New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-29
MONEY AND BUSINESS.

largo amounts with trade and speculation so FAR
stacnont that on both sides of the ocean idle
money accumulates rapidly, and with the volume
of domestic trade represented by clearings out
side Of New-York about / 0 per cent smaller IMAM
a year ago. These are the naked facts when
promote o decline in all speculative markets, ana
the average fall in stock, not including the So
called industrial ventures, was 81 "a per share
last week. Without the light of other facts the
situation would seem decidedly disheartening.
Yet IL is plain that in commercial and industrial
circles there is strong and very general conf
dence in the speedy revival and prosperity Of
business And there are some signs of actual
Improvement already in the demand for manu-
featured products. This strong confidence has for
its chief basis the assurance that crops and the
foreign demand for them will be exceptionally
large but besides this, other considerations de-
serve attention.
Domestic trade is indeed smaller than year
ago. but in June 1900, Clearing House exchanges
were larger by $3.50, 100000, or about - per
cent, than in the same month Of any previous
year. Thus the actual business of the month
Just ending has never been equalled in June, eX-
cept In the last year. Coal consumption is I'M
precelencd, iron consumption clearly increasing,
spnners talIings of cotton for the past month are
nearly double those OF the same month last year,
both very heavy, at Chicago more than double
last years. but are readily met by the demand
with only moderate concessions in price on some
grades. These are not indications of present or
expected stagnation in domestic trade. Prices
are rapidly settling back 70 level consistent with
the most liberal exports. In the month of June
the fall in prices of all commodities has been more
than ID per cent, and the level is now IL. A per
cent lower than at the highest point in March,
and only Al per cent higher than at the same
date last year The fall has been mainly. in the
great staples, which Europe will take largely If
speculation does not prevent.
Foreign trade begins TO wear more satisfac-
tory aspect Imports at New-York for four weeks
have been $780, 900 less in value than last
year, while the exports here have been over
per cent larger, hut exports of cotton from other
ports have been in value nearly five times as large,
adding about 81 100000 to the aggregate. The
exports of wheat from Atlantic ports have been
more than double last years for the month, and
larger from the Pacific Coast also The excess
of imports over exports in June, instead Of
500, 100000 last year, is likely to be not more
than $4,000, 900. Serious failure Of crops
abroad will stimulate an export demand, probably
earlier than usual. 1t is point of high i'm
portance that the collapse Of credits abroad, and
negotiation of bills as usual against products to
he moved in future months, so that Europe has
probably never had at this season smaller credits
to he met by future exports, and will have to pay
more largely than usual in ready cash.
The other alternative is the sale Of American
securities. But foreign holders who are liable
to be frozen out by monetary pressure have
generally sold already. To the foreign investor
who is able TO hold, great crops here promise
better prices. The railroads are maintaining so
much better rates than in previous years that
gross earnings pighty-four roads for two
weeks, and on thirty-three for the third week
of June, aggregate S1G,233, 220, against $l5-
ss4,6O4 last year, although eastbound shipments
from Chicago for half Of June were but $500
TONS against l2I, 046 last year. When new and
largo crops come forward, the better rates will
make large earnings Nor do American Holders
show distrust Of securities The average price
OF railroad stocks, after the recent fall is yet
little higher than at the beginning of the year. and
but a shade lower than it was March Z, when
gold exports had begun in earnest. Such remark
able steadiness, in the face Of semi panic abroad
and exports OF S67 900, 900 gold from this coun-
try is we'll calculated TO impress foreign investors
with the feeling that American securities may
be safer than any others 10 hold.
Cotton is unchanged in price, though the guam
tty coming in sight in June is three times as large
as in the same month last year. Wheat comes for.
ward freely receipts at the Western ports being
4,056.l30 bushels in three weeks against 3,077 >
GA last year. showing the presence OF a large
surplus. and in the face Of Atlantic exports OF
6,l0O 900 bushels during the month"; prices dropped
| 3 l-2 cents for spot last week, and 4 l-2 cents
for July. corn falling nearly and oats l-2 cents
| Pork products are lower, while coffee and sugar
are a shade higher. The iron market, though i'm
proved in demand, is not yet higher In price. and
the dirty condition of kinds Of wool in recent
years has something 10 do with the lower price
and sthe preference of other kinds. Hides are
| weaker and leather fairly steady, with hopeful
| signs as 10 the manufacture of leather.
The Treasury has again added large amount
OF money TO the circulation. disbursing during the
past week "a, 100000 more than it has taken In.