New-York tribune., 1886-07-12
MONEY AND BUSINESS.


II nleascd Western speculators to put wheat
mn and stocks down last week. and the public
does not take part enough in either game In
these days to interrupt the proceedings DO
the spectators had to interrupt tner own
operations in order to secure their pfQhtS from
each other, and purchases OF stock 10 cover
lifted the stock market after "Wednesday, just
rs sales of wheat to realize depressed the gram
market. But wheat closed at So 5-S cents Tor
Auo1st. 1-2 cents higher than week ago,
and the average price OF sixty acuNe s'och>
declined, as it happens, just 81 per snare 10
SCI AZ. The publication OF the Agricultural
Brrean report on Saturday was regarded az
confirming reports of considerable losses III
wheat. and while that market Stlifened again.
holders of Western securities began 10 ask thehl'
selves how the railroads were to make great
ooins if all the wheat were burned up But
sober second thought will probably bring the
conclusion that reports Of evil are apt 10 pe
exaggerated.
The railroads have been doing good busi-
ness for some time past. at all events. Inc
reports of earnings for June, winch me r.
nancial Chronicle complies, appear the more
favorable because they include earnings Oh thc
Ney-York Central and West Shore Tor ths
wear. against those of the Ncw-lork Central
alone for last year. and also include the Nr''hi
T,unL and Canada Pacific which do not lndl-
cate the state of business in this country But
after deducting these, the earnings ol o''fo-
miles of road this year averaged Sooo per iln'
for June against $500 miles opeiateu oy Vnc
same companies last year, and earnings ol
1865 per mile. A gain Of 5.S per cent Is not
quite enough by ITSELF perhaps, to JUSTLY al
advance in the average price or STOCKS rom
$40 80 July 8, 1885, to P62 AZ July o. looo'
or 377 pcr cent. But other considerations
have had part in advancing prices, ana mean
while gain of nearly 6 per cent III gross cam
incs means very comforting improvement Ill
d;yidepd-paying power. But the comparison
sugpc,ts the thought that Wall Street, as usual,
has anticipated several years improvement III
IFS advance of prices in one year, and thele-
fore some hesitation is not strange. III HI!
also bc observed ihat Western Union dld not
% 90 right on up to par rs some people sup
posed. nor did it answer the predictions o!
other financial YcDnors by slumplng to sixty
Western dispatches represent that a fever oi
speculation in grain has seized the people, 50
that orders to buy have been pouring III from
al over the West. If so, long-hcadcd operai-
ors have empted a great deal OF wheat ana
com on impatient outsiders, for wheat lcacHeu
50 81 cents for August on wednesday, amt
closed mt so "a cents on Saturday, with
buvers "in jubilant frame OF mnd' IL the
public had wanted as much as the spectators
had to sell, there might have been as much
iubilation without any decline. eathel
news is the spectators diet at present, three
meals day, and probably will be Tor while
Corn and oats sympathizcd more or less with
wheat and n rise III cotton of an eighth dui1ng
Tie week was sustained by adverse bureau re-
po,ts. but realizing seems TO be the order OF
the day in that market also. Lard IN IKE
manner went up like a rocket until Tuesday,
and has since been weaker. Coffee has also
been active and deaier, but the oil speculation
has been lame ard weary.
With speculation thus unusually active Ill
several markets, it WAS rather Il surprise tfat
the banks did not report farther expansion OIL
loans. but the decrease was not large. MOI
were the gains in reserve what might nave
been expected, in view Of the loss oi
Sc 1000 900 by the Treasury during the week,
according to Washington dispatches the hold
ing of legal tenders alone having decreased
$1,000, 900. In foreign trade there was SOM
improvement, exports exceeding those OF the
same week last year by 81 l,10O,OOO, and aDoul
per cent for the last five weeks, while imports
increased 100000 for the week, and 10 per
cent for the last five weeks. Industrial Lews
is on the whole favorable, nearly every impor-
tant strike or disturbance having virtually
ceased to affect trade. The movement oI
iran Curnacc mrn for higher wages, however,
is a little orninous because the market Is so
far supplied and offerings OF Sonihein non
50 dcpiess the price even at PittSDurg that any
advance in wages would be apt to close mahy
furnaces