New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-13
mer journey to New-York when once made Is
invariably repeated
MONEY! AND BUSINESS.

MONET AND BUSINESS
Improvement In trade comes slowly, II it can be
| soia TO come at all as yet More confidence Is
reported, and correctly, for since gold shipments
| have discontinued and winter wheat has been
harvested in nearly all the States, and the Official
| report gives promise of large yield OF spring
wheat corn cotton and oats, the belief that Dusi-
ness will be larger and more profitable has SUD
! stantial foundation. But important branches Vi
| domestic trade are dull and waiting, ana Dah>
clcarngs railroad tonnage, and even railroad eaih
| incs. indicate q smaller movement than year
| ago. Ii IS true the gross earnings reporter NY
The Financial Chronicle" for June on l3o roads
show an increase of 81 per cent, but the mileage
| was also larger, and the earnings per mile oPer-
ated were but $415 80, against S4O' oo lasC Seai'
a gain of about per cent, which Is certainty
| less than the advance in rates. FOR SIX hionOn'
| ending with June the same journal reports eSin'
ngs on l3S roads of S22S ,646,6Ol, against 9~io'
OIL 775 last year, gain of 3.04 per CENT out Co
gross earnings per mile operated were put @~,'0-'
against 81 $50 last year, gain OF less IMAM pc
cent II NAV be added that the eastbound ship
ments from Chicago for five weeks were Eoo''0o
tons, against 24s,363 last year, loss OF aoouc
~ nor cont though for the week ending July
there was gain.
Rightly considered, these figures are not Dy
any means discouraging, because the shrlnKage III
movement caused by failure of corn and oat crops
last year would alone account for most Oh ehe
loss appearinR. Receipts at Western points OIL
other grain than wheat for 1--we weeks enuinS
July were but 19,044,S37 bushels against d.
5sssls for the same weeks last year, and the
increase in wheat receipts, 7,168,730 bushels,
against 1885 $40 last year, is insufficient to make
up the lnss. Exports Of bacon for the same weeks
fall 10, 600, 900 pounds behind last year, ana Oh
lard $500, 900 pounds. The facts that the rail-
roads have so nearly maintained the volume OIL
trade for $780, which was much the largest ever
known, is under the circumstances hopelul sigh
The heavy foreclosures and receiverships this
year are also attributable in the main TO condl-
lions which no longer exist. Foreclosure sales
cover $500 miles, with capitalization of $780,
531 900, which is remarkably large for the half
year. but when troubles are growing the sales
are usually exceeded by the receiverships, and the
latter cover but l,512 miles and capitalization OF
$50 20A, 900 for the same months.
1t IS after q storm that the wrcckage piles up
along the shore. Considering the crops here ana
the financial disasters abroad, the corporations III
this country have sustained themselves surprls-
ingy we'll The dividends for the first half OF
1891 on forty-seven railroads aggregate 1870 l-2
pcr cent against 1876 for half Of 1890, small
gain indeed, but at such a time it is satisfactory
TO record no loss. Enormous blocks OF American
stocks have undoubtedly been cmptied on this
country since January l, and yet railroad stocks
rose an average of 81 cents per share last week,
and have risen 81 81 per share in two weeks, and
are little higher than they were when the year
began 1t is not strange that this steadiness in
the face of adverse influences gives hope to hold
ers but fortunately the speculative spirit Is some
what restrained by monetary uncertainties
Last week only 100000 gold went out on
Tuesday and none later, and rates Of foreign ex-
change are lower. The domestic exports for the
first week of July were large-ncarly double those
Of the same week of last year On the other
Land imports at New-York for two weeks have
been 81 1865 900, Is per cent less than for the
corresponding weeks last year, and it looks as
though material decline could now be safely ex-
pccted As wheat begins to move freely already,
it may with some reason be hoped that the state
of foreign trade will soon favor a return of gold.
Meanwhile the Treasury took in about $780,
600 more currency of all kinds than it put out,
but the New-YOrk banks received $3,705,OOo from
the interior. and in spite of deceptive averages
were probably stronger at the end of the week
than at the beginning. Demands for currency to
move the crops are already felt, however, and the
prospect as TO monetary supply is not yet such
as TO encourage wild speculation.
Wheat declined about ID cents during the
week, although Atlantic exports are about double
last years, for The large Western receipts show
that stocks vet remaining from former crops are
| considerable, while the yield of this year is now
estimated from official reports at about $40 000,-
600 bushels. Corn is yielding, and also oats,
though both had an advance during last week.
The official report indicates yield of over 2,10O,
600, 900 bushels of corn, though that crop has
vet some weeks of uncertainty to meet Cotton
has been weak, though for spot unchanged III
price The receipts, exports and talings of North
ern spinners are still more than double those of
corresponding weeks last year. Other prices
show little change and speculation In products is
restricted.
1t is between seasons" for the great industries
and no important change is yet to be expected.
Many iron works are stopped for midsummer
pairs, and the demand for finished products does
not materially increase, and some Southern con-
tracts for pig at very low prices are reported.
The reaction from the wonderful speculation at
the South is not strange, and it will doubtless
affect the iron market through the necessities of
some Southern concerns Sales Of wool
little larger, with concessions by holders at
the West, and less activity in Australian, but
while there is reported increasing demand for
goods. traders and manufacturers alike are in
clined TO be cautious Cotton manufacture is
doing fairly well, and coal has not been changed
in actual price by the nominal advance. Rubber
manufactures are somewhat encouraged by the
prospect that the foreign syndicate which is sup
posed 10 be carrying enormous stocks Will be
unable to control the market in the face Of the
new crop
Not only is Commissioner Gilroy engaged In