New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-02
40 tiEY IND RUSINESS.

MONEY AND BUSlNESS
The half year ends with business at lower ebo
than at any other time for several years. Prices
decline and idle money accumulates; failures grow
more numerous, the exchanges show decline IN
the volume Of business transacted, and great
strike of iron workers has commenced. Meanwhiie
Congress continues its work on tariff Dill winch
IS recognized in all parts Of the country as an I'M
portant cause of depression and the crop prospects
agajn appear somewhat less favorable. Ihe carn-
inrs of railroads which please to report show gains
slightly larger than their increase in mileage, but
the rapid spread of wars Of rates makes it doubt
full whether this good sign should be accounted OF
importance
The strike Of iron workers comes at a time when
that great industry is peculiarly embarrassed by
the opening of many new establishments, while
the demand is sinking. The Amalgamatcd Asso-
citation seems to consider that it would be good
thing TO have many works idle for some months
while the manufacturers claim that they can bet
ter afford to keep their works idle than to gram
the wages demanded by the workers The impress
sion at Pttsburg that the strike will not last seems
to ignore the fact that the state Of the business
offers only scanty profits possible losses to WORKS
that continue production. Many concerns have
suspended without any dispute about wages. Inc
great decrease in railroad and house building would
inevitably cut down the demand for iron II no
change of tariff were threatened, and the two IN
Huenccs together make the decrease serious. The
early trade in boots and shoes this year was good
but arterward that business slackened with others
The wool trade and manufacture are exceedingly
dull The Providence report to the Mercantile
Agency says: The wool trade was never so stag
nant as it has been so far this year and the manu-
facturers report dull and dragging business
Many knit goods works in this State are closed,
and the production is estimated at 20 per cent be-
low last year.
Crop uncertainties are felt the more because
vast expansion of trade and traffic was expected
this year throughout the West and many towns
and railroads were built. with thousands of
stores and enormously increased facilities for
business 1.-THE Cincinnati Price Current" still
estimates the yield Of wheat at less than
400 900, 900 bushels, even if spring wheat yields
abundantly, and the recent weather has been q
little less favorable for this and other crops.
Prices of grain have changed but little during the
past week. but cotton has fallen an eighth, specu-
lators being compelled to unload. Lard and oil
arc both lower but speculation lifts coffee again.
Prices continue to average slightly lower, the
decline in all commodities since January having
been per cent
Reports of failures show that the increase in
number for the second quarter of 1888 was
greater than the decrease during the first quarter
The quarters roll of disasters exceeds that Of the
second quarter of / S87 by 1885, IL 1-2 per cent,
while the increase in. Liabilities is 81 per cent.
There is no lack Of currency anywhere; where
monetary pressure exists, it is caused by diversion
of capital to real estate or other operations The
latest returns of payments through banks show
general decline, averaging over 10 per cent out
side New York, and for the month Of June about
per cent. while the decline at this city has been
about "a per cent. Much of the difficulty in
trade results from the over-conident purchases
which made business so brisk few months ago,
but have not been justified by consumption.
Stocks have slightly declined again, averaging
but S57 "a at the close of the week, against
$50 81 the week before and SCI O6 at the opening
of the year. The Treasury has neither increased
nor decreased circulation during the past week,
and the banks continue to expand loans which now
exceed 1917, 900. From the course OF ex-
changes it might be inferred that foreign trade was
more favorable. But exports from New-YOrll show
a decrease of over 81, 0000 600 in June, while inn
ports here have been s35,375000, against !
S35 500, 900 last year, and these figures point to
a probable excess of S14,000,000 or more in
imports over exports for the month. Imports for
the past half year have probably been about
81 3, 600 900 larger and exports about slsOOO,OOO
sn aller than for the first half Of 1887 The
transfer Of funds TO this market on account of
the Canadian loan Of S20,000,000, large sums
having been loaned here at low rates has for
the time affected the market, but this, like other
loans, will be followed by Withdrawals hereafter
Happily for this country, the disposition of
foreigners to invest here does not yet seem to
have ceased and while they continue these in
vestments form an element of strength.