New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-03
,nnnrY IND BUSINESS.
prevailed


rublIc attention from the extensive damage oone
- ,,.ooortr nv the storms and floods OF the past
,roeI The injury 10 crops and orchards, TO rail-.
.oode bindings. manufacturing works, bridges
md telepraph lines has far surpassed all harm
;iors nv the "blizzard" and will involve an ag-
creeate loss in property and interruption OF trat"
Gc and business which cannot easily be esumated'
The suowstorms OF Indiana and Michigan, Lhe Sc
we're frosts in many States, and the violent Wlnd
and rain have unquestionably diminished TO some
,Ntent the yield even OF the larger crops, though
as yet the reports OF injury sustained are purely
local Other railroads besides the pennsylvania
have been crippled for a time ana the entire
Industry OF many thousand producers IN the
Concmaugh Valley has been indefinitely arrested.
The great corporations which have sustained the
heaviest loss however, are strong that the work
Of repairing and rebuilding will doubtless be de-
layed as little rs possible
In most Western and Southern States the great
storms were a blessing. on the whole, for they
brought new life to regions in especial need OF
ruin. So far as yet be learned, the prospect of
crops hns been improved rather than diminished,
and the country has better reason than usual
to expect the largest agricultural yield ever known
with larger volume Of business already IN prog
ress than has ever been recorded, The payments
through all clearing houses outside Of New.York
appear 10 have been larger in May than in any
previous year by 900, 600, and IN five months
ending with May larger than in any previous
year by $50, 100000 or 10 per cent The move
ment in 1888 WAS but little larger than in lss7,
but both exceeded the aggregate for five months
Of 1886 by Is per cent while 1886 exceeded
1885 largely and ss4 slightly. After oil al.
lowance for speculative differences, the olume OF
9TH huu tbua ftrf lie Cparm
considerably greater than in any previous year,
Notwithstanding hndrance and depression in some
important branches. On the other hand, there has
also been On increase OF fully 10 per cent in the
number # failures for five months this year over
last year and the number for ,hc half year seems
likely 20 exceed that OF tho hrSt half Of any
previous year. vast business has been done,
but with scBnty profits
The governors Of the Stock Exchange should
now consider whether they are not
subject 10 Indictment for conspiracy to
dcprcsS the prices Of securities. The
removal Of tickcrs7 has certainly had that
effect. at all events. but the market had been
weakened before that change by the renewal Of
what may be called with strict propriety the
Burlington war. and by reported heavy realin-
tions Thus Saturdays closing quotations we're
scarcely one brokers' commission above those Of
downward instead Of upward. Yet railroad earn
ings for three weeks OF May have been $50 per
cent larger than last year. when rates were
nominally the same but were supposed 20 be
largely diSrcgardcd. The great sales OF tlannclS,
even more than the auction OF cOttons, appear 10
have resulted satisfactorily IN establishing price
basis for active trade hereafter. and the Treasury
decision regarding worsted duties has already in
creased activity in the woollcn industry. The
iron industry does not seem 20 improve In quo
taLions but several large sales OF steel rails dur
ing the week. amounting TO more than $4,000
tons, strengthened the confidence that the worst
is over. The curtaimcnt Of the production Of
pig iron, partly voluntary and rarity the result
Of the great disaster at Johnstown and Cone
maugh, where furnaces were making more than
800. 900 tons yearly will tend 90 prevent further
decline.
The endelvor TO 1T prices Of wheat and corn
did not prusIer The fall last week was Ia
cents in wheat with corn unchanged. and oats
small fraction lower Cotton was stendy in
price and lard and hogs trihe lower, hut an
other advance has occurred in sugar, raw and
refined The contemplated advance In coal has
been ordered but no business OF Importance az
the higher rates is expected at present The
great supplies OF butter and cheese now antici-
pated cause some activity and weakness The
tiles in May was downward. though
the average fall was but per
cent. against about l-2 per cent in April; since
january the full has been 70 per cent, and
further decline. equnl to that OF April would
make prices the lowest ever recorded at any
season The export of gold instead Of products
is therefore the more noteworthy.
The shipments OF gold last week were $685.
! 7O7. and besides the Treasury took in $500 900
! more than II paid out. Merchandise exports are
improving but imports increase still more. Wheat
sent from Atlantic ports In four weeks OF May
amounted 20 l.47l,S74 bushels. against l,36Ts9S
last year. md -four 20 52o. O67 barrels, against
| 7jl,477, but the loss was more than made up In
exports OF corn-Gl24. 6J2 bushels, against .5sl.
| $50 last year On the other hand, the movement
OF cotton has fallen 20 1882 bales exported III
| five weeks against 2j7 81? last year, which means
| in money larger decrease than the gain in corn.
| But oil exports from Ncw-York for four weeks
! show gain Of per cent while the heavy imports
! last week swell the total for five weeks to l0+
! Yer cent above last years In the four months,
! May-August inclusive, mpOrts Inst year exceeded
| exports by s5G,OOO,OOO. and in 1857 10y si6,-
| 0OO,O similar excess this year would
| take o large amount OF gold out OF the county,
unless securities should again he sought by
| foreigners.
| That Is an excellent commission which has been