New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-03
MONEY IND BUSINESS.

The business OF New Ork was cohSiucIdoiy
diminished last week by the strike OF freight
handlers. The exchanges fell TO $67S, $50, 56S,
AGAINST S914.724,597 for the corresponding
week last year, loss of 25.S per cent, in
spite of a greater activity in speculation. For
the markets were unusually excited last week
Cotton advanced from 1214 to 1875 cents per
pound for middling uplands, and the sales
reached $4,000 bales for future delivery ana
| 6,95G for export and consumption. The move
ment was helped by the disturbance in Egypt
and the probability that supplies from that
quarter would be diminished. The receipts at
ports during ten months of the crop year have
! been 1920 4S7 bales, or 1,06O,797 bales less
| than the receipts in ten months from the pre-
vious crop-the largest ever grown. In the
overland movement and consumption at the
| South the net decrease has been about 10000
bales, according to reports thus far, so that
present returns indicate a probable yield In
| 1881 of about $40, 900 bales. The decrease
in quantity exported has been 917S69 bales.
| The Financial Chronicle considers the prospect
for a good crop this year quite satisfactory,
and the speculative advance in prices has been
almost entirely confined to deliveries within
the next two or three months.
Speculation in provisions and breadstuiis
was also rampant last week. Mess pork adj
vanced from $21 to $21 80 per barrel, and
lard from II to 1910 cents per pound. But
the great exciemcn. was in grain. The "cor-
nern in wheat for delivery in June, though
it had little effect upon prices for milling
or export pushed the price of certificates and
June options above 81 80, and No. Red in
elevator sold at 81 503i at one time, but when
the corner broke the price dropped to 81 30.
Corn advanced about DIG cents per bushel.
This great speculation in wheat, IN the face of
exceedingly favorable reports as to the harvest
and the growing grain, illustrates the mis-
chievous tendency of the commercial customs
which permit dealing in phantom grain" and
calls for a remedy more efficient than that
which the Chicago Board of Trade recently
adopted. The Bureau report as to tho condi-
ton of spring wheat, June l, shows a decrease
of about II per cent iii acreage, the loss being
greatest in the most important States-ln
Illinois Is per cent, Iowa II per cent, Mime
sofa ii per cent, Wisconsin 13 per cent, and
Nebraska 10 per cent. But the crop is growing
finely, and the reported condition of winter
wheat at the same date was 100 against 76,
June /, 1881. The crop of Kansas is esti-
mated by the State Board of Agriculture at
10000, 900 bushels and other estimates are
still higher. Wheat was cut quite generally
last week in Southern Ohio, Indiana, Illinois
and Kansas.
The bank statement showed a decline in
reserves which was anticipated last week, and
it was then observed that the expected de-
crease should not be regarded as necessarily
the commencement of the usual fall
outflow In fact, though the banks lost
| So, s33, 100 in specie average, they must
have received about $S50,000 more
| from the interior than was shipped
to interior points The Treasury gained
! S2,811,S $50 in average of daily balances,
which accounts for about the entire loss by
the banks, and the export movement also in
volved loss to bank averages of $S50,O00,
which must have been made good by receipts
from the interior In currency the Treasury
balances increased 1921 sol, but the banks
! lost 1897. 600, which shows that shipments of
currency to the West have commenced, though
as vet the gold coming in has exceeded the
currency going ont But the banks have
already received from the Treasury about
So, 900, 900, and will receive much more to-
day and on Wednesday. The amount of
|
day under the 18th call, which matured on
that day, was $s,226,S50, and interest
checks amounting to over ;P7,O0O,0OO were
also sent out. The funds thus disburscd, and
money to be paid for bonds that will be pre-
scented this week, viii probably swell the
bank reserve so that the usual fall decline may
not appear for two or three weeks. But the
movement of money to the interior is likely
to be fastened this season by the high price
and early maturity of winter wheat.
1t is not to be expected that the returns Of
foreign trade will show much improvement
for some weeks, though the crops should be of
the very best. AS yet the exports still de-
crease and have been only $155, G142S3 at
this port since January /, against $40, 1852
to the same date last year. The imports at
| New-YOrk last week were 100000 more
! than during the same week last
! year, and for the half year have
been 1888, 959,519. against $214,606,5 63
! last year. But the exports of gold, to which
such a state of foreign trade naturally leads,
! have been made thus far without causing any
monetary disturbance, considerable supplies
having been drawn from the interior, and the
large disbursements by the Treasury render it
improbable that such exports of specie as may
yet occur before grain begins to go forward in
large quantity will prove embarrassing. The
difficulty, if there is to be any this fall, will
come somewhat later. when the westward
movement of money has exhausted the re-
serves of the banks.
Concerning the possibility of serious COM
mercial disorder, from this or any other cause,
the half yearly report Of Dun & Co.'S Mrr-
camille Agency gives some light. The failures
during the first half of 1882 have been 1887
| In nnnher with lahiitics amounting 20