New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-06-19
; MONEY AND BUSINESS.

of liberty would make things hum.
| MONEY AND BUSINESS
Hopeful news, abundant money, some inn
provement in trade, and buoyant market for
securities made last week unlike any other for
some months. The warm summer weather at
the Northwest, which prevailed during the
first ten days of June, caused rapid progress
Of wheat and oats, and gave a more hopeful
appearance to the backward growth of corn.
Winter wheat is rapidly passing the critical
period thus far without other injury than that
| inflicted by few storms of much violence,
but comparatively limited area. Spring wheat
has been improving materially, and particu-
larry in regions where the excessive rains of
spring had made the ground too wet.
There is already good prospect that the crop
may be within 100000 600 bushels of the great
Weld of 1880, and continued favorable cOnd-
tons for three or four weeks may justify much
higher hopes. On the other hand, the news
as to corn is not yet conclusive. The mar
ket closed at the same price on Saturday last
as on Saturday the 10th, while the decline in
wheat was nearly five cents per bushel. The
Western farmers have given evidence of their
confidence in the yield of winter wheat by
sending to market old grain more freely.
The gain of $3,510,O00 in specie and
1886, 100 in currency averages by the New
York banks was in part due to large disburse-
ments for bonds between the 18th and 10th
instant over So, 300, 900 gold having been re-
ceived from the Treasury on Saturday, the
10th, that was not reflected in the average OF
that date. The disbursements of specie last
week also exceeded the receipts, though the
Treasury increased its stock of legal tenders.
Its daily averages indicate that the banks
should have increased their specie average
about So, 6O0,0 900 on account of Treasury pay
ments in excess of the amount exported. The
money received from the interior was there
fore once more almost exclusively IN cur
rency, of which the amount taken in must
have been over $l,50O,000 At the close Of
the week, too the banks appear to have been
stronger by about 500, 900 in gold than their
statement indicated, and the domestic ex-
changes show that they are still receiving cur
rency to some extent. Another favorable
symptom is that the bank circulation was not
diminished during the week by moro than
about $4,000. The Treasury redeemed
about $500, 900 bonds Of the latest call, and
about 500, 600 of the six previous calls, in
all $1,6lS, 400 from Monday night to the
close of business on Saturday, leaving unre-
deemed about 81 100000 under seven diff
ferent calls. of which over half has been re-
deemable for n considerable time.
Apprehensons III regard to the money mar
ket have been very generally dispelled by the
strong increase of bank reserves and the de-
crease in specie exports. Nothing has occurred
to render stringency next fall less probable,
but tho immediate prospect is more favorable
1t is now believed by bankers who should be
well informed that only $4,000 in gold
remains to be supplied to complete the con-
tract with the Italian Government, and the
great increase of gold reserves in foreign banks
goes to sustain the confidence expressed that
this market will not be further disturbed on
that account. The Bank of England gained
about So, 500, 600 last week, and holds over
S11S,2OO, 900 in gold, and the Bank of France
has probably raised its gold reserve by this
time to $l90,O00,000, for on Wednesday it
lacked only about 100000 of that sum. The
weakness of exchange is thought by some to
Indicate renewal of shipments of securities
to Europe and statements are current in spccu-
lative circles of large purchases said to have
been made by Mr.. Vanderbilt, or on his adj
vice, for friends in Europe. The prospect of
an advance of railroad rates in July is men
toned a reason for these purchases
The returns of foreign trade certainly do not
encourage the expectation that gold will speed
lily be moving westward in large quantities.
Last week the imports at New York were i'll
value more than double the exports thence,
and in comparison with the corresponding week
last year the imports increased over 81 per
cent, while the exports decreased over 81 per
cent. Since January l there has been an in
crease of $3S, 100000 in imports, and a de-
crease of $32 ,000,0 in exports, making
difference of more than $70,0O0000 in the
balance of foreign trade for less than half
year. The official report of exports of provi-
sions for Mayis S. 1G5, Ol5, against 50, O92. G42
in the same month last year. The decrease in
exports of cotton in May was 1902 bales or
% per cent, and for the first half of June it
was 27,6l6 bales, or nearly 80 per cent. The
decrease in exports of brcadst tufts for six weeks
ending June 10 was: