New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-08
MONEY AND BUSINESS.

MONEY AND OUOINESo
Prospects brighten, but actual business shrinks
There is nothing strange in the apparent conra-
diction; the stronger the of large crops
and heavy business little way off, the less people
| are disposed to run needless risks. The old year
of short crops is in its last month"; and the future
depends so clearly upon this years yield that BUY
| ers and manufacturers are alike willing 10 wall
until the outcome is assured. This waiting tenn
per is intensified by monetary uncertainty, Slice
cold continues to 20 abroad in spite of all pre-
| dictions TO the contrary, and nearly S',OOo,VoV
more went last week. Though the money market
here is undisturbed, known receipts of banks from
the interior having reached S567,00O last week,
| IL is noticed that at the South and some Western
| points there is more pressure, and a continuance
| of the drain might produce some embarrassment
n little later Hence business waits and specula-
| ton languishes, although the Bank OF England
reduced its rate from to per cent, ard It's In
crease of reserves nearly $lO,OOO,OOO, ana III
that bank and those of France and Germany SlO,-
| $4,000 Stocks declined an average OF 81 Genus
per share and wheat and cotton were Doth lower
| The reduction Of dividend by the Rock Island
was surprise only because people had refused
TO realize that short crops last year must meah
smaller earnings. Statements regarding the Union
Pacific apparently put out to support VlolenV
raid on that stock, had SO little ehect that lO
closed only 81 per share lower than week ago.
and Rock Island, after dropping 81 20 per SNARE
recovered 81 So The average of stocks Is scarcely
lower now than il was Just month ago, though in
Nav and the first week of June over Sal 100000
have gone abroad The agreement to advance
| railroad rates next Wednesday has less weight
because it, known that lake and canal rates are
| almut the lowest ever made, and the diversion OF
traffic to the water routes is even now very large
| East-bound shipments for the last four weeks
were but "a, $50 tons, against 238,63o last year,
n decrease of 22.7 per cent, but when new crops
| begin to move it is hoped that there Will be traihc
enough to keep all routes busy. 1t is noted that
there is no market for railroad bonds and part OF
| the gold recently sent abroad must have been III
| exchange for securities returned
| Exports have been larger of late, and from New
York in Nav were nearly as large last year,
| but the enormous movement of cotton elsewhere
probably caused some increase in aggregate eX-
| ports-perhaps as much S4,00O,0OO. But I'M
ports at New.York we're also nearly S2,OOO,OOO
larger than last year, so that on merchandise
balance something over S10,O00,000 had to be
paid in May in specie, besides undervaluations and
! interest June has begun with decrease OF
81 300 900 in imports for the first ", \, but the
excess of imports in that month of last year was
over 500 900 900, so that large balance VIII
probably have to be paid in specie apart from
stock movements. The cotton receipts In May
were 1860 bales, against 1852 for the same
month last year, but the exports were 235,50O
bales. against 102170 last year, record quite
unprecedented for the season. The cotton III
sight including European stocks, is now S0o,OOo
bales more than year ago. The price fell Is
TO S75 cents for middling uplands, the lowest
price made since 1854, but with every prospect
AZ &c ~ ahanp M
much advance.
Wheat has declined IA cents in elevator dur
ing the week. corn remaining unchanged and
oats rising 1 IA cents Exports Of wheat from
Atlantic ports have been 6,SG4,771 bushels, hour
included against 5,103981 for the same four
weeks of May last year, but from both coasts the
increase appears to have been only l,4OO,OOO
bushels. Rains have SO improved the pros
pect at the West that the largest crop ever grown
is confidently expected, and the new year VIII
begin with considerable unsold surplus. west
ern receipts for four weeks of May were $4,000
bushels or 16 per cent, larger than for the same
week last year. Pork has fallen little with
lard and hogs and coffee is lower by 60 cents per
100 ID. Sugar has fallen 1-16 for crude and Ia
for granulated, and the general range OF prices
for all commodities is little lower tnan IL was
at the end of May, but is still about per cent
higher than q year ago.
The iron industry has much more hopeful
tone. more orders having been received for bar,
plates and structural iron, the latter because
strikes in the building trade seem near an end
But prices are low, leave but little margin for
profits and do not advance News that Mahon-
ing and Shenango furnaces have resumed work IN
part and the rest will soon, Is evidence that
manufacturers see better prospects. But the sup
ply of pig is even now large that no advance
seems possible In window glass there Is fair
activity. but not much doing in flint glass, while
ihe prospect of a good fruit season causes some
activity in fruit jars. The woOllen manufacture
is waiting the movement of new wool having
been delayed by the lateness of the season and
shcaring in many quarters. but some concessions
to buyers at the West are now reported, ana
the average of 104 quotations at Philadelphia
is but 24.6 cents, against 24.S q month ago The
price was Just the same for these qualities
wear ago. but the manufacturer is unable to pay
higher prices without an advance in the goods
which does not come In the boot and shoe trade
shinmelsts from Boston since January have been
/ 35s GA cases, against ,433,040 to the same
date last year, and the inactivity natural 10
| the season is increased by reason of the late
| failures
The Treasury paid out S2,3O0,900 more gold
than it took in last week, but took in S2,400,000
more legal tenders and silver certificates and is
sued $500 600 more Treasury notes Prepare
ton for redemption of 1-2 per cent bonds, under
Secretary Fosters notice, will warrant accumu-
laton OF reserves for time. Exchanges through
all clearing houses outside of NewYorlI indicate
payments smaller than Il year ago by per cent
in the first week in June, and smaller by OF per
| cent in the month of May.