New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-06-02
TIE MONEY M1RKEL.

The chief interest of the week under review cen
tered in and about the financial situation. Leglu-
mate business in merchandise was dull and unsatis-
f,c+orv in all its branches As aside from corpo-
rate mutations of securities dealt in at the
stock Exchanges. the newest disturbing
1avolorr,apts have come directly from malversa-
tons Of persons holding peculiar positions OF trust
il is possible that the general commercial ana nler
camille sltuat1ons have been undulv Influenced by
Them factor that seems to be Of greater import
5nce and one that retards return the normal con-
ditons of trade is the determination of spectators
in American products to hold their prices above the
values of the rest Of the world Although the pros
meets OF LARGE wheat crop, both abroad and at
home. were never more favorable at this date IN
any previous year than they are now barring such
damages by frost in a few localities at the North
west during the last few days as may have
occurred and notwithstanding that the worlds
visible supply at this date never before was
as large as It is now wheat after some tuctuatOn,
closed Yesterday in Ncw-York nearly one cent
higher and corn about Il cents higher than
week ago; aud that N the face of dull ana heavy
markets abroad Hence the export movement was
almost at a standshll. Provisions have ruled
easier but show little no change for the week In
the final prices.
The speculation in cotton was less
ac+ive than in preceding weeks but
early in the week it was marked by good adj
vance and later by sharp decline. SO that mai
Ggures show declines of from to points for this
crop and from to points for the next crop spot
cotton was dull at unchanged nGures The interior
and export movements OF the West were unusually
small In the export movement singular feature
is that of the 174i2 bales shipped
| 1O438 bales were sent from this port, whereas
| New Yoris exports of cotton usually average
/ al he ar Tgtf ps ire
As follows: The receipts at the ports last week
we're : f20 bales against 80, 1876 bales for the same
| week in lss3-which makes the total since Sep
tember l. - 6G2 bales this year, against j,o2f-
$50 bales last year. The exports OF the week were
II 40 bales against $3.50 bales Cor the last year
and the totals since september are 3,J92 ,9JO
bales for tins year, against 43JJ'ol0 Daies iasl
The large decline in the exports Of cotton and grain
d!ri Y tine last few weeks, while the imports
OF merchandise have been up TO the average OF
last wear points TO very unsatisfactory balance OF
our foreign commerce for the mouth OF Nay, ana
ater on viii have serious effect upon the foreign
Inc i,'' condition of the iron trade presents no
new features. Trade Is dull and prices
aaJ weak for the manufactured article
steel rails are quoted over at ~ So 30 OnioI-
anthracite coal for twelve days IN June has been
interpreted by the trade as confession OF weak
ness and instead OF stimulating demand has
of the Heading COmpanys finances mas some
effect upOn the situation, because n Is not
believed that il live ongon the product of two
weeks and one half in month. he HgmeriRg
anil Jqioq Journal remarks: The situation * one
that demands conservatism and Is little irritation
as possible.
Yesterdays bank statement marks an improve
ncnt IN financial affairs far a. IL shows return
of confidence IT the general soivency Of the ms-l-
tutious. and an approval of the method adopted to
| divert crisis. While II Is known that last week
there was slll considerable Withdrawing Of cash
from the banks, the statement shows that
| the receipts 80 lar ONerDaiance uhe
| Withdrawals as to leave gain laveTIgel IN cash
of - SIS 600 Yet II certain that the banks viii
| Tor some time pursue "A cautious and conservative
policy. While banded together they are not gong
10 force a disastrous liquidation of loans. they VIII
not expand their credits La some of the stronger
! banks the present situation Is TksOme ana
| they are anxious to he relieved of the burden Of
carving tine weaker ones at early date rs pos
| sible. hat end can only be reached By the ex-
banded banks converting their loans INTO cash and
| retiring the loan certificates. and only about
"a 900 600 of the S24, 100000 issued has yet been
| retired. The banks now hold Sl6, 100000 less
| cash than al this date year ago, and $S,jOOOOO
less than III 1882. Yesterdays statement compares
with those OF the corresponding dates OF two pre-
| cedlng years as follows: