New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-07-26
MONEY IND BUSINESS


reasonable action IN Congress gives hope that,
though nothing can be done to remove che danse
arising from silver coinage, nothing Will De
done to increase it. The railroads have made
good progress toward settlement OF their contro-
yerses though their tonnage is still very nght.
Large deliveries CT grain by farmers nave sup
pressed the clique which began this month Win
another attempt to extort high prices from con-
sumer. Gold exports have ceased, and the
large movement of products, and considerable
foreign purchases of securities, warrant hope
that they may not be renewed for some months.
Some labor difficulties have been settled and
others are less threatening. The exchanges
continue large, and show that the expansion OF
interior trade is by no means confined to spec
ulative centres.
There have been few wholesome failures
during the week, of concerns interested In try
ing to make wheat more dear, and of retail deal
ems who had hoped to sell coal at high prices.
AS long as the coal companies were pretending
to charge half a dollar per ton more than whole
sale dealers were actually paying, some retail
dealers hoped to force consumers to pay as much
as il the companies had maintained the rates
publicly announced. The reduction OF nominal
prices last week WIS disastrous to those dealers,
but it gave the companies chance to get better
prices for their calthm they were actually get
ting. and consumers a chance to buy for less
than they were actually paying. Failures in
otLer branches of trade have been rather more
numerous than usual, but they are generally
traceable to individual speculatiOns.
Wheat in elevator sold on Saturday at 50
c, nts for red winter about the average pl1ce 1Or
June, before the attempt was made TO get up
,anc in regard to injury of spring wheat In
Minnesota and Dakota. Enormous sales by the
country have again thwarted scheme to which
some crop reporters and some journalists Dent
IN, mselves with great enthusiasm. Improved
p,ospects are also reported from England and
from France, though it Is thought that the
French wheat crop will prove about 2S,OOo,ooo
bushels less than that of last year. Corn sym
pathized in price with wheat to some extent, in
spie of reports of considerable injury, and it is
realized that the enormous acreage In that crop
promises good supply, even II the INJURY shoulu
in some States prove severe.
The railroad managers are behaving more
sensibly than they were a month ago, anu inc
large purchases of securities on foreign account
have helped to give strength to the marker.
But business Is exceedingly dull, and part Oh the
nominal advance in prices last week WAS due 10
the contribution by holders of East Tennessee
stocks. In these, the Rio Grande and the
Wabash stocks, about 5000 have been PAID In
by holders since January /, and the advance In
the total prices of sixty stocks has been $04.Io'
80 that, exclusive of cash contributions, the
average of prices has advanced only 81 cents
per share since the beginning of the year.
Iouisyille and Nashville, ewEngland and
North Pacific stocks were strong last week, while
Canada Pacific fell g. Manitoba, and Minneapolis
and st. Louis preferred each, and illinois Cen
tral 2 ga cents. The adjournment OF Congress
ought to help the prices OF some stocks, IN view
of the pending bills threatening important cor
poratiOns. But the new agreement OF coal cal
Tiers does not seem to have helped the coal
stocks, perhaps because there is little faith IN
its strict Observance.
The money mal ket has been hardening little,
though the bank reserves slightly Increased Last
week. The Treasury gained $5oo,ooo goiu'
500, 900 silver, and $l,SOO,OOO legal tenders
during the week, but there will be a large de-
maud before long for more money from the
West indeed the banks appear to have shipped
about 100000 last week. The payments "
the Custom House were only per cent gold, IL
mar cent silver, and SO per cent legal tenders,
and the imports of merchandise continue large
exceeding those of the corresponding week Last
year by about 20 pei cent The excess in value
Of exports was only per cent. Inc price Vi
.,lver bullion rose little on "Wednesday, after
the sale of India bills, but the gain was lost the
next day, and on Saturday the plice fell to
~ Sd d. per ounce and it is reported that the
large sales of cotton goods to India, Of Late much
in excess of the present demand, have been coy
cred by immediate sales of silver for fully rs per
lent of the amount involved, as means Of pre-
venting loss by further depreciation OF that
metal. In the minor metals there was little
change tin declined to $3.50, and lead To
$4.S7, while copper remained noininaly steady.
The iron mar et still waits, in spite OF the in
crease of stocks, but Southern producers indulge
the hope that freight frUm Birmingham to East
crn markets will soon be reduced to So per ton,
which will enable them to place their produce
at very low prices