New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-17
MONEY And BUSINESS.

MONEY And BUSINESS.
The mast week las been one of good news
and marked improvement in business. The
crop news has been very encouraging affairs
in Europe promise larger demand for Amer
lean products fear of mischief from bad leg
slaton has been allayed prices of grain and
pro, isions have declined and the banks have
increased their surplus reserve.
Hardly any room for doubt remains as to the
excellence of the wheat crop, though damp
weather still threatens some injury IN local.
ties where the use of machines for cutting has
been prevented. In the spring wheat region,
though there is still possibility of important
injury the condition and prospects have de-
cdedly 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 renders somewhat less important the
unfavorabe prospect as to corn. AT latest
adyices tho condition of corn was less
favorable than about July l, 1881, but the
great damage to that crop had not been done
Mt that time. and the months of July and
August. which brought drOuth and disaster
last year, may now bring great improve
ment. Much more important, with respect
TO the industrial future of the country, is
the promise of large demand for our pro-
ducts Egypt is in such state that the
necessary steps can hardly be taken to
utilize the Nile waters, which begin to rise
at this time nor can exports from that coun-
try be expected. Shipments 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 Il passing vessel or by cut
ting 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 country.
There was much apprehension in regard to
the effect of the Bank Charters bill upon
operations in this city. But, as TIE TRIBUNE
predicted when the Objectionable provisions
were inserted, they have proved impotent and
harmless. The banks have stopped oyer-cerl-
tying, but are accepting to precisely the same
extent that they formerly certified. The
ineiicacy of the provision regarding silver
certificates is now recognized. One point of
danger remains banks having less than
$3.50, 200 capital may now contract their
circulation largely. But this they will be
from banks becomes a law. Last week
the Treasury began to draw i'll money slowly,
but as the average of its balances for the
previous week had been S3,OOO,OOO higher
than its actual balance July 5, the effect
upon bank averages was to increase the bank
reserves So, TO 62S. As the reported increase
was $3,075,3 300, it may be inferred that
about $330,000 came in from the interior. 1t
| is to be expected that the banks will now be
required to send large sums to the West,
while the Treasury will be accommodating
money until August l, when call for
| Sl5, 900, 900 bonds will mature. Last week the
| redemption of bonds was little larger
than had been expected, amounting to
$1,447,1OO, of which 1902 $50 was under
the 18th cali, SG47, 450 under the 10Th
and only $297,6O0 under the older calls.
| Probably not more than $2,0OO,OOO
will come from the Treasury on this account
within the next two weeks, and the accumu-
| lation of money in Treasury vaults will in
| that case be considerable. But it is an en-
couraging fact that the spectators in products
have met with poor success, 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
cliqucs been less powerful. Cotton yielded
only one-sixteenth from Saturday, the Sth, to
Saturday, the 18th, but refined petroleum fell
| from 7 to 69, cents, lard from 1880 to 1855
cents corn from 81 to S5ls cents, oats from
62as to 81 cents and wheat from 81 30 to
| 81 29l4 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 81 ,s34, 900, or nearly 20 per cent
But Improvement in that quarter may now be
reasonably expected Business in this city was
still much retarded by the strike Of freight
handlers, but dealings in grain were very heavy;
in wheat 16,500,000 bushels, in corn
| 10000, 900. and in oats 3,35O,OOO bushels
Cotton transactions were 62s,olO bales, OF
which less than 1000 were for consumption
and EXPORT.