New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-03

MONEY And BUSINESS.

7. might be said ~ June. as IL was said OF
MAY. that the month begins with better out
look than in any other year since 1892. The one
cloud I'm the sky IL the condition OF crops.
which the really unparalleled weather in May
has doubtless injured 10 some extent With esti-
mates widely circulated. by people and journals
commonly considered entitled to some confidence.
that wheat Will yield only two-hirds Of an aver
age crop or. az more moderate estimates say,
50 900 900 bushels less than last year. and ina:
cotton has been damaged l. per cent. some specu-
lators are already beginning II calculate that
more money can hc realized than could have
been from a full crop. 1t is an aged but silly
calculation that the country VIII be better on IL
people have 70 pay onc-half more for bread ana
a third OF the farmers have no wheat 10 sho"
for the years expense and labor. Fortunately.
the accounts ~ extensive injury are not as
vet 50 supported az to command commence
either IN stock or produce markets. and mean
while the improvement u business In other re-
spects Is present and grows more distinct
The stock market has not 80 much To enthuse
about that II could afford To ignore n prospect OF
short crops. Tho earnings. though n little over
lag, years stu fall about Is per cent below
those OF 1885 But the average prices OF railroad
stocks declined last week only AZ cents per snare
and have been maintained with curious STUB
bornness after the remarkable advance In the
first week OF May which averaged y % per
share It Is especially instructive that the eight
chief grain rrying stocks have actually risen
during the last week an average or % cents per
share and are higher now than after the spas
rnodic rise early in May. Assuming that buyers
and sellers arr reasoning beings and that the
managers Of the roads are tolcraoly aware
whether their private accounts or the crops arc
Trustworthy. IT may be Inferred that the injuries
have been enormously exaggerated only twice
IN the last dozen years has the Agricultural De-
partment alleged that the wheat yield was less
than 400 900, 900 bushels. and In 1893 everybody
knew the pretence was false while In 1880 the
price went above 81 per bushel in May and
reached 81 10 I'm August Its net gain last week
was only 6ve-eighths Of a cent. at a lower inquire
than had ever been known at this season until
two years ago Even at such low prices Western
receipta have been 400 900 bushels larger In May
| than last year while Atlantic exports flour In
| Guided have been $500 900 bushels smaller than
last year II neither farmers care to hold on &c
| their wheat nor foreigners 10 buy II, at prices
| which must yet be considered remarkably low
| the reasonable conclusion IL that the supply VIII
| doubtless prove sufficient.
| Accounts OF injury to cotton are less definite
and the price settled back an eighth last week
| with sales less than half those of the previous
week Receipts In Nav were 225 per cent less
than In 1892 when 23l.l77 bales came into sigh
| after June l. and a like decrease for the remain
| Ing three months this year would make the croI
| about O. 1872 1893 bales. Northern spinners have
| taken l977l04 bales. but at the maximum rat'
would have consumed 1.bls.750 to June l. and TIT
| estimated consumption OF Southern spnners
$685. 900 bales. Is probably In like proportion ex
ceeded by their actual takings while Mr.. Ell
sons report OF May puts European spnhers
stocks 6s2 900 bales (of 400 pounds cach) large
| than October |. In short known STOCKS arr
enormous. but the market Is reckoning on rela
| lively greater decrease in yield next fall. aoou
which there can be no definite Information a
| present.
Trade and industries do not manifest Dehei II
| coming disasters. but steadily improve. IN
daily average OF exchanges In May was Zo'9 pc
| cent greater than last year. and only IL per cen
less than In 1891 though It Is right to Femempe