New-York tribune., 1886-08-02
MnNEI ND NININENS.

There is pcIccptibc pause in business, winch
may mean only that more people than usual have
done well during the last year ond are enjoying
=, vacation. The shIinhage in exchanges at
Ncw-Yoik. which fall about . per cent bclo"
those of the corresponding week last year, l.
attributed 10 dccr"Lc OF about 30 per cent III
stock speculation, and the dealings IN cotton and
oil are also smaller than they were Lust ycll,
but the dealings in wheat and corn are much
larger. Out-ld. New ork, the volume of bu>l-
uc,s continues about % per cent larger than
il wis Last year, measured 10y payments through
banks, but it is not possible at all times To dc
t.imlnc how Tar the settlement OF bL,lnc>s
transacted two. iouI, or six months ago SWELL
exchanges notwithstanding decline IN new
business. There Is evidently more uncertainty
of feeling In icglld to the future than there wL'
II month ago. although in no'ily al direction,
tie events which have occurred have tended 10
Justify brighter anticpttlons. Perhaps the feel
lng of confidence then was decidedly grcatel
than the facts warranted, and passing events.
though in Themselves favorable. have served To
recall attention 10 difficulties, not yet fully over
come.
Thus il is sat iti>ilctory that the passage of TIN"
surplus resolution ha, prombly been prevented
by the Sc.,tc's amendment But 1t Is lmpo~
,ible 10 think of the ,ndttcr at al without re-
Numbering that Congress has done nothing Ia
avert silver pay mcnts, and thtt silver has fallen
until there ~, ms To be no market for II. Though
II l. said that I'D. per ounce l. the best bld, 10
sales are reported below II 81, but the effect
upon British and American trade with silver
u~ing countries i, speedily felt. The time h,>
come at which money begins To 20 out of New
York banks. but the los OF Sl,Gb~, 900 ES;
w,,k wa, mainly to the Treasury, which gained,
As the bank, lost. $.,OOO,OOO in LEGAL tenders
dming the week Both banks and Treasury
gained in specie, but 80 - per cent OF the pay
ancnts at the NcwYork Custom House were in
legal tenders. The region tributary 10 Chicago
has been drawing money somewhat freely, aI
II j. reported that Boston funds have been Lugc-
iy absorbed by manufacturers purchases OF
wool and cotton. The Ncw-lol< banks still
report II surplus of ST. 5000, but the stetc-
mtnt i, made that two banks Will not loan more
at current rates which hold over T1.OOO,OOO OF
that surplus. Hence, while no especial change
in the money market has yet appcaled, a better
demand Tor funds is expected
The much-lcpoltod progrc~s of the trunk lines
toward a settlement too. call attention to the fact
that the Eastern and W We>tom hno, have not yet
reached an understanding about the contlol OF
east bound rates, and that Ti traffic continues
light, amounting from Chicago Elat week To only
1000 tons. Good earning, are reported by
railways generally, but the projects to build more
competing lines IN the No thwc>t ayc not eli-
coulaging. PURCHASES Of securities on foreign
account continued last week, and the general
1 al. +
per share.
While anxiety about the wheat crop hi, dis
npp,1u,d, thee is some app chcnSIOn TINT the
yl,ld Vl com may prove disappointing ON ac-
count OF dlouth, and the price rose 81 cents
last week. while wheat scarcely advanced ut all.
and oats declined halt il cent, and OIL about
lvc-cghths OF IA cent. Cotton tell tO -
cents, but recovered to 800, and Lud. pork,
and butter were stronger, Lard reaching cents.
Coffee was steady at -, but sugar yielded to
100, while lead declined to 1.sO and tin 10
2l.15. No change appears III the prices OF
coal or iron, though the victory of pudolcrs III
Philadelphia Is likely Ia affect the future On
the whole, the markets for pioduct> working
molc naturally than usual, and except III grain,
with less speculative excitement.
1t is a healthy symptom that exports % mcg-
cllndlse Ll,t week exceeded by about
s. 100000 those Of the corresponding weck
Lust year, and about $z,lOOOOO Tor the month
oi July, while imports show an increase of only
S2,2OO,OOO for the month. Foreign exchange
has been much affected by bills drawn on ac-
count of foreign purchases OF securities, that
on all sides, ii exports oi MERCHANDISE alc not ar
rested again, the outlook is really more favor
able than it was IA yeli ago. The silver danger
appears greater, bec.iu>c the pllce has fallen
heavily /; IL year ago it was i9.l9d. 80 that moe
than IN eighth OF the value has been lost within
the twelve month. But the TloiSuly i, de
cidedly better prepared than ii WAS then 10 meet
any emergency, and meanwhile the depression
in prices nLiy the sooner put ;n end to the watt