New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-30

ner. Speculation has been greatly diminished
and in thousands of cases legitimate transac-
tons which require prompt communication
have been put aside as unsafe, ever when, had
messages been sent, they would nave peeh
delivered with reasonable speed.
The banks have begun to lose IN reserve
though the decrease last week does not appear
from the statement more than about $9oo'oVo'
The increase in Treasury averages Is only
about 100000, so that the movement Oh
money to the interior represented pu'
about 100000. 1t is evident, now
ever, that the reserves were smaller
at the end of the week than the bank state
ment indicated, and the loss after Wednesday
was not due to operations of the Treasury. On
the 26th the Treasury called the remainder OF
the go per cent bonds, and offered to pay IN
terrsS to date on any presented for redemption
The amount outstanding at the beginning
of the month was $50, 0S2, 600, and 1t Is pre-
sumed that the possibility of drawing so large
a sum from the Treasury as it is needed WIN
prevent stringency in the market TINS raii'
This is likely, if comparative inactivity In
commercial business continues, but the ae-
crease in loans at this season shows that tue
banks are making preparations for period OF
greater activity. If money sent out Is taken
both from deposits and reserves, about
So. 500. 900 can be taken before the banks Will
show deficiency.
All the news regarding the crops last week
was favorable though the July report OF tue
Nitional Mlers Association stated that the
wheat crop would be Toe, 100000 bushels less
than that Of 1882. As this statement Is much
less favorable than any other recently pub
listed, and particularly disagrees with other
accounts as to the yield of some important
States it has not been generally considered
entirely trusts ortny. The reports OF millers at
this season are apt to be influenced by their
position as holders of large stocks or as would
be BUYERS, and the stock of wheat held by
somebody IN the country is certainly much
larger than usual. The Produce Exchange
bulletin, indeed makes the stock on hand July
l rs much as 128, OO0, 900 bushels, but to reach
this result it assumes that 50,000,OOO bushels
were held a year ago, which is probably much
too high an estimate allows only 145.7S1,772
bushels for exports in twelve months. whereas
the net exports have been little larger, ana
supposes that only 13s bushels to the acre
are used for seed. though 1os bushels Is
the more general allowance. Its estimates
of home consumption for food and manufac-
lures are Mt the rate Of 4.3 bushels per capita,
which is a little above the average for the
past sixteen years But with all possible cor
rections. it appears that more than 60.OOO,0OO
bushels must have been added to the surplus
held one year ago, whatever that may have
been.
A feature of peculiar interest during the
mast week has been the report OF the Iron and
Steel Association as to the rate OF production
of pig iron at this time and for the pas SIX
months The yield for the half year ending
June 80 is put At 2,352,O19 tons, against
2,311, G62 tons for the first half OF last year,
but it is announced that eighty-three furnaces
have ceased production since January l. so
that the yield is now smaller than 1t was a
wear AGO. It is exceedingly credltaole TO the
association that it has been able to prepare
such complete statistics within month after
the close of the fiscal year, but the returns
would be more valuable If the capacity or the
new furnaces that have begun operations had
been given, with the capacity of those which
have gone out of blast. The report shows,
however, that socks on hand were l44,93o
tons less June 80 than January /.
The failure of the Ward Iron Company,
during the p1st week, is ascribed to mis-
management rather than to the condition OF
the market. which seems to have improved.
pottery company at Trenton went into the
hands of n receiver, and bank at Leadville
failed, but the other failures for the week
were not large nor significant Reports of new
oil discoveries near Pittsburg have not been SO
credited as yet as to affect the market, which
was much stronger last week than for the week
preceding. Wheat declined about two cents,
while corn and oats rose as much, but cotton
remained steady, and lard fell off but little.
In fact the week was one OF little change
in the principal produce markets, and the dull
ness in the stock market was such that the
volume of sales, only 100000 shares on
Monday, decreased every day, and ended at
$4,000 shares on Saturday, with insignificant
changes in the prices of leading stocks.
large and decidedly successful sale of cotton
goods on Thursday gave much more hopeful
tone to the market, but the dry-goods business
on the whole was about as sluggish as is usual
at this season.