The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-05-31
FINANCE AND COTTON
FINANCIAL

1x discussing the financial situation, the
w York Chronicle says: The general
.,sda and industrial situation does not
show any material improvement since last
So The iron trade is still in very IN
'a,isisctory condition, a further decline in
sSe nrice Of pig iron being expected, and
s IN NJ the iron works are blowing out part
~ Ih.ir furnaces preparatory to reducing
%a;r operauons. TIE contemplated strike
nfthe operatives in the western iron mills
on lime is still regarded as likely to take
,,Isca Mercantile failures continue in ex-
esss of the same time last year, though the
smounts involved are comparatively small
Ejaculation in wheat has revived, owing to
las favorable reports OF the condition OF
winter wheat in Indiana, Ohio and Illinois.
and large purchases were made in Chicago
on New York accoNnt on Thursday, which
advanced the price 3cents per bushel in
a few hours; meanwhile the foreign mark
ais have experienced no corresponding gd-
vance vet, and the margin against exports
hsinr thus increased the export move
went OF breads'uH is diminishing.
The New York bank statement of aver
aces for the week 10 May 10Th somewhat
disappointed general expectations, from
tbe fact that the increase OF the surplus re.
serve was less than one.Quarter as much as
in the preceding week, whereas it was ex-
nected that this season of usual aCcumu.
is,ion of money the increase of Surplus re-
serye would be larger each week in Nav.
Rates for money, however, have continued
extremely easy, call loans on stocks being
freely offered on the Stock Exchange dur.
ing The week at 3 per cent, and many
loans made at IL. Sixty and ninety
day money has been offered on
same colaterals at 4 per cent. per annum,
and on government bonds at . to 3 per cent.
Rates for discount of mercantile paper are
l.2of per cent. lower than week aso,
the rates now being from to l'2 on single
names for sixty d US and ID and on
double names for the same time. All the
domestic exchanges Except Boston, have
been in favor of New York, therefore ind.
eating the tendency of money to flow in
this direction.
The toreigu exchanges have been advanc.
ing all the week until Thursday, the Oath,
when there was decline of l.2 cent on the
sterling The principal cause of the ad-
vance is believed to have been the lower
rates for money here than in London, thus
causing a tendency of capital in that
direction. 1t was presumed, also, that con-
siderable selling of railway shares by foreign
holders last week contributed to the demand
for bills, and aided the advance The de-
crease IN the breadstuflS exports WAS also
an influence, in as much as it reduced the
supply OF commercial bills. The reduction
Of rates of sterling on Thursday did not
represent any reversal! Of these conditions,
nor does it show any considerable increased
purchases OF either shares or bonds for for
eign acC0uat, but merely that the quota
tious for sterling bai heen advanced too
fast The higher rates for money in Lon
don are largely owing TO the more conserva
tivepocy OF the Bank of England with refer.
ences TO brokers, the new pulcy having
been adopted by the Bank Tor tne avowed
purpose of keeping better control of the
general London money market than
before