Evening journal., 1888-10-02
NEWSPAPER OPINIONS.
Money and nnsinesr.

New York Tribune.
A simultaneous corner in stocks and in
wheat is a phenomenon not often seen.
But that is what happened last week. and
the fact goes far to determine the charac.
ter of the markets Nobody supposed
that wheat was worth So per bushel at
30 p. m, on Saturday when it sold at
that price, and few minutes later when
It sold at 81. 02a nobody was surprised
Some people had sold what did not belong
70 them; that is ALL Climbing after
stocks sold in the same way made that
market what it was last week and the
average Of prices rose $f62 per share
What the actual value of stocks NAV be-
the price at such a time does not de.
3ermine.
There were substantial reasons for n
recovery IN stocks. The agreement Ia
raise rates ou Western roads after Oeto.
Der 10, if faithfully observed. will make
great difference in their earning powers
No one forgets that such agreements are
made much oftener than they are strictly
observed, and the situation IS one which
will test for the first time the powers az
The Interstate law, and OF state commits
eions, to prevent the practiced combina.
tion and the control OF rates which legis.
lation against pools was designed to de-
feat. But the willingness to agree. which
has hitherto been absent, iustifies a more
favorable view of railroad prospeets
Earnings. continue larger on the surface
but no larger actually, than they were
year ago The reports for three weeks
eOmpare thus:
Increase Increase
Roads. Pr ct. Roads. Pr cit.
"a
Sept, I'd week 81 3IO 10 ise
Sept, Sd week 50 07S A'so
With a constant increase Of about K
per cent in mileage Of roads reporting
and so in expenses, the returns indicate
a small loss in net earnings. But an ef
fectual restoration Of freight rates would
change the prospect.
No substantial reasons justified AZ per
bushel for wheat. Spectators insist
that the Government crop report for
September understated the injury. but
State reports from Indiana, Illinois
michigan and Kansas show a Weld Of
1lO, 7o7, 600 bushels this year. against
1US, 96S, 600 bushels according to the
Government report last year. and SO. 395
GOO bushels according to the Governments
september estimate. The Dakota statis-
tlcian estimates a loss Of 20, 600 coo
IUrAtAo IA tudl territory. but upon the
basis Of returns from Southern Dakota
while the increase reported was in North
Dakota mainly. The official report from
France makes the yield $3.50, 900 hecto
ntres less the preliminary estimate OF
aO0. 600, 600, not long ago published, but
hne weather has much improved the pros
poets in Great Britain, where prices have
cropped heavily. With wheat selling at
" cents at Liverpool and 81 02a at New
York, exports can hardly increase. and
me weekly returns indicate that the ex-
ports Tor the quarter ending September
81 viii fail below 30, 000. 600 bushels
against 1900, 600 bushels last wear
8eavlng exportable, on the basis Of gov-
nrnment reports, about q. 900. 900 bush
sis more than was exported during the
remaining nine months Of the last crop
year IN this state of facts. it does not
seem unreasonable 70 say that Chicago
prices Tor wheat are fictitious.
- IN great stAAalHs 10 sne-s;i=+i,r ..f
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