New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-05
MONEY md BUSINESS.

The increase Of net debt SlOO0,000 in July,
with disbursements the largest on record for that
month. goes far 10 explain the fact that the bank
surplus on the 27th was only 100000 less, and
is now 100000 greater, than it was at the be-
ginning of July. Though Sj,200,000 gold went
out through this port during the month, and there
was at one time a withdrawal Of Boston funds,
the banks are better supplied to meet fall de-
Lands at the end than at the beginning OF July.
Ii' large payments for pensions, the remarkably
large ordinary payments and the purchase of
81, COS, 800 bonds, more than compensated for all
losses 10 Europe the interior. As wheat has
now begun 10 come forward freely, and the partial
adjustment Of railway troubles with the prospect
of "a large crop movement gives reason 10 hope
that foreign sales Of American securities may not
be large again at present, the monetary outlook
is clearly improved though prudent bankers do
not forget the possibility of pressure later in the
season.
Two large failures, dry-goods and boot and
shoe house have occasoned some caution on the
part of lenders on commercial paper, while the
immediate eife,t has been rather 10 increase the
supply OF money available for loans on securities
immediately negotiable. 1t is commonly said that
both OF these branches Of trade in SO healthy
condition that the failures call for no attention,
and possibly there is a little too much of that
feeling. The overproduction and very low prices
in the boot and shoe and leather business can
hardly have failed TO affect the resources OF some
manufacturers, and the large advances by COM
mission merchants TO manufacturers have not been
made by one dry-goods house only, nor can the
strain resulting from incomplete distribution of
wOOllens for last winter have fallen upon only
one house. But the general average Of CONNER
cial liabilities does not appear to he high, and that
wild speculation which has been the most potent
cause of disasters has not Of late been prevalent.
The crop prospects, upon which depend the
strongest hopes, brighten every day. The yield
Of wheat, last week estimated by The North
western Miller" at 300 600, 900 bushels, seems
likely from recent accounts TO be still larger, and
the price has fallen IA cents. The exports are
not yet large, but reports from Europe are less
satisfactory, increasing the prospect of foreign
demand. Cotton prospects improve, though re-
ceipts have fallen of to almost nothing, and
exports but 5000 bales against 1000
last year, and the scantiness of present supply
enables holders to sustain prices for spot and
the nearest options. The quantity in sight thus
far is $4,000 bales less than at the same date of
the previous crop, and American spinners appear
to have taken 2,1s6,ol2 bales, against 81 1888
TO the same date last year. heavy crop of corn
seems more probable, but exports continue more
than three times large they were year
ago, and the price has risen quarter The
largest crop of oats raised has depressed the
price still further to - 12 cents. Pork and hogs
are little lower and also crude oil and the
shrinking demand for sugar, with the report
that 80. 100000 pounds have been bought by the
Trust from the foreign syndicate, has lowered
the price for raw an eighth and for graduated
a quarter.
Prices Of fine wool have begun TO yield. but
the average for all grades is 26.3 cents against
2G5 July ) and 26.3 July /. As TO manu-
facturcrs purchases there conflicting accounts
due no doubt TO the fact that many kinds of
goods can be made and marketed at current prices
while many others can not and 50 some manu-
facturers have been buying, while others, appa-
rently much the greater number, have made no
purchases beyond immediate ends. The fact APP
pears to be that the rise in wool since Mr.. ClcVe-
lands defeat has been too fast and too large
for the Improvement Ms YET realized in the goods
market. In the iron business the enormous pro-
duction Of pig has fortunately prevented any
such advance as mi ht have embarrassed the manu-
facture OF finished iron aud steel. 50 that the
improving demand for the finished products is
now causing n natural and healthy growth of
the industry, with stifTening but as yet only
ght rise in the price of material. The amicable
settlement at the Carnegie Works gives prospects
Of a fall trade little disturbed by labor con-
troversies. Copper and tin are little weaker
but it s said that while threats OF "a smash in
prices have prevented much selling OF Lake below
I2 cents. two companies have ceased producing
because that price is too low for them.
The stock market, though not active is a little
stronger the average being 30 cents per 500
higher than "a week ago, and the progress toward
settlement OF Of the rate wars seems To
Justify better feeling All the same, the situa-
ton has not been radically altered wherever there
are too many roads for the work to be done. and