New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-12
MONEY And BUSINESS.

been decidedly favorable. While money begins
10 go ont of the banks and the reserve declines,
n thing 10 be expected at this season oil the
year the rates for money on call at Ncw-iorl
have been rather lower than before, ana there is
no revival of apprehension that specie viii be
taken abroad in important amounts. IL is not
surprising that the situation is called pcrpex-
ing by some who look only 10 the speculative
supply. and mistake the loans of day-to-day bal
anceS for the money market. In getting ready
for anticipated needs the first step OF bankers or
cnpitalists is to reduce amounts loaned on time
and 10 place the same money only from day TO
dav on Immediately negotiable securities. That
process necessarily swes the supply on call, and
tends 10 keep down or even 10 depFess the rate,
while the real money market is hardenlng. The
Treasury has taken in during the past week
81. 200, 900 more than it has paid ont. and the
loss of reserves by the banbs-Sl 800, 0O-indi-
Gates bnt q small movement 20 the interior be-
sides. but It is one which must De expected 10
continue and enlarge The bond purchases for the
week were only $3.50 200, though the Treasury
took all the J.? per cents offered.
The crop report issued Oh Saturday was de-
cidedly favorable TO cotton and satisfactory aS
10 all crops except spring wheat. IN which h
further though small decline in condition is re-
ported. This does not accord with the highly
I
Dakota. but in past time the Government dis
patches have usually proved more reliable than
any Others. Assuming their entire accuracy. the
crop indicated would be only about 4oj.OOO,OOO
bushels but with the surplus brought over the
quantity available for exports VIII still be much
larger than has been exported in amy recent year.
that the course OF the market is fairly justified.
Prices have slightly risen for spot but declined
half Il cent tor August options. Corn has de-
cllned quarter. and the report promises very
large yield. Oats have declined cent. and the
report gives that the yield is the largest
record. Cotton has not changed for spot and
but little for options. but the report to
promise more generous yield than those an
ticpatc or desire who engaged III the attempted
corner.
Other prices have been quite steady lard a
little higher, and dressed hogs little lower, re-
fined sugar quarter 10 three-cg hths lower, and
crude oil fraction higher. The general average
Of prices is now and for "a month has been about
) per cent lower than year ago. slowly rising
as it rose last year. This difference it is impor-
tant 10 remember, il quantities of products eX-
changed were the same, would produce decrease
of > per cent in the amount Of clearngS and in
the quantity OF currency required. That IS the
bank exchanges outside New-YOrll might be
the same. but instead they were s233, 900
larger than Il year ago, indicating an increase
Of 20 per cent in the volume OF business SO
the movement Of like quantities Of products
would permit "a decrease Of S69, 600 600 in the
volume OF money in circulation but in fact the
circulation is now 81, 31S, 900 600, against about
the same last year. and the difference is that
the circulation is more fully employed, whereas
last year much Of il was idle
The upward movement of stocks continues.
and the increase has averaged 81 90 per share
for the past week that prices are now nearly
nS high on the whole as at the maximum point
iaf the year thus far. which was about the middle
Of June People who have fine vein OF prophecy
well nigh unanimous about these times pre-
dieting large advance on the ground that crops
are magnificent, and the railroads have settled
most Of their difficulties, and earnings are large.
On % railroads in July the earnings averaged
s3g9 per mile operated against $3.50 last year.
gain III 81 per cent. But the prophetic aflatuS
is apt TO he strong when operators have good
many stocks for sale, and banks begin 70 take
in sail At the same time it is not TO he for
gotten that a really full tide of commercial trans
actions would send into the country for use n
large amount Of money that is now employed
here and While no disaster or serious disturbance
ought to result the shifting Of loans may tend
to check any general advance in securities
Industrial reports are decidedly favorable, the
settlement Of the coke strike by concession 10
strikers having ended the fear Of disturbance in
the iron interest The organ Of the labor Organiza
ton in Western Pennsylvania severely condemns
the workers for a strike which is held to be in
violation VI an agreement faithfully observed by
employers. Higher coke and at Pittsburg higher
priced iron seem probable results, and Of course
Il better chance for the marketing Of Southern
products Wool has not changed materially, and
the manufacture appears to be hindered still by
tile presence Of large stocks OF last years goods
in the market, and by doubts whether an advance
in prices can be maintained. The cotton man
ufacture is not consuming more than last year
at the North; for the crop year thus far the
takings OF Northern spinners have been $4,000
bales less than for the same part of the previous
year. but Southern consumption is believed to be
fl 600 bales more The Sugar Trust has either
permitted or has been unable to prevent a decline
in refined and the difficulties Of the foreign
syndicate do NOT seem 10 vanish