New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-14
MONEY AND RUSLNESS.

MONEY AND BUSINESr
Fears of harm to corn by early frost have not
vet been realized. The Government report Just
issued makes the condition slightly better thah
month ago, and while some harm may have oc-
CURED since these returns were gathered, other ac
counts of later date do not yet indicate injury OF i'm
portance, excepting in States where the corn crop
is relatively Insignificant. As to wheat the report
has rarely been as favorable and as to oats 1t Is
q shade better than that of September, 1890 On
the basis of the returns the Produce Exchange es1
mates the yield as follows, the crops of 1890 and
the increase being added for comparison
%sa, 200 SSS 5s9ssSSSS
oats bush....... $3.50 900 529,62IOoo 17oS9Ooo
With an estimated increase of s5s,OOo,oO'
bushels Id these crops it would be strange II there
were not marked improvement in business, ana, LII
fact advices from all quarters show greater acuv-
ity, especially in the Northwest. The prospect OF
a great foreign demand for American wheat does
not lessen although foreign purchases have already
been so large, and for time in August were AZ
such inflated prices, that the pressure OF the new
crops abroad has caused disastrous decline, with
some speculative failures. Rarely has the wheat
market been more senseless than this year In
July % cents was quoted the price rose to 81 IA
August 20, and during the past week many sales
have been made at 81, even less AL tho time
there has been no sort of doubt that the American
crop would be the largest ever grown, and the
foreign crop remarkably deficient In the past
five weeks Western receipts havo been about 3D.
600 900 bushels against 500, 900 last year, and
exports from Atlantic ports only have been 49,
74S 4e1 bushels against 7,51855S last year, flour
included.
The Government report was less favorable as TO
cotton, and later advices have indicated that the
injury sustained has been large, so that The
Financial Chronicle" estimates the yield at ,000,
900 bales less than that of last year. Its annual
report makes the crop Of 1890 8,6b5.61S bales, or
,342 900 more than the previously unequalled
crop of 1889, and states that the consumption in
this country was 2,53o,s1s bales of ordinary
weight As the bales have been heavier than
usual, the crop is reckoned at 4,326, 4o0,045
pounds, against secs, 1894 for the previous
year. and 3,2O1 $40 $50 ten years ago. an increase
of 35 per cent The actual consumption In bales
of 400 pounds each, for this country, Europe and
India, is thus stated:
asssoo EqFoD: 1850 1890 gS'
sSo:'Si aiis,SSS S,52500S Sf'460 90l7'4OO
The increase in this country has been 80 per
cent in ten years In Europe only 80 1-2 per cent;
but in India so much greater that the aggregate
inorer Sc for the whole world is little AZ per
ment in India tends to cut Of the market for Eng
lish and European goods, and thus to curtail the
demand for American cotton. The enormous
stocks carried over September l. in this and other
countries, will make up for the deficiency in the
American crop, and will now be taken at good
prices, il the crop is as much as 100000 bales
short.
Trade in pork products has shown less activity
though prices were maintained by the prospects of
larger shipments to Germany. Oil has declined
about two cents, but crude sugar is sixteenth
stronger The magnitude OF domestic trade IN
progress is fairly indicated by the exchanges Of
clearing houses and the earnings Of railroads Out
side New York, the Clearing House exchanges tor
the first week of September exceeded last year
80 per cent, and at the principal cities there was
also a gain in the second week of the month
The average earnings of twenty-three railroads for
the first week of September show increase of
5.s5 per cent, and The Financial Chronicle" re-
ports lab roads for the month Of August which
show a gain in gross earnings Of 7.2l per cent,
while the increase in mileage operated has been
about 2S per cent The movement of products
has been more sluggish at the South than else
where, but even there has improved since the
price Of cotton began TO rise. Within O short
time middling uplands has risen from cents TO
8.s7 cents, or about IL per cent, while the de
crease in crops if as much as 100000 bales, is
only about ii 1-2 per cent, that the smaller
Weld this year would fetch about as much now
as last years crop if sold at the prices of a
month ago Stocks have been unusually quiet
the past week, and the average has risen only
II cents per share, and but for the advance of
$40 in Oregon Railway and Navigation stock,
the average for the whole list would have been
lower than last week
In foreign trade, the imports at New-York for
two weeks have been 17.6 per cent less than for
the same week last year, while the exports from
New-York for two weeks have been S16,325, DAB,
against only SlO,O56,152 for the corresponding
weeks last year. and while great ratio of
increase is not to be expected, especially in view
Of the fact that the cotton movement is falling
short of last years thus far, there is likely to
be an excess of exports over imports for this
month. In financial matters the outlook con-
tinues satisfactory. Although the New-York
banks lost $6,l72, 900 by shipments of currency
10 the interior, the Treasury disbursements made
good the loss to them, and there remain about
S14. OOO. 900 more of the 4 I-2 per cent bonds
TO be redeemed or extended Commercial paper
is offering more freely, but the banks are not TAX
ing very literally though at most interior points
money markets are easier. Where there was much
complaint of slow collections the situation is
rather improved Industries are doing fairly well.
and there is a better tone in the iron and steel
trade. and a better demand for woolen goods is
seen. without symptoms Of any unhealthy rise i'll
prices or speculative excitement.
---------=