New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-06-26
for its defeat In November. And he will help
To defeat it.
MONEY AND BUSINESS.

|
volume of business shows scarcely any de-
crease. although the strike of freight-handlers
must have made it temporarily smaller than II
would have been otherwise foreign lmporti
show some signs of decreasing; more than half
| of the railroad reports for portions OF JUNO
show increased earnings, although the trafiif
| in June, 1881, was very heavy and the long
war of rates had not begun; and the reports
| from growing crops continue to improve III
spite of some destruction of property by Local
storms.
The best feature of the gain in bank rel
| serves is that it is due more largely to re-
ceipts from the interior than to further deple-f
ton of reserves in the Treasury. The banks
gained in specie and currency only $432,O|SI
| from the Treasury, as the average OF It's bal
ances shows, but shipped $1,257,7OO 10 Europe
and still gained $713,6 600. The Treasury bal
| ances, compared with those of the previous
| week, average lower by 100000 in specie
and higher by $4S4,O00 in legal-tenders, and
this corresponds well with the changes in
bank averages, so that all the gold exported,
"a far as it affected bank averages, and little
more must have come in from the country.
| No correction has been made Of tho OF
the week ending June II, and if it is correct
the only inference possible is that premature
and exaggerated reports of shipments were
sent ont on Tuesday of that week for effect
upon the markets, the actual shipments having
| been 800. 900 less thanIthe amount reported,
and no gold having left this port that week
until Saturday. During last week $l,257,1OO
in gold, nearly all in bars, was sent to foreign
ports, though the effect upon bank averages
was only as if half of that amount had been
exported. Hence the actual condition OF the
bank reserves at the end OF the week was
about $627, 900 lower on account OF exports
than the averages indicated, and 1t was also
81 900 900 lower on account OF Treasury col
lections during the latter part OF the week.
Probably receipts from the interior also con-
tnued, on the other hand, but the reserves
were doubtless somewhat lower at the end OF
the week than they appear in the statement.
AS the Treasury is making collections now FOR
heavy disbursements early in July, some de-
cline in bank reserves this week would not be
at all surprising, nor, if it occurs, will it ind-
cate that the regular fall outflow has com
menced. Western reserves have not yet been
fully employed, but the course of exchange at
NAV not be long delayed.
The remarkable increase of reserves in the
great foreign banks makes it questionable
whether much more gold will be drawn from
this country for any purpose. The bank of
England gained $500 900 last week, and
holds $121 ,525,000 in gold; the Bank of
France gained $3,l41 400 in gold, and now
holds 1892, 642, 400, besides all its silver and
the Bank of Germany also gained $745,OOO,
and holds about $147, $1,000 in specie,
though more than half of the amount is sup
posed to be in silver. The decrease of imports
to S7,l5S, 533 last week may prove merely
Temporary fluctuatiOn. but the decline OF prices
i'm this country and the extraordinary accnmu-
lation of unsold foreign goods in warehouse
during the month of May render it quite
probable that an important decrease has oc-
Cured in the orders forwarded for foreign
merchandise. The exports of cotton for the
week ending on Friday were little larger
than for the corresponding week last year,
though no especial improvement in breadstutfs
or provisions has yet appeared. with good
crops, however, a change in this branch OF
trade may be expected before long.
The crop reports continue to be generally
favorable. Violent and destructive storms have
laid waste some towns and villages in different
parts of the West, but no storm of sufficient
extent to materially affect the aggregate yield
has been reported. Corn, though backward
still, continues to improve, while the prospect
of a full yield of wheat grows stronger with
every day of immunity from disaster. The re-
view of the condition of tho cotton crop by
The Chronicle shows an average decrease in
4 !, oh j.. 1na1 hon hos
been generally supposed, and that Journal
says take the South together, we should
say that, in spite Of the backwardness in
growth, the outlook at present encourages a
decided hope of fruitful year" a very large
and valuable crop of hay seems now to be prac-
tically assured, which will prove especially I'M
portant in connection with the future cost of
meat, if the corn crop should turn out small.
The monthly report Of the Pennsylvania
Railroad for May shows n gain cast of Pitts
burg of sol $50 in gross and SIS, l79 in net
earnings THIS is an indication of very
important change in the business of the great
trunk lines, inasmuch as the loss in net earn
ings by this company had been 1891 200 for
the four months preceding May From this
time forward, too, the returns of all the i'm
portant lines ought to be more satisfactory,
because the great railroad war which
began about June 10, 1881, made great de-
crease in net earnings from that time to the
end of the year. For the present the roads
from this city are embarrassed by the strike,
though many merchants evidently have an idea
that the companies have conspired to bring
about the contest, in order to prevent the ship
mcnt of extraordinary quantities of freight at
low rates under contracts which expire July l.
If the same freight has to be forwarded after
July at advanced rates. the strikers will