New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-01
MONEY and BUSINESS.


generally expected, speculative markets would
have been much higher, and the results and teel-
inps in all financial circles very different. But
when exports continued, though eminent bankers
and signs considered infallible had proved that
tho outward movement had ceased, the Street
Questioned whether the European situation was
not in some way gravely misunderstood. About
81 500 900 gold went abroad, making almost $780,
OOO, 900 for the month, Notwithstanding the BANK
of England gained $1O,S00,000 in the week end
ing Thursday the Bank Of Germany S3,HO,ooo
and the Bank of France S3,500,000, in all about
81 900 900 gained in q single week by the chlel
financial institutions abroad. No wonder the
Street failed to comprehend the further exports on
SATURDAY. and rumors of further difficulties to
come in Europe were heard with attention. But
the tone in American financial markets was SO
much better, and the growing bank reserves gave
so much confidence, that speculative markets were
but little affected Stocks closed 81 cents per
share lower than week ago, with symptoms oil
foreign selling in some of the stocks, while bread
stuffs changed but little pork hogs and raw sugar
were a shade stronger, and cotton, coffee and oil
but shade weaker On the whole, the markets
were hesitating and uncertain, impressed with the
idea that lower prices would come If gold exports
should continue long, but much inclined to be-
higher prices would be in order.
There was much in the industrial situation to
| increase confidence. The termination Of the coke
strike was an important change, and also the de-
cision of Shenango and Alahoning furnaces to re-
slime operations The strikes in the building
trades still caused much interruption OF business,
particularly In the demand for structural iron and
materials, but these appeared to be approaching a
termination. Better accounts came nearly all the
week of decided improvement in crop prospects
resulting from recent rains, though on Saturday
a telegram stated that more rain was much needed
| in some spring wheat States and in part Of the
corn and cotton regions. So great has been the
increase in acreage, under the stimulus Of high
prices, that large crops may be expected unless
injuries between this time and the harvest should
prove quite extensive. AS future activity of
| business and prosperity of industry depend to a
very unusual extent upon full crops this year. the
favorable prospects help all interests
The wheat market was stiflened by much In
crease in the export demand, which is yet by no
means such as to threaten any exhaustion of sup
niles. With about 80, 100000 bushels remaining
for export May Il, in excess of the minimum stock
and the quantity required for domestic use Brad
streets reports exports from both coasts equaling
| ol33I74 bushels in four weeks of May. which
million bushels July Il, when new wheat will
have begun to come forward. Corn and oats are
lower in the prospect that the yield will be
large. Cotton fell sixteenth because the receipts
were beyond expectations The receipts at ports
for the month of May were about 100000 bales,
against Sc $500 last year, and exports were 17779O
bales, against 99,262 last year, while taldngs OF
Northern spinners greatly increased. Many South
ern business men beginning TO fear that the
next crop will also be large, as the price realized
would then be extremely low Already 1894, 0l0
| bales of the crop of 1890 have come TO sight.
against 7,O94,211 to the same date last year,
though the latter was in its turn much the largest
| crop ever marketed, and another full yield fol-
lowing $500, 900 bales or more during the past
year would probably be less satisfactory 10 pro-
| ducers than moderate crop.
The volume OF domestic trade is considerably
smaller than it was year ago, bank clearings
outside New-York showing decline of per cent
| for May, Notwithstanding an advance in prices
which was about lO.5 per cent at the end of the
month, and at least l per cent for the month.
| But eastbound shipments FROM Chicago for four
weeks were l0s,s04 tons, against 267,393 last
year, a decrease of % per cent. The reports of
railroad earnings for the month thus far aggregate
81 ,02 ,5lS, against 81 $685. 222 last year. gain
Of 20 per cent, which makes it not strange that,
remark. the current reports of rate cutting
| are not regarded very important. III rates were
well maintained all roads, the increase in earn
| ings would probably be larger, for the very
products which roads transport least at this sea-
| son are those taken ct the lowest rates. There