New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-22
HONEY AND BUSINESS.

| MONEY AND BUSINESS
| Wide discrepancies between commercal reports
as TO the state of business call for review Vi
the evidence On all hands 1t is admlt'eu VnaO
trade is in volume less than it was year aso'
but the decrease is by some represented as greater
and nv Others less than last years partial failure
of crops would naturally cause. By al! IL Is
recognized that crop prospects are now unusually
bright. and hopefulness regarding the future OF
trade is very general. But by some 1t is repre-
sented that the financial disturbances, the arrest
| of important enterprises the shrinkage OF con-
| suminQ demand indicate that the improvement
! TO result from good crops Will not DE such Do 10
expected TO others the embarrassment appears
70 be almost wholly confined to speculative mar
kets. in which prices naturally decline
| II is undeniable that the speculative markets
are generally depressed in state OF stagnatoh'
The average price of stocks fell only ~ cents per
share last week but the tone of the market was
much affected by supposed sales on European ac-
count. There was some advance for the week in
wheat and corn, after the heavy decline which
had preceded. but in oats fall Of cents, while
] cotton dropped 3-16 to 3-S cents for spot and
| 7s5 cents for June. Oil declined Genus
and wool was weaker But all this does not
necessarily imply depression In trade or productive
| industry Cotton and breadstuffs have declined
because of abundant yield, last year or TINS year.
Wool is n shade lower for Ohio and Michigan, but
for territory and pulled prices are unchanged,
and on 1O4 grades the decline for two weeks Is
but tenth of l per cent, the average June
having been Just what it was at the same date
and Julv last year What has happened is
simply refusal of manufacturers TO pay the
higher prices that some growers were asking
Looking next to the volume of business it APP
pears that payments through all Clearing Houses
4 outside New-York for two weeks of June have
been about 11.3 per cent smaller than for the
| same weeks last year Bnt in June Of last year
there was an increase of more than S232,OOO,OOO
over the exchanges of the same month in 1889, and
only part of that increase has been lost so that
June business measured by this test is the largest
7, ever known in that month, excepting last years
alone Considering the shrinkage which unavold-
| ably follows scarcity of corn and oats this IS
not discOuraging result. Wheat receipts at
Western markets for half of June were 36Os,O59
bushels against 2174,937 last year, but of other
grain the receipts were but 0,512,2O6 bushels
against 1s124,263 last year. To this cause is
doubtless due the decrease in east-bound shipments
by rail from Chicago, which were S7,529 tons in
two weeks of June against 121 ,946 last year. The
reports of earnings for the month thus far show
an increase of two and half per cent over last
year, presumably uue W HlS"el O""i sNS i"''N' '
| to larger traffic.
The greater industries seem not otherwise affected
than as they naturally would be the close of
wear after partial ill-success in agriculture. The
area planted in grain is larger than before, and IN
] cotton almost as large it last year Cotton
manufacture has taken in June about
| 81 900 bales for the North against 10000
last year, and 100000 since Septem-
her against 1,7?6,O0O last year The
movement of wool at Chicago has for some weeks
| been more than double that Of last year, while lm-
ports of raw wool also show great increase, in
| April l5,333,776 pounds against S,466,4O1 last
year, and in ten months 100000 pounds against
! So. 0OO. 900 pounds last year. The large supply
of hides at Chicago has indeed put down prices to
those of December, completely suppressing the at
tempted corner in March, but shipments of boots
and shoes from Boston thus far this year have
been 4ss 900 cases against 100000 cases last
| vear n decrease of only about per cent, which
is partially due transfer Of production to other
| regions
The iron industry has had a combination OF
/ disadvantages. 1t rushed ahead too fast last
wear. so that some curtament of production for
| the time was inevitable 1t has been retarded
| by the great coke controversy, but production
is lnow rapidly recovering. The demand for
structural iron has been retarded by building
strikes and lOckOutS, but the termination OF tnese
has brought rush of orders for structural iron
and steel The combination to keep up the price
of rails has so checked purchasers that the orders
booked to June this year have been but 725,-
376 tons against ,0S6, 900 last year to the same
date and the shipments only 337,26 tons against
| 59s 900 for n smaller number of mills last year
But the financial disturbances, rendering it diff
cult to sell securities for roads extensions,
have caused part of the decrease. Within the
past week the demand for plate, sheet and bar
iron has improved The coal CONSUMPTION in
May was 1885, 23l tons against 1924, 1876 for
the same month last year, and though it was
agreed TO restrict production to $500, 900
tons. the actual output in the month, as in April.
was about 500, 900 tons larger
Financially the outlook is not threatening
although 50 100000 gold went abroad last week,
presumably for stocks sold here. The Treasury
dsbursed 81, 900 more than it took in, and
the New-York banks received from the interior
So, $50 O00 so that they reported great increase
Of reserve. Trouble in the Murietta settlement
caused some apprehension at London, but the
Banks of England, France and Germany gained
in the aggregate ss ,772, 600 gold. The foreign
demand for silver has taken considerable quanti-
ties to South America and elsewhere, and the
demand for India is increasing. While the specu-
lation in silver warrants may mean only prepara-
ton for another raid on Congress, the shipments
abroad lessen the demand for gold. Exports Of
merchandise are slightly larger than a year ago,
while imports at New-York for three weeks have
been 81, 900 900 less, or about IA per cent.