New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-21
uJDsUNuER ACTTVTTIES.

according to the last accounts OF average
yield per acre, the crop of that state
will be not far from 44000,000 bush
els possibly falling to 40,O00.OOO If the
injury reported in some counties OF the
southern tier proves considerable, or rising to
AZ, 900, 900 bushels if the rust and blight are
confined TO small areas. The enormous In
crease of the yield IN Nebraska and Dakota Is
conceded. Accordingly, the strong combina-
ton of operators who have been controlling
an amount of wheat yaricusy estimated at
10000, 900 to 100000 bushels, is row
SAID to have closed its operation with
heavy sales for July Mt high figures. Inc
transaction has been of some benefit, apart
from any advantage to the successful dealers,
for it has considerably advanced the price
which foreign consumers have been obliged
TO nav to this country for the grain required
abroad. The railroads through the southern
tier of wheat growing States already have
their facilities taxed to the utmost to move
the new grain. but the recent fall i'll price
nav retard the movement.
Commerce in the Southwestern States has
been in some degree interrupted by the reap
pearance of the yellow fever at Memphis, the
embargo placed upon many roads connecting
",
NAV break out in other Southern towns. Some
permanent transfer of business to cities be-
yond the reach of the fever seems 10 be in
progress. There is still much conflict of evil
dence in regard to the suficiency Of recent
light rains to save the cotton crop from
injury by drought, but although the prospects
are not quite so good rs they were a fortnight
since, the course of the market indicates
general belief that the crop viii be a large
one New-Orleans papers admit that the flight
of the colored workers from some localities
still continues, and will have an unfavOrabe
effect upon production there, but this evil is
not as yet of such extent as to affect mate
rally the prosperity OF the country.
The most interesting event of the week,
the maturity of a call for $160,O0O,000 of
bonds on a single day, has passed without the
slightest ripple of disturbance. In fact, so
completely were those in error who have con-
tinualy predicted that large calls would dis
turb the money market, that none OF the
parties engaged in refundng have the
slightest idea or care how many OF the bonds
called were presented for payment on the
dav named. The working of the refunding
operation is now so well understood, too, that
nobody in the Street paid any attention to
the fact that on Friday the Government
had undertaken to pay out $16O,OOO,OOO
in coin. The larger part of the sum had
already been provided for by deposits of
called in exchange for new bonds, but 1t is
probable that nearly quite half Of the bonds
called this month will be found still outstand-
ing on the LIST of August, although interest on
them has ceased. The Baltic took out the
S1O,O0O,000 of four per cent bonds which
remained from the amount taken by the Syn
dictate, to Morgan & Co., of London, in ac-
cordance with the bargain by which the Syn
dictate disposed of all the bonds left in ITS
hands. Moreover, the small amount sent to
London will obviously stimulate but not sat
isfy the foreign demand, for the uuprecc-
dented accumulation of coin in the Bank
of England and of idle money in that
country tends to cause large purchases
here. A strong demand has appeared
also from the National banks, which still hold
500, 600, 900 of called ten-forty bonds, against
925, 100000 a week ago. But there is no
indication Of considerable surrender Of cir |
culatCn. The amount outstanding has been !
reduced only $3i,S65 since June 80. Some
of the banks announce that they will allow
the called bonds to lie without interest, until !
they can bay new bonds at lower prices, |,
thereby accepting a certain loss in the hope !
of gain which Is not certain. Their failure |
TO subscribe for the bonds in March, or 10 |
buy them when the price was only 80 in |
April, is the real cause of their difficulty. As
was anticipated, when the Syndicate disposed |
of its remaining supply, the price has already |
advanced nearly three-fourths OF one per cent, |
and the opinion now prevails that still higher |
prices are to come.
Nothing else has occurred to disturb the |
money market except the strong speculation |
in railroad securities. No gold went ont last |
week, and only $157,59S in silver. The glut |
Of silver coins in its vaults dlsturbs the Treas
my, but will not Inconvenience any one else
where, unless the Treasury unwsely tries to |
force silver coins upon public creditors who |
prefer notes or gold. The payments AZ the |
New-York Custom House during the month |
thus far have been, in gold, only $4,000;
in gold certificates, none; IN silver com, |
only $4,000; IN silver certificates, S627,- |
600. and in legal-teDdcrs, $4,504,000. The |
amount of legal-tenders redeemed at the |
Treasury thus far this month has been
only $1S7,177. but no gold has been de-
posited there in exchange for notes. The sur |
nlus reserve of the banks was reduced $459,- |
175 last week, but is ~till large enough for
all purposes, aud will doubtless increase for
some weeks. The volume of business trans
acted continues large; deducting twice the
market value of stocks sold during the week.
the exchanges remaining were still 1871 ,00O,-
600, against 5000, 100000 for the CORE
spending week last year, an increase of over
27 per cent. The money market is easy, aud
a strong feeling of hopefulness prevails in all
nf huainass