Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-07-19
Money and Business.
New York Tribune.


New York Tribune.
The past week has been one of
good news and marked improvement
in business. The crop news has
been very encouraging; affairs in
Europe promise larger demand for
American products; fear of mischief
from bad legislation has been allay>
ed; prices of grain and provisions
have declined; and the banks have
increased their surplus reserve.
Hardly any room for doubt re-
mains as to the excellence of the
wheat crop, though damp weather
still threatens some injury to locals
ties where the use of machines for
cutting has been prevented. In the
spring wheat region, there is still
possibility of important injury, the
condition and prospects have decid-
eddy improved. This is also true of
cotton, rains in Texas having done
much good. The crop of hay and
oats will be very large, and this rem
ders somewhat less . impor-
tant the unfavorable pros
pect as to corn. At latest
advices the condition of corn was
less favorable than about July 1st,
1881, but the great damage to that
crop had not been done at that time,
and the months of July and August,
which brought drouth and disaster
last year, may now bring great im-
provement. Much more important,
with respect to the industrial future
of the country, is the promise of
large demand for our products.
Egypt is in such state that the nee
essary steps can hardly be taken to
utilize the Nile waters, which begin
to rise at this time, nor can exports
from that country be expected. Ship
ments of cotton and grain from India
will be greatly retarded, so long as
the Suez Canal cannot be safely used,
and can at any time be blocked by
the explosion of a single torpedo
under a passing vessel or by cutting
off the supply of fresh water. Crops
in Russia and Hungary promise
well, but cold rains have recently
made farmers of France and England
very gloomy, and there is little
chance OF full yield in either coun-
try.
There was much apprehension in
regard to the effect OF the bank char
tiers bill upon operation in this city.
But, as the tribune predicted when
the Objectionable provisions were in
serted, they have proved impotent
and harmless. The banks have stop
ped over certifying, but are accept
ing to precisely the same extent that
they formerly certified. Tue ineffi-
cacy of the provision regarding sill
yer certificates is now recognized.
One point of danger remains; banks
| having less than $15O,00O capital
may now contract their circulation
largely. But this they will be little
likely to do if the bill rem wing taxes
from banks becomes a law. Last
week the Treasury began to draw in
money slowly, but, as the average of
its balances for the previous week
had been S3,0O0,000 higher than its
actual balance July 8, the effect upon
bank averages was to increase the
bank reserves S2,745,629 As the
reported increase was $3,075,300, it
may be inferred that about $3.50, 900
came in from the interior. 1t is to be
expected that the banks wi | now be
r, CURED to send large sums to the
West, while the Treasury will be &C.
cumulating money until August 1,
when a call for S15,000,000 bonds
will mature. Last week the redemp
ton of bonds was little larger than
had been expected, amounting to
81 Al, 100, of which $502,050 was
under the 18th call, S647,45O under
the 10Th and only 1927, 800 under
older calls. Probably not more tban
$4,000, 900 will come from the Treas
ury on this account within the next
two weeks, and the accumulation of
money in Treasury vaults will in that
case be considerable. But it is an
encouraging fact that the spectators
in products have met with poor sue
cess, and seem likely to be so far
worsted that their demands upon
New York for money will be much
smaller than they were last summer.
Prices tended downward last week
on account of favorable prospects of
the crops, but would have declined
much more had the speculative
cliques been less powerful. Cotton
yielded only one>sixteenth' from Sat
urday, the 18th, but refined petro
leum fell from 7 to g cents, lard
from 1890 to 1856 cents, corn from
81 to IS cents, oats from so 2 s
to So cents, and wheat from $1.33 to
S129 IA per bushel. The imports
last week were large, and little gain
in exports has yet appeared; the
June report for provisions shows a
loss of 1884, 900, or nearly 20 pei
cent. But improvement in that quar-
ter may now be reasonably expected
Business in this city was still much
retarded by the strike of freight
handlers, but dealings in grain were
heavy; in wheat 16,050,O0O bushels
! IN corn 10,050,00 and in oats $3.50,
r oOo bushels. Cotton transactions
were 62o,S10 bales, of which less
than 1000 were for consumption and
export.
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By disregarding cleanliness of the teeth
and thus encouraging their decay, wher
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