New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-11
MONEY AND BTSINEgy

Better crop prospects caused decidedly better
feeling in business circles during the past week.
and as a natural result more buying was noted in
wholesale trades With a belief in better crops
country dealers feel more confidence in their abi-
ity to dispose of stocks. But the general belief as
TO the wheat prospect is distinctly contradicted By
the official report of June / which estimates the
gain in condition Of winter wheat as scarcely
appreciabc-from 1871 May l to 1873 June l.
and which also estimates decrease of one per cent
in the acreage of spring wheat, notwithstanding an
admitted gain in Dakota and the Territories. II
this account is correct the yield of wheat is likely
to be but little greater than was expected month
ago But the scanty exports in May leave the
surplus to be carried considerably larger than
was expected Better crop reports from Europe
also indicate that the foreign demand may be re-
duced, independently of the influence of foreign
tariffs It is noted that British receipts of wheat
from Russia have been largely increased during
four months of the current year. and receipts from
India decreased as follows:
-Four months -Four months
1888. 1887
From india quarters G74,97o 25GO,4Go
From Russia, quarters dlo2,04l 1,0l6,140
The apparent cause is the decline in the value
of the Russian rouble, which operates to stimu-
late exports from that country. In other respects
the official crop report accords fairly with current
opinion making the increase in acreage of cot
ton % per cent against ]. 90 per cent, according
TO the estimate of The Financial Chronicle" and
indicating backward but not necessarily unfa-
vOrable condition.
Whether an increase in the output of pig iron
is a good sign at present not is with some reason
doubted But the monthly report for June l
shows an increase of 2,s33 tons in weekly output
A. tl,o
tions in several furnaces in Alabama. While
these begin, work stops at the large steel estab-
shment at ST. Louis, and also at several Eastern
establishments The inferior and uncertain quail
ity of much Southern metal, which limits its sale,
tends TO depross nominal prices of certain grades
Of iron without materially affecting the market
for iron Of established reputation and reliable
quality. Much is said Of the large railroad build
ing during the first five months of the year. as il
that indicated corresponding increase in other
regions, and an aggregate addition of 1000 miles
OF railroad for the year. But the contracts for
steel rails plainly indicate that rs yet no such in
crease is contemplated by builders. An unusual
demand for iron and steel in other forms sustains
O remarkably large output, but current prices can
hardly continue without the closing Of other fur
naces
The traffic OF railroads in the South and on
Pacific lines compares well with that of last year.
But reports from the Northwest are less favorable
The Rock Island shows n deficit, exclusive OF
land sales and premiums on bonds
sold; the Northwestern shows s2,O62,-
s35 not earnings in five months, against
s3,25O,675 last year; the Atchison shows loss
Of 81 $685. $50 in net earnings for four months, and
the Burlington and Quincy shows net earnings
for the same months Of ss75,l54, against 81, 1885,,