New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-20
MONEY IND BUSINESS.


MONEY IND BUSINESS.
IN spite Of merchandise exports amounting "
81 .O23. 600 900 in twelvenonth, ana III ee'en
months ending with May exceeding lnpor" W
S2lO2696O2 more than S1,ooO,Ooo soiu ".'o
10 Europe last week. Il cannot be dehiea 'haO
this fact seriously disturbed the Street. ana there
was much questioning about the cause IL was
the chief reason why stocks advanced SCARCELY ~
all. though powerful Western compi'ia'ion
undertook to lift prizes, and hal great ai' iIoin
the splendid improvement in crop prospectus i"'
biggest wheat crop ever grown WIFI '"e po
sible execution of tie last. has mr." pesin "
come forward. and the weather at the West Is
remarkably favorable for corn and other gram -
flat the railroads have before them another year
Of heavy traffic. and yet the average price OF
railroad stocks at the close was but S6o.oo per
share. against SG5.76 per share the week before
The bull movement ran against stone wall
II is said that gold is only sent just now III
nrcparation for payments of interest and DIVIDENDS
abroad July /. But this explanation eAp'a'hs
nothing Why have not exports exceeding III,
ports by S21 q, 100000 in eleven months euLllceu
to provide for the interest and dividends! why
is cold taken from this country when money Is
lending at half of l per cent Mt Lohdoh' vi
course. foreign sales of American stocks must
have been heavy, Dut why have foreigners oeeh
selling so largely when American railroads. are
earning moro than ever? Two chlef causes ap-
pcar-the serious depression OF business ana III
dustry abroad in Consequence OF SNORT crops iaN.
vcor and want Of confidence in the stability OF
American currency OH account oil tle silver asi',
tion. The men who have done most to smash
down prjces are the men whose 0nXlcty for higher
prces prompts a frantic demand for more money
l. L,s I.o a notable Improvement
I'm the business outlook II said not long
ago. when people were complaining that the grow
ING grain had been drowned out by tie dcluge
az the West, that single week OF not "edoNei
would put an end to the fear OF SNORT crops
Rarely las there been 50 sudden and UNIVERSAL
change in expectations regarding the growing crops
as during the past week. With more acreage III
wheat than year ago, and with spring wheao III
as good condition June as II was last year, anu
winter wheat only per cent lower. the improve
mcnt Of two weeks makes people question whether
the coming yield may not closely approach the
phenomenal yield of 1891. The price for June
has fallen . IL cents during the past week, and
6 cents in a fortnight, and the quantity Sill III
farmers hands is 10 large that receipts at western
points last week were 3,313,325 bushels, lllaKlhS
over 200, 600 bushels since June 4. Exports are
stiu large in two weeks 63s9.l43 bushels from
both cOiStS, HOuT DuA ~ II P'"i' N''''o'
that heavy surplus must be carried over to the
new year Speculation raised corn Is cents ana
oats q fraction, but with favorng weather the
yield Of both may yet be very large.
Cotton has luctuatcd more than usual during
the past week. closing with a decline Of three
sixtccnths Highly favorable weather prompted
a larger yield than was foreshadowed by specua-
tive and Alliance or even by official reports, and
the stock OF American cotton in sight, though
100. 900 bales smaller than week ago, Is Still
900 900 bales larger than year ago, while re-
ccps from plantations steadily exceed last year =
Only 1873 600 bales have yet 70 come into sight IN
two months and half 10 make the crop OF 1891
a fnll 100000 bales, and $4,000 have come into
sight in two weeks. Coffee and oil are "A llttle
lower than a week ago, but pork products are a
shade higher. The fear that the anti-oplon bill
might be passed has affected the cotton and some
other markets not lltilc but 1t is not 10 be cA-
rectcd that the Senate will suffer measure so
unreasonable in many Of lis provisions to go
through.
II is abs, I'd 10 say that business Is not large
when clearing house exchanges outside newborn
for half Of June exceed those Of last year by more
than 10 Jrr cent The gain in railroad earnings
/. not quite 80 large, on scvcnty-nine roads Tor
the first week Of June only GO per cent, though
larger on the roads reporting for tie second week
The volume Of foreign commerce j. also cA-
traorlnary. Imports at Ncw-York for two weeks
have been II FER cent larger than for the same,
week last year, and exports from Ncw-iork for
two weeks have been % l-2 per cent larger, which
does not indicate stagnation In business. The
truth Is that the country never has done az
large n business at this season in any previous
year as il is now doing for even the unprecedented
record Of June, 500, will he surpassed tins
month in the values exchanged, Notwithstanding
that prices are considerably lower.
The weekly capacity of iron furnaces IN blast
June ] was l75,l7i TONS against 1885 May
/ showing a moderate decline. Last year the
output was only l46,7s2 tons June /, but rose
July 10 l7l,Il5 tons This year there may
he considerable decrease In july as the customary
closing for repairs is likely to be more general
if not more prolonged than usual, but there is
much apprehension Of q long strike at Pittsburg
and the West, manufacturers having proposed
reduction Of wages in order TO meet southern
competition. With many establishments II IL
said that the only alternative Is reduction OF
wages or abandonment Of the field to competitors
having cheap ;i,,6r at the South. Yet the indus
try is not accommodating iron, for the reported
stocks in May increased at the south, but in the
whole country decreased over $4,000 tons, anu
the demand for most finished products has clearly
increased OF the other great industries, not
one appears TO bc doing les than year ago, ana
in cotton and boots and shoes, hardware and
building materials, the increase Is considerable.
The anthracite coal combination proposes another
advance in prices for July !, although the trade
is decidedly dull already.