The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-06-14
FINANCE AND COTTON
FINANCIAL.

The Financial Chronicle OF last Saturday
avs, The improvement in the general
sSa,srcantile and industrial situation in the
last week has been more in the subsiding
nfanprehensions of the future than in any
oo.,nsl changes in business conditions, or in
,hs volume of trade. Ten days ago there
was a general feeling Of distrust, on account
oe spprehensions of disastrous strikes and
;mnortant failures, and disorganization Of
The iron industry. The crisis, however,
seems to have been passed. Some furnaces
have been blown out, the mill-owners de.
cIsripg shat they cannot afford to manufac-
ture for present prices, and at least one i'm
nortant iailure-tbe Grafton iron company
rNhas occurred but aside from these in
c;dents the situation in this branch OF
t trsde is more hopefully regarded. The di.
minished production of iron, both from the
mines and me mills, will probably soon
hermit tie Cnlsunfptive demand to over
take the supply, and thus at least maintain
nrices, il mo- soon advance them. If the
ron industry is-as is often caimed-an in
dex of the seueral state of industry and
trade. il may be that the most unfavOrable
sspect of the situation has been passed, and
that any change is likely TO be in the line
Improvement.
The general crop prospect has certainly
improyed, notwithstanding that the latest
reports from Indiana, Illinois and Ohio
confirm the damage to the winter wheat
crop. But the reports from the spring
wheat region of the northwest, and from
the further west winter wheat states, are Of
The most tlattering character, and there is
scarcely room to doubt that the general
crop will be at least good average. Spec
nlation in various lines has increased lately
and the transactions in grain and petroleum
have been on large scale in the last week
The speculation in grain has maintainec
prices at figures which still operate against
free export movement, though wheat hal
declined during the week in view of the
improving crop prospects.
In the general monetary situation thu
features are only those usual at this season
of the wear. The domestic exchanges ar,
usually in favor of New York, and the &C
emulation of funds here had given tb,
banks OF New York surplus reserve o
1901 $50 on last Saturday, against 95l,
loo on the corresponding date of last year
The accumulation of so large surplus re
serve this year was, however, about {
month later than last year, when it wa
$40, sos 600 on April Goth, and from tina
point declined to SO 95l 100 by June ID
The cause of this more tardy accumulation
of money in the banks here was believed t,
be due to the fact that the volume o
products in the country to be moved thi'
year was larger than last year. and there
for. the money was retained in the interlo
longer. With the increase of money here
speculation has been revived; last week thu
banks increased their loans 81 ,29i 800, th,
larger part of which was probably for specu
latiye purposes. Following this was an al
vance in The stock market of from to
per cent. in the last week, and an increased
activity in the speculation in grain an
petroleum. Rates for money have beeI
nominally no lower than they were in tn
previous week, but the supply Of funds ha
been abundant at 2 to 3per cent for cal
loans on stocks and 4 to 5 per cent. per an
mum on the same collaterals for time loan
running from 4 to 8 months.