New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-06-22
MONEY AND BUSINESS.
crease.

7, theory. the stock market is a barometer.
Rut its inward movement last week indicated
a change for which one seeks in vain in the
cone,nl condition of business. Since the middle
If March the average price of sixty active
stocks has never risen above SIG 6S per snare
nor fallen below $I3 A.. but there was enough
of yigor last week to lift the average at the
close on Saturday to $40 IL. OF these stocks
forty advanced the Manitoba Gig cents, canada
Southern 53,. Houston and Texas Central D.
New-York Central 4is, Jersey Central ana
Michigan Central EACH and the Lake
Shore. ST. Paul, Rock Island, and Cleveland
Columbus, Cincinnati and Indianapolis
each between and points. Five others
gained over each. and ten Others over l cach'
The current theory is that the movement l.
designed to catch the money OF investors VINO
are supposed TO have large sums burning holes
in their pockets about July l. The real IN
vestor, however. is prone 10 look nj FACTS just
now he sees not much in the present state oil
business To encourage investments. Last
weeks exchanges were ] per cent anu the
preyious weeks were Il per cent below those oil
corresponding weeks last year. Forty-one
railroads have reported earnings for the Inst or
second week in June tweuty-thrce oil them
sbow ,osses. and the net decrease for all the
roads * oyet 4 per cent. The latest returns oi
some roads silow much greater losses; for in
stance the Chicago and Alton loses ~ per cent,
the San Francisco 20 pei cent the Chhdua
Pacific IL per cent. the Illinois Central IL per
cent. the Denver and Rio Grande II per cent,
the Grand Trunk . per cent and the North
western pcr cent. Under such circumstances,
and with most uniavorable crop reports, an
advance in stocks could hardly be expected to
CATCH the money of investors. There is one
possible explanation. 1t is possible that the
railroad managers. who have been holding
many meetings lately, really have the hope that
they can reach some SETTLEMENT. Doubtless
some of hem would consent to a scenic repre-
scntation for the express purpose OF pleasing IN
vestors. but the fact remains that the water
route is at present moving wheat Tor cent per
bushel from Chicago to Buffalo.
| Until the general conditiSn of business shows
some change the stock market can hardly be
| counted a good barometer. Grain speculation
has been active during the past week but
ONLY because people were told and some be-
| lieved that the country was on he brink OF
famine. In spite of all gloomy predictions, the
advance in cash wheat was only cent. while
corn. oats and rye declined. Pork was also a
| shade lower, cheese was dull, and butter de-
! clined because of the olcomarglrinc decision.
| Sugar was a shade stronger, but cotton declined
an eighth in spite of an attempt TO advance
prices. Notwithstanding the settlement at
pittsburg. raw iron was little weaker and the
corners in tin, lead and copper only serve to
show that these markets do not at present rep
| tbn At m - IN
tnues stagnant, with an increase i'll May of
| 100, 900 tons in the stock on hand. In dry
pootls business has been a little more encourag-
ing, and the large sales of beached cottons real
lied prices bat little below those offered by
agents. The oil market took an exceptional
course and unlike others, made definite ad-
vance.
The truth is that the people who buy or sell
without needing to use any money had the
markets much more TO themselves than they
liked last week. If the real business of the
country were growing more active the deposits
in the banks of this city would not increase
over 81, 600 900 in week, and $40 900, 900 in
the past three weeks, lifting the surplus of idle
money to $G2, 440,500. The Treasury paid
ont much more money than 1t took in, reducing
its stock of notes $3.50, l9ls while increasing
S1,Sl2,227 in gold owned and $765, 56I in
silver owned. The most noteworthy feature in
its recent statements has been the evidence of
LARGELY increased use of legal tenders in pay
ments. During the month the Treasury has re-
duced its stock of legal tenders over SO, OO0, OO0
and its deposits in banks over $3,2oo,oOO-a
proceeding which does not indicate the move
ment toward abolition of the Sub Treasures
which some have expected. The most encour-
aging feature is that the Treasury begins to feel
the effect of withdrawing silver notes from use
last week the proportion of such certificates re-
ceived at New-York was only 34.3 per cent
Ohio rejoices in department Of Agricult
I urer which teegraphs that the wheat crop il
going to be only 270,0o0,ooo bushels. The
Bureau mt Washington estimates 1T al
$50, 600 600 Mr. Talmadge, Of Milwaukee, a
800, 900 900, and The Cincinnati Price Curren
at 36s 900, 900. But the Ohio official sends hi
good news to the National Millers' Association