New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-07-18

creased has the less bearing because there is
still. and seems likely to be, a new balance
due this country the trade of every
month, and though that balance may
be smaller than it was last year there
Is still some addition to the "uniiqui-
dated trade balance due" instead of any
reduction thereof Whether this country will
draw largely from Europe, therefore, seems to
depend altogether upon the condition of the
money market i'll this city, and in that light
the wonderful absorption of money by the in
terror, which still continues, is of great impOr-
lance. One year ago, the specie held by
the Treasury and banks here amounted to
$3.50, $4,000, and now it amounts TO
T153,007,930, although about 500, 1000, 900
in gold have been received from abroad within
the year-in eleven months ending May 81 the
net imports of gold alone were %97, 1853. 800
OF this amount just $3.50, 243, J34 has gone into
the Treasury III the form of bullion. and the
rest has been absorbed, only 81 300, 900 by
the banks OF this city, which, moreover, hold
less currency by nearly %4,00O,000 than they
did year ago. When large amounts are AGAIN
demanded for moving the crops it is not UNI
likely that the pressure may be sufficient to
cause further imports from Europe, but for
some weeks to come everything indicates that
the money market will be very easy
month ago the most trustworthy reports in
Dictated that the wheat crop would hardly fail
below $50, OOO, 900 bushels, unless the weather
should be unfavOrable. According to later
reports it has been nfavorabe in some local
tiles and the prospect is that the wheat crop
will be smaller than was expected in Ohio
Indiana, Michigan, Illinois and Iowa. But the
estimates of loss in these States as given by
fb,, l,t.u D,.oJ,
exceed 60,000,0o0 bushels. while all ac-
counts point to u large increase of yield
in the other States. 1t is quite import
tant, also, that the San Francisco Produce
Exchange reports that over 2,241,27S centals
of wheat and 13l,592 barrels of -four from
the crop of 1850 are still on hand in that
State. In parts of the West, too, the
quantity of wheat carried over is larger than
ever before that there is little reason to
fear that we shall not have enough to supply
all foreign demands. To the American pro-
Queer, therefore, it is an item of Importance
that " scarcely medium yield - of wheat is
now expected i'll Germany, and slightly less
than an average crop in France. The net I'M
ports of France, from August |, 1850, to May
81, 1881, were equal to 47,931, 92S bushels
of which %, 1901 bushels were from this
country.
The speculation in cotton appears to be
largely artiiicial-,is The Chronicle SAYS, cit
may best be described as corner on the
deliveries of the current crop" That the
coming crop will be the largest ever grown
there seems no reason to doubt; but ii is
thought that the supply, before the new crop
comes in, may not equal the demand. An
active speculation in lard last week had even
less basis of fact. These unnatural and vo-
lent movements do great harm to Legitimate
trade, and arc i'll part the cause of the COM
paTltvc smnllness of the exports reported.
But there is no sign of any extended dis
turb0nce of business.