsteel rails Most OF tho
business actually done is on terms not made pub
lie In spite of centincrcase III the production,
both iron and steel nails appear to hold their
prices better than most other products of iron.
But il is remarked that purchases of all forms OF
iron and steel have long been from hand to
mouth so that when the demand really revives,
producers will suddenly have all they can do.
Anthracite has been reduced in price to
furnaces, by the Lehigh and Schuylkill ex-
changes, to 81 10 per ton. n decline OF 80
cents but the idea that further reduction may
be made soon still limits business. Meanwhile,
contract for 100, 900 tons Clearicld coal is
said to have been made by the West Shore road
at 81 G6 per ton.
The advance In raw cotton, though not wholly
sustained, has served to give more stiffness to
the prices of cotton goods but the demand is
still disappointing. Though it is often said
that many mills will soon be forced to stop
production unless tho price improves, the fact
that they continue to manufacture, and that
STOCKS on manu- are supposcu W oc Hubo, icauS
those buyers to look for lower prices who do
not believe that the advance in raw cotton can
be maintained. Print cloths were steady, but
the business in prints is pronounced light and
unsatisfactory. The movement in woollen
goods is also more sluggish than was expected,
particularly in heavy clothing goods and
carpets Uncertainty as to the future, which
Congress has labored so long to produce, is
clearly the most potent influence in the business
world at present, and there is less confidence OF
speedy recovery than there appeared to be
week ago.
So Carl Schurz has been up to Albany calling on