New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-27
MONEY AND BUSINESS.

MONEY HND DCSf-'ES''
Stocks were disappointing last week sharp
rise was expected after the Democratic honlh"
tons. but did not come Fine crop reports hau
made so good market that large gold eNpor'S
had failed to prevent little advance. ana shor'S
covered during the fore part of last week. pue "Ne,
the nominations came stagnation came also. anu
prices closed at average of only S6o.oo against
s6j 90 at the end Of the previous week during
the week of the Minneapolis convention the results
were Just the other way. Most OF the
week there was selling, and decline OF ABOUT
half dollar per share, but In single day aiter
the Republican nominations stocks recovered all
they mad lost in the week, and advanced ABOUT
Is cents per share further. and the advance con-
tinued the week after good many people III
Wall Street have an idea that Harrison's election
means business safety. and that Cleveland, with
Western Greenbacker, will hardly succeed
Holders show little disposition TO part with their
stocks. partly because July disbursements OK IN
terest and dividends, said TO amount 20 $eo,oVo
900 here and 100000 at Boston ana rhiiaoei
phia, are expected to mean heavy investments /"
securities. Moreover, gold exports are not en-
pected to continue, though they reached $o'23o-
600 last week against S7,2s2, 900 the week before.
and 81 GAO 600 the first week in June. The return
Of money from the interior is so large that thoush
about 81 : 600 600 have gore out this month, ana
the Treasury holds about 81 ,O0O,0 more goid
than OF the beginning of the month, the New
York banks have lost only S. 10000 gold whlie
qaining So 900 legal tenders. Inc surplus Is
quite large enough, and with the prospect OF carry
return Of gold for products exported the o,Iee'
perceives no occasion for alarm. Much Il Sal" III
some quarters about the depletion OIL lreasur!
reserves but the fact is that the net gold hei"'
after deducing gold certificates outstanding Is nov
but So 400 900 less than June 80 last year. ana
meanwhile the New-York banks, Notwithstanding
their loss last week, still hold about $5oooo'oVV
more specie than they did then
Crop prospects have continued TO improve
randlv. and while estimates OF the ripening wheat
range all the way from 520,OoO,00O to $780,
600, 900 bushels, it is well to remember that tho
lowest estimate exceeds any crop except the lastb
and that with 5O,O0O,O00 bushels carried over
the country would have az this lowest estimate
"A supply Of 70,000,000 bushels whereas ule
consumption with the unprecedented exports our
ing the past year have reached only ABOUT
$50. 900 bushels. From present appearances
il seems more likely that the yield VIII exceeu
the Government estimate, which pointed 10 about
800 600 600 bushels. making the supply over
600. 100000 bushels for the coming year The
price has slightly risen during the week. ana
corn is IL cents higher, and oats nearly cents
but with exceedingly good weather IN June IL
cannot be safely calculated that the yield oil
corn or oats will be short All recent indlca-
tons. too. have been favorable to a larger yield
of cotton, and the price has dropped shade
Since one wear ago 9,Os 5000 bales of American
cotton have been marketed and the stock of
such cotton in sight is over 100000 bales
greater than year ago. IL the consumption has
been 5000. 900 bales, and over 100000 have
been brought over, a moderate crop would prove
large enough
Thus there Is reason to believe that the supply
Of the great products will be abundant for all
wants 10 that the cost Of living viii be moderate,
while railroads will haze plenty OF TRAFFIC. and
farmers fair returns. The dulness incident "
Presidential years is Nghtened when abundant
supplies of the great staples help to remove none
tary anxiety and tho great industries seem TO have
reason for counting upon larger business than
ever this year. The volume Of trade thus far is
unprecedented Cearings outside New-iork IN
June are ll.5 per cent greater than last year In
spite OF political excitement ana 1t IL already
certain that they will be much larger than In any
previous June Railway earnings for half the
month, with eleven roads for the tbirl week. show
A gain Of per cent over last year. Chicago
receipts Of cattle exceed last years 10 per cent,
aud while the production Of anthracite coal in
May was 1871 ,Js7 tons greater than last year, the
quantity mken into consumption was 203.o7o tons
greater so that stocks decreased. In five months
the production has been 100000 tons and the
quantity disposed of 600, 900 tons greater than
last year
The iron industry began 10 recover from a
long strike at this time last year, but now there
is me prospect that strike may be just com
mcncing. though IittSburg adviccs are more hope
full Of settlement In demand for finished products
there is quito pcrceptible Improvement, and the
tone 1, more confident Wool manufacturers have
been taking new wool freely at the low prices
which have prevailed ever since the free wool
bill passed the House. but the direction of the
clothing demand is not yet clear that manu-
facturers hasten to lay in large stocks Cotton
manufacture continues 70 thrive, with large sales
and unusually light stocks II goods and spinners
have taken since September 100000 bales more
tlan in the same part Of the previous year. last
crn shipments Of boots and shoes for the year are
a. 600 cases moe than last year. per cent, and
less than . per cent below The record Of 1890,
with gains every weel, and shops well employed.
Not only domestic but foreign trade bears wit
ness 10 the general prosperity. In THREE weeks Of
Juno imports at New-York have been 81 $4,000
greater than last year. or per cent, but exports
from Ncw-York have bccis 81, O6o 900 greater, or
- per cent, both promising to bc the largest
ever incwn in June. II is not when the people
are able to buy mGfe products than ever having
more to sell than ever, that dcmagoguc cries of
widespread disaster and industrial prostration
have mucSclcct.
----~-
One of President Iarrison's most fclicitous and
truthful phrases was that in which he said that