New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-04
MONEY IND BUSINESS.

nation. The best indication of their state, on
the whole, is afforded by the Clearing House ex-
changes, outside of Newly York about 1Sl2 per
cent smaller than for the corresponding week
last year. and at New York 4S.4 per cent
smaller. The sales of stocks were only about
one quarter of those during the same week last
year in number of shares and the tendency OF
prices was downward; the average of go stocks
at the close was $40 10, against $40 70 at the
end of the previous week, and $56 SO at the
close May 3, 1884. The grain market was ex-
cited, and in one day the reported sales OF
wheat reached 100000 900 bushels; cotton was
weak and the reported sales reached $4,000
bales-the entire stock at all ports being rather
less but in the other markets inactivity was
the rule.
Warlike advices caused wheat for May de-
livery to shoot up to 81 04si at the close on
Wednesday, and elevator wheat closed at
81 O5as on Thursday, but prices afterward
dropped back to 81 03 and 81 OF at the end OF
the week. so that the advance for the week was
only q to Ia cents. Corn held larger adj
vance it rose cents and held pa at the end,
while oats scarcely advanced at all. Though the
May report of the Bureau Is awaited with inter-
est, ii may be observed that the dispatches from
the interior generally represent that the weather
has of late been very beneficial to wheat, and
seeding is much encouraged by the advance III
prices. With wheat selling at 81 Oh In New
| York. and transportation from Chicago not
more than to II cents per bushel, with rail-
road war west of Chicago and an announce
ment that the canal will be opened May ii, the
Western farmers ought to be getting better re-
turn for last years crop than they ushave ually
| enjoyed for some years past.
The oil market was somewhat excited part OF
last week, and crude rose TO S1l2 CENTS but re-
lapsed again to 20. Pork was % cents lower,
at S12 70, and lard a shade lower at 7.15 cents;
butter and cheese were also both n little weaker,
MS well as turpentine; but sugar was shade
stronger, and also coffee. Cotton dropped to
| 1895 cents on account of warlike news, but re-
covered to 103i cents, PRINT cloths continuing
tame and the dealings in cotton goods generally
less active. In woollens there was little more
activity, and, without definite change of
prices, the tone appears to be n shade stronger
in pig and bar iron and steel rails. though less
strong in nails. Copper still inclines upward,
with IL 80 quoted for Lake, though Chilli bars
again reached the lowest figures on record at
Gl3.
Such has been the state Of the markets for
products, while the sales of stocks last week
amounted To only 642 SsS shares. Out of sixty
stocks only thirteen made any advance what
ever. and the rest either declined or remained
unchanged, and yet the strength of few was
sklfully used TO create the impression that
prices were generally well maintained. Un-
certainty fingers about all the arrangements
which have been expected to bring help. The
trunk lines have substantially given up pool
ing rs a bad job; the latest sales both OF
anthracite and bituminous coal, indicate that.
the combinations are doing no good; and the
! talk of n settlement of West Shore matters by
! the New-York Central has not rs yet material
lied. But in West Shore and Reading matters,
| however some progress toward possible settle
ment seems TO have been made, and the
reported agreement between the Northern
Pacific and the Oregon Navigation was accept
ed as Offering some promise of improvement
for those properties In spite of all efforts,
however, the stock market waits nominally
because of peace-or-Yar uncertainties, but
really because the business of the whole cOun-
try waits and is dull.
OF this stagnation the New York banks give
striking proof in their Saturdays return of
|
S55. 900, 900 surplus reserve. That is to say,
the surplus is ROW greater by Sj,OOO,OOO than
the entire reserve of the banks in the April fol-
lowing specie resumption, and the total reserve
il now $50, 100000 larger than the banks have
| over held before Mt this date in the year. The
shrinkage of loans below 1927, 900, and
tho increase of deposits above 1888, 00O. 600,
indicate in some measure how largo is the ac-
| cumulation of inactive capital. Nor does the
outlook in the industrial world encourage in
vestment. The Grand Trunk and the Baltimore
| and Ohio workers were on strike last week !;
the riot Of striking quarrymen in Illinois was
ouelled by troops, and the prolonged strike OF
railroad coal miners in the MonOngahela was
formally declared Mt an end; and, neverthe-
less. among new strikes commenced or
threatened were those Of the potters IN New
Jersey, the iron moulders at Rochester, the
calico printers at Haverstraw, the weayers OF
North Adams, and several in this city. The
formal demand OF the Western iron workers,
in which they seek for the first time to cripple
tbe steel manufacture in order to prevent an
abandonment of pudding, is supported by
an elaborate statement Oh which, 1t Is
| soid the workers endeavor to show that the
cost of manufacturing iron Is much less in
| Western than in Eastern works 1t would be
we'll to hear the other side before accepting
this statement, especially as the course of the
markets has for years pointed to the opposite
conclusion. But all parties now seem to regard
a great strike among the Western iron workers
as well-nigh inevitable. In view of all these
disturbances, and the demands which are con-
stantly made by organizations of laborers, at a
time when scarcely any kind of business is
prosperous though the cost of liyingis remarka-
bly, low, it is not strange that capital in UNI
nrecedented amount refuses to engage IN pro-