New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-30
MONEY AND BUSINESS.

favorable decision Of q United States Court
in Iowa stimulated foreign buying Of stocks last
week, and though it was found that domestic
holders seized the opportunity to unload, the net
result that prices closed 81 ! per share higher
than the week before, with an average advance Of
SO 70 snce June 80 A number Of prominent
stocks have risen from S. to sl2 per share, but
the market is still narrow and speculative one,
the public having little part in it Reports Of
speedy agreement between warning Western rail-
roads are still assiduously circulated. but the
wars have not ceased. The decision in question,
according to reports, affirmed that the Legislature
had no power to so regulate rates that railroads
could not realize their fixed charges and some
thing over for their stocks. but doubts about the
general enforcement of so broad rule natural.
though foreigners do not seem to have understood,
as some Americans do not, why a decision by a
United States Judge in Iowa should be Of uncer-
tain value as an Interpretation Of the law in any
other State.
Wheat has been lifted two cents by reports Of
foreign buying and bad crops abroad AS these
reports have been circulated and believed ever
since the middle of June, it is pertinent to notice
that actual exports of grain do not increase In
three weeks Of July Atlantic exports were IL o. %
bushels OF wheat, against s,252,019 last year,
while the increase in -four was only 41,000 bar
rels the equivalent of 80, 900 bushels and tho
increase in corn was only 100000 bushels. Tho
circumstances excite n suspicion that the bad for
egn reports carefully used to work off accumu-
lated stocks of old wheat. Corn and oats have
declined each three-quarters of cent. sugar and
coffee about eighth each, and oil 3 1-2 cents
while hogs have risen half cent and cotton five
sixteenths during the week
The embarrassment of J. 6, G. Johnston the
large ry-goods house, the failure of l.. NJ Bates
and another large house in Minnesota and the
Mctcalf failure in Detroit, indicate new crop Of
commercial reverses. The Mercantile Agency has
reported s2l failures in July in the United States
against 50I for the same weeks last year, an in
crease in number of 38 per cent. The increasing
complaints of slow collections in various States
point to the same cause-over-conndent purchasing
last fall and winter followed by marked shrink
age in distribution Of products TO consumers. The
exchanges last week at New-YorlS were per cent
less than those of last year, with no decrease in
sales OF stocks, and the exchanges at other cities
reported show no increase In the aggregate. The
official statement of iron produced for the half
year is mentioned by some as evidence Of large
present output but they overlook the fact that
the weekly production now is $4,000 tons less
than IL was January !, so that the decrease Of
0 per cent for the halfyear, compared with the
last half OF 1887, does not represent the whole
shrinkage in production up to this time.
Railroad earnings on seventy -seven roads for
the second week of July show an average gain
Of only half of one per cent but net earnings
for June the Pennsylvania, the Eric and the
Reading roads show small gains. Contrasted with
these statements is that Of The Chicago Railway
Age that 242S miles Of railroad, with bonds
and stocks amounting to $l53, 200, have been
put into the hands Of receivers during the first
half of the year against 42S miles and s2s,20o 900
in bonds and stocks for the same half OF 1887.
This shows that while some roads able TO
report increased earnings, there some others
which are losing.
The annual report Of foreign commerce Is chiefly
interesting because il shows that foreign loans
investments in this country during the last fiscal
year must have exceeded 10000, 900. and
probably 81 co. 000 900 during the past six months.
In July, the merchandise exports from Ncw-York
show decrease of eight per cent, against slight
decrease of imports, and yet foreign exchange is
weaker. The Treasury holds s3,600,0o0 more
money than it held a week ago. and the effort to
increase bank deposits or to purchase bonds for