New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-08
MONEY AND BUSINESS.

The second half of the year begins with gloom
in the Stock Exchange and hope elsewhere. The
crop prospects. il less satisfactory as to spring
wheat than they have been. are evidently excel
lent as to most of the territory, and even in parts
of Minnesota and Dakota most affected by drouth
have been improved during the past week by
copious rains though the extent Of the injury has
at the same time become more fully known. With
large harvest of winter wheat already saved the
supply for the coming year will be ample. unless
! injuries much more serious than are yet reported
should be sustained in the future. Corn is
damaged to some extent by too much rain, but in
the main promises well, and the cotton outlook
| has continued good On the whole. whatever
fairly satisfactory results for agriculture can do to
promote the public prosperity seems reasonably as
sured.
The volume Of business actually transacted con-
tinues remarkably large for the summer season.
June records gain Of 1913 per cent over last
year in exchanges at New-York due largely to
speculation, and at Boston, Philadelphia and
Chicago a gain of 100 per cent. and while the
aggregate at all other cities has increased only 6,7
per cent that is considerable Improvement For
the year thus far the gain at New-York has been
1871 per cent, at Boston, Philadelphia and Chicago
11.9 per cent, and at all other cities per cent
which is conclusive proof Of n general increase in
business. Railroad earnings are growing less
satisfactory. and ret for the month of June in
Guiding only thirty-two roads for the last week,
they show gain of 4 per cent. which is probably
little more than the increase in mileage. The
failures for the half-year have been Ala more
than for the first half of last year. or nearly per
cent. But the relatively large increase In the
territories, 70 per cent. Is evidently due TO the
extension Of trade and the enlargement in number
Of traders The increase of asa per cent In New
England, and still more the increase Of 2l.3 per
cent in the region between the Mississippi and the
mountains, Is an Indication rather that trading
has been pushed too far and rashly than that its
| general conditions are unsound In the Northern
States between the hudson and the Mississippi, the
increase has been but A per cent in the eastern
and 81 per cent in the western region, and in the
Pacific States but as per cent. while at the South
there has been decrease Of 43 per cent in the
number Of failures.
The larger industries have been more active Of
late, though the tctivity is not certain to endure
Sudden and large demands for iron, resulting
from the great floods, made quick Improvement
| in various products, but the advance has been
checked and orders no longer abound, while
Southern pig is still pressed upon the market at
about the lowest rate yet quoted. Strong hopes
Of holders have advanced wool fully cent since
June Is, bat the only result as yet is greater
slackness in the manufacturing demand and
less satisfactory prospect for the industry, the
| rise in material being out Of proportion to any
change in the market for goods. Consumption OF
cotton in manufacture also begins TO fall behind
last years at the North, though only 5000 bales
as yet for the year thus far. against an increase
Of $4,000 in estimated Southern consumption.
The monetary situation is disturbing force
In June the circulation was contracted al 1924
FOL, mainly in gold certificates, which have de-
creased sl2, 25l ,903. The exports Of gold from
New-York alone have been over sl7,500,0Oo
While late events have arrested the outgo, it is
! liable t. be renewed whenever local markets are
so advanced as to hinder the placing Of COM
mercial bills against wheat cotton provisions
for export or whenever distrust OF railroad man.
agement leads to more foreign realizing This
brings into strong relief the Importance Of the
recent outbreak Of rate wars, not only between
roads west of Chicago. but also between Eastern
trunk lines the Baltimore and Ohio having reduced
its grain rates to the seabOard, and the Pennsyl
vania having followed suit. Much is Hoped from a
meeting this week. but the outlook for the moment
is not cheering to investors. nor does 1t
strengthen public confidence in the Presidents
Association or On the Interstate Act. 1t appears,
also, that the new receivcrships for the past
half-year have been unusually important, and the
dividends paid in the first half Of $50 though
representing in part earnings of last year, fall
a little below last years The dividends paid
on fifty roads, embracing nearly all the more
| important which pay dividends at ALL as they
are separately reported by The Financial Chron-
icle" appear TO average 245 per cent for the
half-year exclusive Of all stock dividends, against
SOC per cent for the year 88S, $40 for 1887,
462 for 1885 and 4.56 for 1855. In 1880 the
average on the same roads was but 4.37 per cent
but 537 IN 1881, 5.73 in l $50, 5.SS in 1888 and
$40 in 1884.
Under the influences described, the stock mar
let declined % cents per share, and the prevailing
tone appeared TO favor a further decline. The
securities which might with some reason be called
but their weakness influenced others to some ex-
tent, while the war Of rates and the realizing of
holders affected the whole market. Wheat
changed but little, while corn was fve-eghths of
a cent higher and cotton an eighth for spot. Pork
products were generally weak, and oil cent
lower, and in coffee liquidation continued and
the price fell half cent. Another advance Of an
eighth Ia granulated sugar occurred without
change in the raw material The exports OF gold
were completely stopped for the time, and the
Treasury paid out "a, 100000 more than it took
in in part through purchases of 81 ,624, 900 bonds
But the bank statement nevertheless showed n
decrease Of s2,574 ,2l0 in the surplus reserve in
part because of a large increase IN loans and de-
posits, which indicates the shifting of burdens
from investors TO spectators
----~
The thriving town of Danbury. Conn. is said
to be considerably aroused over the latest attempt