New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-19
uD\EY AND BUSINESS.
summer.


summer.
MONEY IND BUSINESS.
Greatly changed conditions have been piou"'co
Lex the decision to issue Clearing House cer'i''c'
A. vet there has been no Issue, though SINAI
amount has already been authorized; Dut 'he
cb,noe in expectations affected all speculative
markets and the rate for sterling exchange. AZ
ready some bankers look for, and one lonuoh III
match prcdicts, shipments of gold TO this sue
considerable purchases of stocks have pech "ia'e
on foreign account and II is reported tha' s''l''h5
Loans If large amount in the aggregate have been
made In short, the general sense OF rci'ei h'''
something tangible to support it, With easier
,,onor ~ London. great sums might be prolitably
transferred TO this side if confidence were restored
pu. Tho banl, statement had contrary effect.
H. disclosed loss OF nearly S2o,ooo'ooo o'
insists in two weeks, of which $4,000, Ooo eacn
wool, had been shipped TO the west. III III"
mot disclose what had become of other millions
ral,n from deposits and the Suspension VI
detailed bank statements not Only piorN'u III
ouirv. but tended TO strengthen the ic'iins '"''
some banks were in difficult POSITION EN'iS
srcb unusual step has its disadvantages ~ well
~ ia advantages The loss OF Sl6ooo'ooo cur
rcncv and s.. 900, 900 specie In two weeks, WIN
rho contraction of Sll,c00.0OO in loans s"oWcu
that the banks had some reason ior '''',i"7
orodi. IN fake the place of the departed cash, but
also suggested the question wh"th'r' IL "'S'
ccptrcs refused 10 take the same course anu
...o1 90 draw cash. the trouble might not
oo,re in worse form n little later Ncw-i OK crcu-
%, .r, I.rcclv obligations Of Western buyers anu
hrro,y.rs Another large failure at MILWAUKEE, anu
tb. statement that the liabilities OF IN" 'hic'so
firm of note brokers which failed recently WIZ
half n million moro than the cstimatd a>'c''' W."
not reas.urin- The lifting oil spccui''N" pr
not only suggests that increased crcdi'S may "
in rart absorbed in such op"ratiohs' a''o
! lessons the prospect that IRE" saics Oh p'o""'"
and securities 10 foreigners may h''P ~ D''"7
money from abroad. In that light the ''hu'"oy
n reaction which followed TN" DahK s'a'cn'''
w., ho ~ uso Western receipts Of wheat last
week were sma-only two million pusl'lS' "7"'"'V
three and a half millions last y'ai-""'' 'NP
wcr. the largest for IA long 'iihc' 'N'''""7 '
,.,r's half million bushels. But crop prospects
have decidedly improved for the week Inc
wheat harvest il lightning in the lower TIER OF
S,,,.s and monetary stringcncy Will limit loans
% farmers on products, and so Will hasten th'r
parkc,ino The question Is asked whether ''le
r,con, movement of money westward Il h"'
merely an anticipation which Will lessen dclhahE
in the fall But il, on the contrary, %iSh l. no"
drawn 20 meet urgent necessities caused p' III"
tremendous contraction Of credits nj the west
and step, are not taken in that section 10 "hiaf2e
credits. n. in Ncw-York, the pressure In IN" iaii
may lie not lcsscncd. but may fall upon Eastern
markets when they are the less able To RESPOND
| because Of the non paymcnt Of Western onliSa-
! tions This ut least. j. unpleasantly clcir u'''
the grcat difficulty Of getting loans, even III '"'
soundcst business, Is curtalllng Hah@ac'o"s "N
woI 40 noymcnts 30 that Chicago clcarngs last
with las, year. and real estate and building opera
ton, shrink likewise.
The great industries feel the strain. but per-
hans less as W., than might have been expected.
The output OF pig iron declined 1900 tons III
MAY and WIS scarcely larger June than n year
ago: bnt there was further and encouraging
dccr,asc in nnsold stocks. Large orders. In an
ticipation Of strike. having been filled. the
demand for finished products slnckcns ana i
dull Sales Of wool at principal markets were
about 1000. 900 pounds for ia" week against
nearly 4. 900 900 Las. year. and orders for rnehs
.pring goods thus far opened are reporter
| almost invariably l.ss than usual. QnIt" Slt-
is(actorv results wcT" obtained AZ III" E''''
sale Of carpets. thodgh prices wcr" i'ioW 'h'~'
~ las, December In cotton goods prices are
fairly steady. though there is some tax oi
! ,eJuc,ion. but the demand does not materially
benc TO low TO decline. makers say Ship
m.nts for the gear hay" been 100000 eases moro
,h,, lo., ycor but il il stated that fail orders
~. sm,ll,r than usual Indeed th" shrniag"
in orders for products apparently reaches iurtI"r
and mean. more than the shrnhag" IN the dl>'rI-
hu,ion of products, but clclrings ou'sid" New
Vork mr.. declining below last years. ana com
r,crciol r.port- from all parts OF III" country
sho,v tbnt trade is generally dull or quiet. with
unu.uol compluint of collections This j. partly
hccausc consumers are buying less if'NlN 'h'"
vos expected, 50 that in many brah""S large
stocl,s remain unsold in retail stores. inns ana
.hrinkarr Of credits hinder payments to who'-
callers and further purchases from them. MANY
merchants are calling back statesmen from III"
country be.ausc they are not making cNpcrs', ana
o,n.rs do not care q sell when they cannot
uso thc notes they get. Money Is hard I"
attain nm time even at high rates, ANA some
Massachusetts cities are paving per cent Tor
lo,ns A. Hoston The difficulty Is not one Oh
money bnt of conlidcnc, in tie future ?s III"
vanishing of gold certificates from us" att"S's'
Ex,orts hence in June have been II per cent
belo,v last years. but the great increase III I'M
Morris ~, hanger appears In May the excess Of
xports was nearly 600, 900. and seems likely
| o. ~, ~ largo fhis month but further with
dr,vo, nm return of foreign capital row de-
dcn.nds less upon current trade than upon 'on-
Gd.nc. in q. financial outcome, which the acton
Of the banks has for the time distinctly
Strengthened
They are making records, and breaking tli"hi' on
the Lakes ~ we'll as the Atlantic. crack
p.y bont has lust made n phenomenal trip on Lake