New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-06-25
MONEY AND BUSINESS.

There has been perceplDle lnipIoVo-
ment in some branches of business. Inc
collapse of powerful speculative combinations
has been followed by an increase OF legitimate
transactions in grain and hog products. The
market for iron has grown stronger, Wllh
larger demand from consumers, ana many
believe that the turning point has at last oeen
reached, though they do not look for an
immediate advance in prices Official coal
statistics show that the stocks on hand nave
been diminished since May l, and the Leading
companies believe that the demand which mas
sprung up within the past two weeks Will
enable them to return to full-hme production
soon after July 1. The severe floods at the
West are doing much damage near St. Louis,
but the mischief is confined as yet 10 a
comparatively narrow area. From Indianapolis
and other points beyond it come very favor
able advices in regard to the growing crops
and there seems to be no doubt that the
change in condition since June warrants
higher estimates of yield than those made by
the Agricultural Bureau in its June report.
1t has been hard time for the spectators
in products, however. Since June l, July
wheat has fallen over IL cents In price at
Chicago, corn over GIG cents, pork about $Z %
per barrel and lard over cents per pound
This decline represents immense losses, and
the McGcOch failure for $5,OOOOO0, with a
prospect of only 10 cents on the dollar for
creditors. has been followed by others which
Mt any other time would be called important.
It is gratifying to find therefore, that the dis
turbances at Chicago have not caused de-
pletion of the New-York bank reserves, which
000 6uriuo the
past week, notwithstanding a heavy expansion
of loans. This expansion, amounting 10
4,296,300 last week, is by some supposed to
have been made for the purpose OF carrying
stocks. The course Of the market has not
warranted belief that the public has been
buying largely; on the contrary, it seems to
have been emptying into the Street stocks
hitherto carried elsewhere The apprehension
caused by heavy failures in grain and pro-
vision trades had possibly less effect than the
actual need of money among large operators
at the West, who have been carrying stocks
with part Of their surplus funds, but who now
find it necessary to realize in order to support
the wheat and lard markets or to meet recent
losses. If this conjecture proves correct, de-
mands upon the New-York banks may yet
prove cOlSlutldDly tiA''h wv i"'o'' ''N'S
ment of averages indicates
The news from the South is altogether fav-
orable as to the cotton crop, though The
Financial Chronicle does not report any
material change of acreage. With favoring
weather, the yield may be as large as it was
last year, or even larger, and low range of
prices would doubtless stimulate an increase
in the manufacture. Dispatches printed yes
terday from ST. Paul and San Francisco give
very hopeful view of the wheat crop; Cali
fornia has so large a surplus to ship that the
Southern Pacific expects to have a consider
able share of it to transport; and during the
past two weeks the growing grain III Mime
sofa has SO improved that yield as large as
that of last year is now expected III that re-
| gon. With the known and large increase OF
acreage in Dakota, spring wheat may yet go
| far TO make good the loss by wintcr-killing OF
wheat sown last fall. AT present, too, every
thing points to large yield of corn, though ii
is of course too early TO form definite esti-
| mates. But the chances are that the country
will find more difficulty this year from an OK
cess than from deficiency of its principal
products