New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-12
MONEY And BUSINESS.

London seems to have been somewhat fooled by
New York spectators. They have assured the
EngliShmcn who ar fond of believing III President
Cleveland, that his annOun cement of an extra
session in September would not have been made
if he had not secured enough votes TO insure the
repeal of the Silver law. In thls comforting be-
lief London has bought stocks To these pur
cha-es and not 10 any increased exports yet dis
cov,rabc must be mainly attributed the rapid
fall in sterling exchange last week aud the ccssa
ton Of gold shipments. Stocks advanced during
IN. Hccls an average of ~ - for milroad stocks
and 81 ~ for trusts. and il Is now hoped that
loans Of 1000 600 by foreigners which are soon
10 mature in this market will be renewed At
the same time there has been some increase in
EXPORTS Of wheat and Of cotton, though the on
ports of both were decidedly smaller than three
weeks ago, and the aggregate Of both last week
was only about Sj,joo.ooo. The same causes
which put stocks up have put exchange down,
particularly belief that the silver party will ho
powcrlcs, in the next Congress. II il unnecessary
10 say that If President Cleveland were sure Of
this he would not have deferred tho session ninety
days, nor would hc have cNhortcd the people TO
Influence Their representatives,.
For the present, the belief answer, well ~
the ,c sired legislation. The Treasury gold ros,
~ England. having gained 81 100000 gold il
two weeks lowered its rate Of discount from
10 3 rer cent Money il closer here however.
because unprecedented shipments have been made
10 Chicago and other Western cities. amounting to
$4,000. 900. aud exceeding all receipts from out
side by $500. 0OD last week. This relief helped
successful resistance 10 the runs on several Chi
cago banks, and the nlarm There has s.bs led.
Yet AT almost every Interior city there Is much
stringcncy, and business operations are con
sdcrablv checked by the scaniin'ss Of accommoIe-
ton obtainahc The contraction OF credits has
been cnormous-probahly much greater than III"
entire volume of money in crcuaton-and dis
astrous as il has been, for 322 firms failed
last week against lGo for the same week last
year. il has served one good purpos, In closing
tp some spcculatons Chicago banks were mt
last compelled 10 call loans wheat, and the
fall in price 10 GJ cents. the lowest quotation
ever made there, was attended by consid 'rabla
buying for export. Here the price for June de-
livery fell 10 20 IS cents, but rlllic 70 {? Is
on SATURDAY. decline for the week of less than
cents. The receipts at the West were about
1000 900 bushels. and the exports from both
consts. -four included $500 900 bushels, against
5000 900 last year. May exports were hut
slightly less than a year ago. but the quantity
in sight il still $4,000 900 bushels in this coun
try and Canada according to " Bridstrccts,
against $4,000, 900 bushels last year. and an
average Of 10000 900 bushels at this date IN
previous years. Adding wheat in country Gle
vators and farmers hands, 1t is evidcn: that "A
surplus Of morr than lo0, 100000 bushels will
be carried over, which renders the crop reports
less important Whatever els, tn, Government
report may mean, IL certainly does not fore
shadow "a decrease Of 7j,000,000 bushels in yield
Of wheat ~ does the estimate Of Mr.. Prime, and
even the official report is not regarded with much
confidence BIZ those who remember the gloomy
predictions a year ago. and the great yield which
followed.
Corn ended last week ut the opening price, and
oats nearly cent higher, but pork declined
81 - per barrel for the week. and lard and
hogs also declined fraction The cotton markets
are shade stronger. There were reports OF So
rious injury, the Government report was not es-
pccially encouraging, the quantity which came
into sight was less than 10000 bales against
600 the same week last year, while the exports
were $4,000, against $4,000 last year, and the
stock of American cotton in sight decreased ST.
600 bales. against $1,000 last year. The FL
nancial Chronicle" estimates the increase OF
acreage at 7.20 per cent, and its report Of
condition i, on the whole, quite favorable AS
its estimates have been remarkably verified by
results in the past. they are worth considering
more than the Government report, which makes
the increase in acreage insignificant An increase
OF 7.2s per cent implies possibility Of yield rang
ing from 100000 to I,250,00O bales greater
than the yield last fall, provided the season
favOrs
II is worthy Of note that the earnings of
over 1870 railroads were in May per cent larger
than last year, the gain in the last week being
II l-2 per cent. The increase was not. as some