Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-21

naturally follow. Enterprise OF all
kinds has been held in check for some
time past by fears OF tight money. Con-
featuring as we'll as commercial and finan-
cial circles, and no wise manager cared to
incur obligations extending into the fall
months, which tight money market mlgnt
interfere with. The result has been whole
some restraint in all directions, which,
though pinehing severely in some quarters,
has left general trade in a sounder condition
than before in spite Of the common com
Bank of England rate means that the tension
In Europe is abating: that London Is pre-
pared for all Russian demands for gold, and
ing gold back to the United States during
the fall months in return for such grain and
other produce as Europe will be obliged TO
buy; . 49,. ,., =, ,..,.
about the foreign monetary situation, the
home outlook has also cleared and proves
more assuring. The Treasury is expected to
meet ali obligations this fall; so that uneasi-
ness on that score is set at rest. The West
ern bank reserves are larger than usual, and
each year the West grows more Independents
of Eastern aid. Then, too, the money now
in circulation in the United States stands at
about 81 ,5Q 0C0, ,000 q larger sum than ever
before at this season, and larger also than at
the times of heaviest crop demands. In 1883,
the year of big crops, the total circulation
circulation is 81 ,504 600 900, showing of $13S,
0O0 600 in fav or OF this year. Further evidence
of confidence in the future of money Is shown
by freer offerings in time money, extending
from so days to eight months. Merchandise
imports, though smaller than year ago, are
still running in excess of exports, creating
an adverse balance; but the probability is
that this will be settled later on in other
ways than by gold shipments: though,
should further amounts leave, no concern
need be felt unless they reach much larger
figures than now seem possible. In the event
-Ls 20 <f H. os<Nrra
metal, it will be due to the fact that we
have as usual, but little else to send forward
at this season Of the year. II is the period
between hay and grass, as it were, in our
sfhe wheat and corn crops are far the
most important Of any single influence
affecting the future of stocks. Indications
suggest the possibility of the largest wheat
crop on record, estimates varying from 500,-
O00, 900 to $50 900 900 bushels. These figures
should leavea surplus of about 1s0,0C0,0 900 to
200 900 600 bushels for export. If prices only
afford reasonable profit to growers, and
the shortage in Europe renders it likely that
they will, it is easy to see the effect OF such
q harvest, not only upon the interior, but
upon the trade, railroad and financial inter
ests of the whole country. Europe will have
to take our wheat and pay us in gold. Our
securities will become intrinsically better in
the opinion Of both homo and foreign hold
ers In short, should present hopes con-
cerning the harvest be realized, it would
imuart a degree of prosperity such as has
not been seen for several years past. Our
opinion regarding the immediate future Is
hopeful, and favorable to a moderate i'm
provement in the business conditions. Com
forta Bile money moderate prices for stocks
and good crops are sufficient to counterbal-
ance all the weak points discoverable at
this time"
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by WHIT
The New York Stock Exchange, 81 Fourth avenue: