New-York tribune., 1885-03-16
MONEY AND BUSINESS.

The threat of war last week supplied more
reason than usual for fluctuations in the grain
market. The influence upon the stock market
was indirect and remote, and at tho end of the
week the difference In the average price OF sixty
stocks i'm comparison with the same stocks at the
end of the previous week was an advance OF
only about one third of cent. There was not
clear reason for the influence which the war
reports had upon the cotton market, ana
though sharp decline occurred, it was after
ward almost wholly recovered Is to options,
though spot cotton closed an eighth of cent
lower than at the end of the previous week.
Both receipts and exports were smaller than for
the corresponding week last year. Nor does
the war account for the fact that the MAJ ket
for copper was depressed Chill bars having
sold in London at the lowest price ever re-
corded, f45 15s. On this side, orders for
15O, O,OOO, 900 cartridges for two European Gov
ernments were reported as a reason for better
demand The iron and steel market, which
might have been affected more than any other,
did not seem to be affected at all. But the in
fluence of threatened war upon the grain
market was in q measure natural. 1t was sup
posed that Russian supplies would be cut of,
and that production in India would be disturbed.
The result was an advance of cents per bushel
for March wheat, and the fact that no greater
advance resulted when war was believed certain
indicates the fictitious character of previous
prices. Moreover, as soon as the news from
Europe indicated any probability of peace the
price fell back at once, and at the close March
wheat sold at S7ai cents, against S7os cents at
the end OF the previous week. In corn, the
early advance was followed by greater de-
cline the close for March was 50l2 cents
against 51as cents the previous week. and for
oats 37l4 cents, against 3734 cents. While
there is great talk of injury to the winter wheat
and of decrease in acreage here and abroad
there is little definite information on these
points, but the information as to the large
stocks remaining in farmers hands and in
visible supply is quite definite enough. It is
a solid fact, too that nations in Europe are
closing their ports to American grain by tariffs,
and that the exports of wheat in February,
which were expected to exceed $4,000, 900
bushels, proved to be only 9.655,525 bushels.
The failure of Pope, Cole & Co., of Balti-
more, who were connected with the Old Domin-
ion Copper Company of Arizona, was said to
involve liabilities of 81 100000. With that
exception the week was marked by no I'M
portant commercial disaster. A better feeling
appeared in the iron and steel markets, and an
actual increase of production is shown first by
the statement of The Iron Age of March l.
showing furnaces of 69.663 tons weekly
capacity in blast, against 5s, 376 tons January
l, and by the report of the Coke Producers
Association, showing only 1852 idle ovens.
against 4,258 two weeks ago. These are i'm
portant indications, and correspond with reports
of an improved demand for some brands of
iron. The demand for coal has also 81 ficed to
meet the production in March, and seems to
increase, especially in pea coal for domestic use
The contract for the Long Island Railroad was
secured by bituminous producers at a price
between 81 rs and SIS 90, Notwithstanding the
so-called fixed price of the pool.
There are reports of better demand for
money at the West. but little indication
of that sort here. The change in the posi-
ton Of the banks was insignificant. During
the past two weeks tho United States
Treasury has decreased its ownership of
gold $1,451, 1893. because over $2,OOO,O0O
more gold certificates have gone into use.
About 100000 more silver certificates have
also been issued, and the remainder owned by
the Treasury was also increased $685., 8,068.