New-York tribune., 1880-06-28
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Tho mast week has been one of very large
exports, so that the imports, though larger
than usual, were again surpassed IN vaiue oy
the domestic products shipped from TINS port
The exports Of cotton from New-fOrk were
1O.9OS bales, against only 1,474 Tor tne cor
responding week last year. The exports Oh
wheat for the week ending June 25. 1879, were
], ,243. 900 bushels for the week ending june
%. 1880, they were 2,067, ,841 bushels. Inc
exports of corn for the week last year
were 100000 bushels, and for the week
this year 1,764,s96 bushels. There Is
also large increase in quanutes
exported of pork, beef. lard, bacon cheese
and tallow, and some increase in the Nquah-
tity of petroleum shipped For the past Iour
weeks the value of exports from New fork
has been about $4O,OO0,000, against $24,-
965, ,46S last year, while the imports have
been S36, ,285,OOO against $2O.S47,67l last
year. The increase in exports has been quHe
as great as IN imports, and the excess OF ex-
ports has been about $4,000,OOO, while In
the month of May the imports at New-Yofk
amounted to $44,372, 1877, and the exports
to S34,858,873. These facts indicate tnaI
the tide has turned again, and that the
unfavorable condition of foreign trade, which
high prices early in the year produced, ana
which threatened to cause large outflow OF
specie during the Summer, has given place 10
a condition 40 much more favorable that some
imports of specie may occur again az no o'S-
tant day. Exchange is already 30 weak anu
appears likely to become 80 much weaker tnaC
capable bankers consider gold imports during
the Summer not improbable. In the month
of MAY, notwithstanding an excess OF nearly
$40. 600. 900 in imports at New-York, the
aggregate exports of merchandise exceeded
H.. orts by S7O7,O1S, and it is now evident
that tho excess in June will be quite heavy.
For tho twelve months ending June 80, the
excess of merchandise exports will be not far
from S166. 100000, against $264, 100000 for
the fiscal year preceding. AS we no longer
have such foreign indebtedness that
5000. 900, 900 Of it can be cancelled in
single fiscal year, large portion of trade bal
ances in our favor must sooner or later be
settled In specie.
The prospects Of the crops at the West and
South continue excellent, and the only point
Of danger is that the surplus produced may
exceed the foreign demand. Thus far, the
crop prospects abroad are decidedly more
favorable than at this time last year, and it
is the general impression that our grain and
cotton will have to be sold at low prices
next Fall In order to find q market. In
manufactures the prospect is generally salts
factory, bat q number of iron establish
ments have closed or are now about to
close, and it is thought by many that there
will be fewer furnaces in blast in July.
1880, than were in blast in July, 1879.
The consumption Is large, but the excessive
advance of prices has caused such enormous
imports thata part Of our own furnaces must now
lie idle for months in order to permit the
foreign stocks on hand to be cleared away.
Under these circumstances the prospect OF the
coal trade can hardly be considered encour-
aging to the producers. The companies have
agreed to work only half-time in July, but the
consumers seem to be quite as ready to stop
buying as the producers TO stop producing,
and the stoppage of many iron establishments
will ultimately have a sharp effect.
The announcement Of four per cent divi-
dends by the Lake Shore and the Michigan
Central Railroads. though generally anticipated
in tho prices which had previously been paid
for the stocks, had stimulating influence
upon the market for all securities. 1t is felt
that, if these two companies, which compete
directly with the water routes. have been able
to earn such profits, the traffic Of the half
year must have been correspOndingly profit
able to other roads. But 1t should be re-
membered that the profits Of the rail
roads were mainly realized during the
two or three months of extraordinary
activity with which the year began. In one
important branch Of traffic. for example. the
shipments Of grain from Western ports by
rail amounted to 43,456,442 bushels up to
April II, an average of 2,715,OOO bushels
each week, while the shipments by rail since
April II have averaged only 1,53O,0O0
bushels per week. The reason is that the
movement by water this year has been extraor-
dinary, 39,673.398 bushels having been
shipped by water within the last ten weeks.
The average last yenrwas less than 100000
bushels weekly. Within the past two months
the business of the railroads which compete
with the lakes has been in other respects