New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-13
lfQNEY IND RESINESS.

The reaction in brcadstuns and pork products,
and the continued advance IN stocks cot1oh'
and oil indicate to the observer the condluloh
OF the various markets with unusual hdciiV'
With less favorable crop news, wheat Is weak ne
cause the markets oppressed Dy inc large
unsold surplus which last years speculation De-
fooled the country into carrying over On inc
other hand with every reason to expect goou
crop of cotton, a corner in the immediate supply
uses with success reports of local injury 10 advance
the price while the advance in stocks continues
in spite OF growing evidence that the raiiroaus
have entered upon another period of reduction
in profits Unemployed capital accumulates
abroad and at home. with narrowing channels
Of industrial activity in which to find use, and
50 the bnving of securities goes on, the average
advance for the past week having been 90 cents
per share, and for the past SIX weeks % oo
per share, without any reaction.
The July traffic of % railroads shows an IN
crease Of 3 1-2 per cent in gross earnings, wnhe
the increase in mileage operated was per cent
SO that the same roads which earned SA23 per
mile a year ago only earned SAP per mile mis-
vear-a loss OF IL per cent. Gradual decline
in average rates received Is tie feature most
commonly observed. But there is also heavy
decrease In grain receipts at Western centres
and in movement OF merchandise on important
| lines The cotton movement Is larger IMAM usu"i
for the season, though always small in summer;
| the price is sustained by exports which reached
! 81. 900 600 pounds last month against $4,000
| 600 rounds for the samo month last year ana
vet the fact that cotton in sight August 10
! amounted to Sol 1880 bales, whereas only $780,
| 600 was officially reported to be the probable
Weld might naturally canse some distruJt OF the
! short crop reports that are now current
| As to wheat the Bureau reports OF injury IN
spring wheat regions supplemented by other IN
formation that more serious harm has been done
since August /, so that Chicago traders are cal
culating upon only 145, 100000 bushels OF spring
wheat, and the railroad managers arc making low
estimates Of the probable haulagc for the coming
season But the price is IL cents lower than
a week ago the exports for five weeks having
shown q decrease Of 10000 barrels flour and
O. 600 900 bushels wheat. and the speculation for
an advance has wearied Of paying carrying charges
on So 600, 900 bushels or more OF last years sur
plus With that surplus, and q crop no larger
than Chicago traders anticipate. there would still
be enough to export %, OO0 600 bushels more than
the quantity actually exported during the past
crop Year and meanwhile there are some who re-
member how small yield was officially foreshad-
owed last year. 1t is quite likely now as 1t was
then that more acreage may be discovered in Da-
iustifylng higher prices the market says Corn
answers TO a most promising report by a decline
Of only l-S cents, while oats have advanced Ia
cents.
Recent reports from interior cities correspond
closely with the returns Of bank exchanges, which
show moderate decline in transactions outside oil
Ncw-York, Notwithstanding the great gains at
some centres of speculative activity. AT New
York the returns for the past two weeks, Including
monthly settlements Of old business. show
decrease OF s9l, 100000, but with allowance FOL
double the market value OF stocks sold, an IN
crease of per cent In general il may be said
that home trade keeps remarkably close to the
high level of last year, though the part due tC
speculative operations is relatively large, but
foreign trade for two weeks past has taken
remarkable header falling 33 12 per cent be
low last year in imports and 3 l-2 per cent il
} exports. The reports may indicate that shiPmcnt
of goods in expectation of a change Of tariff have
, grown weariSOme to foreign dealers.
In the money market there has been no chang
Of consequence and it is everywhere so abundantly
supplied that, unless 1t be for the purpose o
stimulating speculation Secretary Fairchild cal
find little reason to change his policy in order L
! secure larger purchases Of bonds. Yet such
change Of policy is foreshad0wcd, and in Wal
Street it is cynically asserted that men like Mcssrs
, l3rice and Scott will insist upon course calcu
, lated 10 make a boom IN stocks, however little
may help general business, on the plea that 1t
necessary TO the of their party. Durin
the past week the Treasury has only added TO Il
cash on hand just the sum-sl 500, 600 which ha
l been Withdrawn from deposits in banks None
does not appear to be in great demand bore or else
{ where but the banks continue to expand thcl
4 loans, the weeks report having risen abov
$685., 000. 900.
M. Er,dcrirlrs rcenvood's rnisfortnncS az