New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-06
MONEY IND BUSINESS.

Minneapolis
MONEY IND BUSINESS.
The beginning Of a new fiscal and/ crop year
comes with brilliant promises. The crop pros
meets have never been better at this date i'll the
year, and the harvesting Of considerable paEO
of the winter wheat already proves that estimates
as TO that portion have not been exaggerated.
Recent copous rains have unusually fortified the
plant in spring wheat States against the sum
mer drouth, which it has yet to fear. WIN
the increase in acreage yield larger than has been
known in any previous year seems highly prob
able The prospects for cotton, corn, oats, ana
other great crops are exceedingly favorable TOT
the season. though chances Of injury yet remain
The prevailing confidence that business Will DE
large and prosperous this fall has in this state OF
facts so far as it goes, substantial foundation.
Nor is it strange that manufacturers still walt
for orders, and agents and jObbers still wall lOr
purchasers, and retail merchants all over the
country still purchase with much caution FOR
until the crA,s are quite assured they realize
that other conditions call for prudence.
The money. market stands wonderfully well
the continued drain of gold and while S2,oOO,oOo
has gone this week, the rates for money are not
much altered. The banks received no less than
81, $50 900 from the interior, and the Treasury
as it had taken in Increasing offerings of COM
mercial bills caused fall in foreign exchange
and the gold shipped was on special ORDERS but
the movement was only the more calculated on
that account TO disturb confidence, as the real
nature of it did not appear England has To
send more gold to Russia this week, but the
reserve is so strong that the Bank reduced It's
rate Thursday TO 1-2 per cent and specie Is last
accumulating in the great banks of Europe. Inc
true difficulty appears TO be that business IS much
depressed in foreign countries, not merely by pao1
speculatiOns, but by unfavOrabe crop prospects
and the prospective withdrawal OF American Gus
TOM The chance of further financial difficulties
abroad tends to produce measure of caution here
which is by no means TO be regretted, since the
provision of adequate funds for movement OF
crops in the fall may depend III measure on
European conditions.
Stock and breadstuffs speculation both took
turn upward last week, and in stocks the aver
age advance was nearly 81 per share for the rail-
road list. Excellent Teturns by some OF the COM
panies q traffic large for the season, and bright
prospects of increase, warranted more hopeful
views but any large operation in stocks Will have
TO look out for monetary uncertainties hereafter
Wheat, corn and oats rose little without other
definite reason than reports of greater INJURY 10
crops abroad. 1t is peculiarly desirable this year,
with monetary doubts ahead that the free market
ing Of products abroad should not be checked by
any speculative advance in prices, which would
be very apt to bring severe reaction as soon as
accommodating supplies press upon the money
markets. Exports of wheat and flour from At
antc ports for four weeks of June were equal
| to 1882 800 bushels of wheat, against 4,5SO,324
last year, and from both coasts Bradstreets'
makes the exports in five weeks 400, 600 bushels
against 1000, 900 last year. Cotton is quiet, for
the price is already only cents for July delivery
Recepts in June were 101, S34 bales, against 2j,-
211 in the same month last year, and exports
176, III bales, against 6O,151. The quantity in
sight from the crop Of last year is already 6,4S2,
| 264 bales.
The great industries are not as active as
| year agO but this is not surprising when the
effects OF poor crops last year and financial dis
aster last winter are considered. In iron there
! is the usual midsummer pause. many works being
| temporarily closed, but the annual discussion OF
the wages question appears to cause no dlfnculty
| and the main problem is whether the consumption,
known to he rather larger than month ago, IS
! going TO be large enough for the present produc-
ton OF plg iron. From the building Of only 1910
miles of railroad during the first half OF the year,
against O53 miles last year. end the shipments Of
|
year. it is argued that renewals thus lar this year
are not more than 800, 900 tons, against $4,000
last year. showing q great curtailment of eX-
penditure by companies The demand for struct-
ural and plate iron is fairly active, but in sew
eral cities building has fallen third below last
year In the woollen manufacture there is no
better test of general activity than sales of 1885,
| OOO 900 pounds of foreign and domestic wool at
| the four largest markets, against 124,OOO,OOO
pounds last year to the same date, but this Is II
part because, traders estimate, orders for for
eign wOollens have fallen off fully 80 per cent
domestic goods being taken instead. There is no
especial change in the cotton manufacture, and in
| boots and shoes the quiet incident to the season
prevails Western PORK packing shows a decrease
of is per cent from March to June "a, compared
| with last year.
The course Of foreign trade is rather more
favorable as respects the future of money, i'm
ports f0f four weeks at New-York showing de-
crease Of $010O,O00, or 16 per cent, from last
year. whlc exports from New.YOrk for four weeks
show an increase of 100000, or nearly 3 PEI
cent. and exports of cotton elsewhere show a
further increase of about S4,000,0OO in value
The figures indicate that the excess of imports
over exports for June may not be as much as
$40. 900, 900, and with the first Of July the tin
plate duties 90 into effect, and the last OF the
| extra inducements TO anticipate the new tariff by
heavy imports is removed Foreign supplies ol
breadstuGs are and will be unusually short, but
Of cotton the stock now held abroad Is 100000
bales greater than year ago. Ii breodstuls 20
abroad freely, and American stocks are not re
turned, the return of specie to this side may begir
somewhat earlier than usual but it must be ex
pected that foreign bankers will resist it strongly
-.
II is understood that Eddie" Hagan. who's