New-York tribune., 1885-02-09
MONEY AND BUSINESS.

MONEY AND BUSINESS.
There was more hopeful feeling in Wall
Street last week than has been seen before for
many months. In realized and recorded facts
there was not much foundation for the change
of feeling. The accumulation of idle money IN
creased the railroads virtually suspended the
pool the business reports from the West dld
not indicate increased activity. Nor was there
any actual legislative result of favorable
character. But there were strong hopes OF
favorable action by Congress, of a satisfactory
selection for Secretary OF the Treasury by Mr..
Cleveland, of more activf movement OF grain
and of a bull market generally. In consc-
quence it seemed pretty poor stock that did
not record an advance of two or three cents.
Lackawanna, being much Oversod, led
with a rise of 6os cents; Jersey Cen
tral advanced 5l2 cents, and West
ern Union, Burlington and Quincy,
st. Paul, Northwest, Omaha preferred, Michl-
gan Central, Oregon Navigation. aud Richmond
Terminal advanced three or four cents each.
All sincerely hope that the expectations upon
which this advance was based will be fully re-
allied, for wise action by Congress and by the
President-clect, and n substantial Improvement
in business, would just now be of iralculable
value.
Trade is nearly or quite as dull rs it has been
at any time during the winter. In the dry
goods market, the volume of business done by
commission houses was probably less than in
preceding weeks. Print cloths are accumulat-
ing and getting heavy, but there has been q
little more activity III woollen goods. Grain
was lifted sharply on Wednesday, and
Ipi.i on st IaE.I i'm
news. but closed for wheat and oats just as 1t
did the week before, while the advance in corn
was trilling. Every attempted advance is met
with large supply, while the demand for cx
mort and for home consumption is small. Pork
advanced during the week 80 cents n barrel.
and lard from 7.12 To 7.3O cents. OIL lifted
from its long depression on Saturday enough
to record an advance of 23s cents for the week.
But metals were generally less active coffee
took downward turn again ; raw sugar as
dull and declined a shade tea was depressed
in tone, though closing with but little decline
butter has been dull and weak, and cheese
lower. The reports from the West and South
indicate that uniavOrable weather has for the
time checked such tendency To activity as had
appeared.
The banks gained again in specie, and now
hold about $lO5, 100000 considerable
supply of gold or gold certificates must have
been gained from the interior, though the bank
reports given To The Chronicle do not mention
il. because the Treasury has lost during the
week only 81 10000 gold and at the same
time has gained 81. 100, 600 silver The pay
ments to the Custom House at New York again
show as large a proportion of silver certificates
IA IN December. The complete statement for
January shows that only 4O.5 per cent of the
receipts at New York were in silver certificates,
but during the few days of February the pro-
portion has been IA per cent. The use of legal
tenders is less than it was in December and de-
creasing BY paying ont gold certificates quite
freely Secretary McCullOch has caused larger
proportion of the customs receipts to bo
in gold, and has retired considerable amount
of the silver certificates. Nevertheless, with
all the ability that he can possibly bring to the
problem, it will not be possible for him to avert
mischief unless Congress helps by proper legis-
laton.
The hopeful feeling which prevailed last
week was largely based upon reports that a
conference of influential Democrats had con-
cluded that the silver question must be
got out of the way before the Inauguration,
and that Mr.. Cleveland had strongly urged
the passage of the pending BILL But
the temper of the majority and til organiza-
ton of committees in the House do not warrant
| very confident expectations. There is ground
for better feeling in the fact that the session
of Congress approaches an end without dis
turbance or possibility of disturbance of the
tariff question, and that the commercial treaties
seem past doing any harm. The war news from
Europe had rather unfavorable effect for the
moment, as it caused large sales in this market
Oh foreign account. and doubtless stimulated
the desire to transfer available funds from this
point to London, where there is prospect that
| money may find employment. But the supply
here is very large, and it is likely to be largely
reinforced il speculation does not prevent ex-
ports of grain and other products. The point
of chief interest is the industrial situation at
home, which can hardly be expected to improve