New-York tribune., 1880-06-21
EXPORT.S IND PRICES.

The last week has been one or eSpecial en-
cOnragement in business. because 1T was the
week of the largest exports ever known from
this port. During April and May, as official
returns Just issued show clearly, the export
movement was checked by the high prices
still demanded for American products. We
sent abroad less butter and much less cheese
than in the corresponding months OF last year,
but at much higher prices; less pork, but at
higher prices; and much less corn, oats, and
rye for the same reason while the enormous
demand for wheat abroad was so far checked
that the shipments from this country IN May,
1880, were scarcely greater than in May, 1879,
the average export price for the month beng
21 cents per bushcl higher But the sharp fall
in prices has had good effect. Wheat has
fallen from 81 46 in May to 81 % for No. 2
red corn has declined about cents per
bushcl cotton goods are as low for some
qualities as in September last the butter and
cheese markets are said to be demOraliZed by
the accumulation of InsOld stocks and the
change in prices of other products has gen.
orally been in the same direction. AS affect
ing the imports, which decreased in amount
to $685. 400 last week. it may be noticed
that EgintOn Scotch pig iron sold here as low
aS plO uuTlHH lDt WcchB anu ANO' L
foundry sold at $22 so.
The decline in the price of wheat, which
has given timely opportunity to market many
million bushels abroad, was chiefly caused by
the favorable news in regard to the coming
crops. With the large increase of acreage al
ready reported, Il moderately favorable cOndl-
ton at this season would give promise of a
yield in excess of that of last year, but the
condition as to wheat appears to be more
than moderately favorable. Harvesting OF
Winter wheat has commenced, with excellent
reports as to yield, and the severe rain
storms in the Northwest have done no dam
age, it is said to the Spring wheat there as
it is not yet far enough advanced. The un-
favorable feature for this country is that
the crops of Europe also promise well, later
news indicating Improvement in England,
France, Algeria, Austria and Hungary. Great
changes may come before these crops can be
harvested, but il is wise not TO forget that the
United States will be utterly unable to find a
market for n crop of wheat as large rs that of
last year, unless there should he another extra
ordinary deficiency In many European cOun-
tries The officially reported exports for eleven
months ending with May were 1874, S45,6 ,698
bushels of wheat and 5.255,31O barrels
of flour, equivalent to 15S,494,593
bushels In all, the export value being
%I9S, 7OG,949. But June has evidently been
far in excess OF May in quantity of grain ex
ported, for the quantity sent from the chief
Atlantic ports in only two weeks of the
month was about 6,6OO,0O bushels while
the third week Will make a still larger report.
Thus it will appear that we shall have found
II, I
10000, 600 bushels of wheat, but under or
dInaiy circumstances the foreign markets could
no; take 1O0,000,000 bushels; indeed,
about 92,OOO,O0O bushels was the largest
0uantlry ever taken in any year prior to 1879.
If we should prod' IN 1850 about $4,000, 900
bushels NOR Tc can consume or find
market for. th, Onscqu, nee would be an ex-
trcmcy low price of wheat.
The excellent prospects of the cotton crop
suggest similar inquiry. The Agricultural
Bureau and the Cotton Exchange substantially
agree that the acreage in cotton this year Is
7l3 to Sig percent larger than ii was last year,
and the reports of condition are about 9 per
cent more favorable than thOS, of this date
last year Ii these indications should be sus-
tanned by IN increase of about 10 per cent
over the unprecedented yield of last year, cot
ton can hardly b. sustained in price. The
Financial Chronicle shows that the yield of
1879 will prove to have been about 5.675,000
bales, the largest previous yield having been
about 5,073,000 bales. An increase OF 10
per cent would make Il crop of 6,242,O00
bales, OF about 100000, 900 pounds in excess
of lhr lrgcSt exports in any year. those of
1860, and the largcsi domestic consumption
in any year. that OF .1S7S-'79. There might be
II doubt whether a market could be found tor
SD large Il crop. even at reduced prices.