New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-10
MONEY! AND BUSINESS
suffrage.

The Treasury has manipulated the markets for
higher prices during the past week, and the Wall
Street spectators who are running the Demo
cratic campaign were duly supported by q pur-
chase of more than 100000 Of bonds. The
reaction which threatened in stocks was deferred,
and slightly higher prices were made for cotton,
breadstnfs and lard, while the sugar trust and
the oil trust were enabled 10 mark up prices
the former a fraction and the latter nearly three
cents Spot cotton was lower after the corner
expired, but options advanced. Lard was hoisted
nearly half a cent and pork 20 Genus
barrel though dressed hogs were lower and re-
ports about corn very favorable. The advance
Of IA cents in corn, 1 5-S in oats and "a OF
cent in wheat were purely speculative ana the
gambling fever seems to be spreading to pig lron'
wool and other products, which, for the health
of industry should be as much removed from
speculative influence as possible Stocks rose an
average of IS cents per share and have risen
since June 80 Sc SO per share, or 119 per
cent.
The theory OF spectators is that Treasury
disbursements will make things easy and lovely
until after election. That this is the intention
there is little reason to doubt Even chronic
dssemnators of bad crop news have been per-
suaded to look cheerful; it would be hard TO raise
wheat to transport Money IS in somewhat better
demand at some interior points, and has begun to
90 out from this city rather freely, but disburse
mcnts for bonds are expected TO place more money
here and not elsewhere. As 70 Canadian retalia-
ton, confidence that the Administration Is going
to do great deal Is incucated in order to affect
votes while confidence that it is going to do
nothing at all helps to strengthen Canadian and
other stocks.
With markets thus artihcially influenced. ii
becomes more important than usual to keep sharp
watch Of legitimate influences which govern bust
ness Crop indications are still favorable though
it is admitted that considerable Of the spring wheat
in Minnesota and Dakota was spoiled by FROST and
excessive rains at the South have done some harm
to cotton Corn still appears TO have escaped serious
harm. but much injury must have been done to
minor crops in Northeastern States by last weeks
frost. The only large crop certain to fall below
the a. erage is wheat. and Of that the surplus
naming is so large. and the export demand thus
far so small that scarcity cannot be safely pre-
1icted The exports from all principal ports in
July, and from Atlantic ports in August. amounted
to about 5000. 900 bushels Of wheat -four IN
cluded. against about 900 bushels last
year. and If the market continues to check
ports the surplus carried over next July may
In general, foreign trade is not favorable and the
imports at New-York for the past two weeks show
IN increase of 1913 per cent. while the exports
from New-YorlI show decrease Of "a per cent.
Exchanges and railroad earnings are we'll sus-
tanned The exchanges show gains OF about 5
per cent last year outside Of New-York On
sxty-onc roads reporting for August the aggre-
gate earnings were s64s2, $50, against ss,1s4,s7s
ioct al A Q biob
is not larger than the increase in mileage, and
probably smaller than the increase in expenses,
but in view of recent Of rates Is nevertheless
remarkable. Assuming that the earnings OF the
entire railroad system have been As per cent
larger than last year, the other side Of the medal
IS that the capitalization Of all roads has increased
6 per cent in a single year, and the funded debt
about per cent. But it Is never safe to assume
that the earnings of roads which refuse to make
reports have improved on the whole much as
the earnings Of those which make haste to give
out monthly or weekly statements.
Manufactures seem TO improve well as crops
and transportation, though it is difficult to say how
much Of the new demand observed in the iron
and wool trade IS purely speculative Wool has
advanced on an average cent per pound, and pig
ron is stronger without change Of prices here.
But IL is certain that the rail business, which
represents large share Of the consumption Of
iron is 80 per cent below last year. deliveries up
to September l III SOP tons, against L 045,-
CAS- last year to the same date. Well-informed men
affirm that the decrease in actual consumption Of
wool Is nearly great, but in that article specula-
ton has excuse in the known decrease Of produc
ton in some important States The Ohio State
Auditor reports only s730,449 sheep in that State,
against 4,1OG622 last January, according to the
Agricultural Bureaus report, decrease OF nearly
10 per cent The Auditors report for Colorado
also puts tho number Of sheep at 777,494, against
l,137, CSC January l. decrease Of more than 80
per cent but the trustworthness Of this statement
IS questioned by some.