New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-15
1fnNEY ANn RUSINESS.

week Half a million gold was sent wednesday do
a special operation, but shipments at present can
not be made with profit, though there Is per.
haps, little over.confldence that the outward
movement for this year has entirely ceased. ms
feeling started the buying Of stocks by those VINO
have sold what they did not own, and then came
the monthly report OF the Agricultural Department
Indicating heavy traffic for the transporters and
abundance of grain and cotton for export Though
stocks had declined from Saturday last, the re-
covery lifted the average 81 cents per share above
last weeks close and the favorable bank state
ment increased confidence at the end.
Regarding the monetary prospects. it may be
noted that large receipts of currency from the In
terror amounting to S4,011 900 last week, do not
yet lead to any stringency. The reports show
ample supplies for legitimate business, though not
for speculative ventures, at all other cities except
ST. Louis and few at the South The Treasury
holds $500, 900 more cash at the end than at
the beginning of the week, but it put out about
81 $50, 900 more new Treasury notes, and deduct
ing exports of gold the net addition to circulation
for the week was about S500,000. Apparently
the banks were rather stronger at the close OF
the week than their averages indicated but IL
must also be added that shipments from London
to Russia continue and the state OF foreign trade
until August is likely to create large commercial
balances against UDlS country. lluC, cNPNA'0 IVA
the month thus far show considerable gain and
imports for two weeks at New-York decrease OF
S4,15OO0O compared with last year, but the ex
cess of imports over exports in June Of last year
was S22 1923, SOP, and no change is probable that
will reduce the excess below $40, O00 900, besides
undervaluations interest and freight money. Last
July the excess of imports was also heavy, over
23,O000O0.
1t is tie unprecedented movement of cotton
that has kept exports up until this time In
MAY the increase in value of cotton exported was
81. 300, 900, while in breadstuffs and petroleum
there was decrease of So 100000 Thus far In
June cotton exports have been 90,33S bales
against 1888 last year, but the increase In
quantity coming into sight has been even greater,
so that the price has naturally yielded under the
pressure Of enormous supplies, reaching 500
cents for spot middling uplands on Saturday, and
one has to look back to 1854 for as low quota
ton. The June option went still lower, TO e.@o
cents The annual report Of acreage by "Ihs
Financial Chronicle" the accuracy of which for
past years has been splendidly vindicated by the
actual receipts since September, shows de-
crease of 35 of per cent while the Department.
report of condition is 1871, against ssS year
ego BUT even with this starting point, good
weather will give q yield exceeding s,OOO,Ooo
bales next fall. the crop Of last fall being est-
mated at $4,000 bales
Wheat also sank again, about Ia Genus, uhe
Department. report showing prooaole yleiu Oh
about 53s, 900, 900 bushels, which would DC the
largest crop ever grown The greater part III ohe
winter wheat States is now substantially ouC Oh
danger. but there is yet a possibility thst Ihe
snring wheat yield may fall somewhat oelow ohe
estimate if the weather should prove unlaVor-
able The July option now sells at Sl 70 l-o,
IL. o1r
e nrobahle that still lower prices will rule and
losses for the spectators who have creul'eu 'ile
yarns about certain exhaustion Of the supply
before July. Corn advanced cent, ouO oa'e
fell nearly 4 cents the prospect being fair as 10
that crop. though not indicating fuIl yleiu'
Pork. hogs and lard declined little, as well as
bntter and eggs. during the week. Reports OF a
great coffee crop in Brazil helped decline OF
half a cent in Rio and sugar also fell an elghth
for crude and a quarter for crushed. The ten
| dencv toward lower range Of prices Tor COM
| ,nodities which has been pointed out for some
| time past can no longer be questioned, and there
are also reports of concessions by Western hold
| ers of wool.
| With such favorable prospects for trade In The
| near future the decrease shown in bank cleanngs
and in railroad earnings is properly attributed 10
| the agricultural ill-success Of last year clear
! ing House exchanges for the first week OF June
| showed q decrease Of IL 1-2 per cent outside OF
| New-YorS and the decrease in the second week
| appears to be about the same. In May l37 rail-
roads, operating 81 ,220 miles, against S452o last
year. reported but trifing gain in gross earnings,
| according to the monthly statement Of The FL
nancial Chronicle" showing loss of about per
cent in earnings per mile, Notwithstanding the
higher rates charged. But wheat is still moving
| freely to the primary Western markets, over
| 600 900 bushels being received in week, fact
| which indicates that supplies are by no means eX-
| hausted and that q fair movement for the rest
of the month may be followed by quick anu
| large movement Of new wheat after July l. In
provisions there has been some falling of, and the
extremely low rates made for all freight by the
wafer routes operates severely against the trunk
| lines.
The industrial situation is in one sense much i'm
nroved by an increase in the weekly output OF
| nir-ron from 1850 tons, May l. to l46,1S2
| tons. June but it is still question whether
the demand has correspondingy increased There
is clear improvement in the demand Tor structural
iron ana for bar, freight and sheet iron the de-
mand seems to be somewhat better, while the
consumption prior to this month SO far exceeded
tho reduced production as to cut down TO some ex-
font the unsold stocks on hand. The wool manu-
facture is not particularly active at present, but
at slightly lower prices the sales of raw wool have
been increasing. In the building trades contro-
VERSES have not wholly ended, but other labor
disputes are no longer Of large importance Good
crops and general revival Of activity in business
will help the workers in one way, and the material
reduction in prices viii help them in another
-
The practical completion Of the new building
| ~ the BROOKLYN Collegiate and Polytechnic In