New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-17
new competition Of enormously rich and productive

new competition Of enormously rich and produc"sc
mines little farther westward, rather thah VI
a corresponding shrnkage in the iron Manufacture
The Kansas City bank failure was SURPRISE
| and yet the severe decline in real estate IN tha'
region, in Western mining properties, ana es-
rccially in wheat and corn, must have lnvolVeu
losses to many cnterprising business men, lheSo
losses, rather than mere inability to get money
must account for many Of the failures. which III
two weeks Of July have numbered Cos In the
United States, against 1926 for the same weeks H's'
year Only l23 Of these failures, not quite 10
per cent for liabilities exceeding S3,ooo
each! but such commercial mortality neverthe-
less indicates liquidation for heavy losses Less
stringcncy was noticed in some of the western
money markets last week as we'll as here, ana
not quite much complaint Of slow collections
4 Government report foreshadowng yield OF
only $500, 600 bushels of wheat, if deemed
worthy of credit, would probably have advanced
the price. But wheat closed half a cent lower
for the week, and that at a price unknown untl
this year. The exports for two weeks OF July
from both coasts, flour included, have been
ISL ,539 bushels, against 4,643,659 last year
and Western receipts are already large. III Is
true the stocks brought over are reckoned at
O.OOO, 900 to 1OO,O 100000 bushels. and the &c
pressing influence of this great accumulation Is
hard TO resist especially when money for spccu-
lative ventures is scarce. But the country Has
consursod and exported more than 800, 100000
bushels during the past year, and the fact Is that
the crop report is commonly believed to be badly
exaggerated in the supposed interest of the farmers
Corn also declined fraction, and pork products
were lower while oats advanced a cent. HE
rise of tlrcc-sxtecnths in cotton came in spite
frnr MIA lpr0pr than
ago, the exports also being larger, but the stocks
of American in sight here and abroad are still
227I 900 bales, against 10000 two years ago.
and 1913 900 three years ago
The decline in railroad stocks came in spite
of a good increase in earnings, which in June
were J.2j per cent greater than last year, ana
about I - per ccat greater for the six months
ending with June. This is the less surprising
when it is observed that more than threc-1uaIterS
of the gain in June was on six lines ccntring AT
or Transporting passengers to Chicago, the New
York Central making the largest gain OF all. II
wheat is u be- as scarce as the Government
reports. earnings can hardly show increase fjr
most Of the roads beyond the harvest time Du'
the truth is probably between extremes ana the
good business done by the roads thus lar Is
properly encouraging in view oil prevailing
troubles BGt the Clearing House exchanges out
ir Ncw-York are less satisfactory, showing
decrease of 10 per cent in june compared with
last year, Il decrease of G.3 per cent Tor the
first week of July, and IL docrcas" OF II per cent
for the second week of July
The Ncw-York bank statement was d'sap-
pointmaqt TO many who had expected lars'
return of money supposed TO have Dccn "i'l-
drawn for boarding and since released The tact
.crms 10 rc that money is accumulatng IN u''
Treasury. which gained about $5,O00OOo last
week. rather than in the banks. lhr payment
Of IL million in gold 10y the Treasury last week
WAS supp,scd to mean scarcity Of currency, but
oGicial returns show much greater increase In
tl,r currency than in the gold held, and 1t per-
hans indicates a desire not 10 have the goHl
rcscryc rise too rapidly until after Congress h"S
acted In general, after period OF sN'ir
,trnerncv money tends to accumulate ar chl'l
centres. because there is less demand for II but
this year the movement Of crops Will soon make
il necessary for Eastern banks ana the treasury
10 nut on. largo sums, and f)r such dcindnI
they ale as yet only poorly fortified