New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-03
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MONEY AND BUSINESS.

MONEY AND BUSINESS.
Another week has passed without serious harm
to corn and with better advices as TO the wheat
crop, while the news as to cotton, II worse from
Mississippi Louisiana and part Of Tennessee, where
rains have done harm, has continued to improve
from Texas and other States. The labored at
tempt 20 create a great scare about the worlds
lack OF wheat did not succeed in lifting the
price as high as IL was moro than a week ago,
and reaction came at once, with close for tho
week thrce-quarters of a cent lower than week
ago Corn also declined three-eighths, but if cur
rent reports about the prospects were wholly
credited would naturally be much lower. Hogs
declined quarter of cent, while lard rose about
as much. The expiration Of the cotton corner
left the market strong, and an advance Of a
quarter for the week is recorded In spot cotton
without Improvement IN September options OIL
has advanced So cents, and the tendency Of
speculative prices generally is still toward higher
level
There are signs that the long promised and long
delayed exports OF wheat have begun. For the
latest week reported, shipments from Atlantic
ports above a million bushels, and yet were
less than half the exports for the corresponding
week last year. In four weeks OF August the re-
ported shipments amounted TO only 9,096,6
bushels, against II ,ol7 90 from the same ports
I
less than 5000, 900, against more than 600 900
bushels last year The movement Of corn is larger
than last year, and yet not large European re-
ports continue TO indicate that larger demand
than usual for wheat will be felt and the official
statement of the Hungarian crop IS 600 900
bushels short, the shortage in France and Great
Britain seems likely 10 he nearer 100, 600 900 than
90, 900, 900 bushels, and the shortage in Italy is
officially placed at 100000 bushels. On
the other hand, an official report makes the crop
Of india 30,O00,000 bushels larger than lasU
year, and, while figures OF the Russian yield are
lacking, it IS expected TO show considerable in
crease All these facts would certainly imply an
increase OF foreign demand but for the possibility
that an early and general advance in price may
diminish consumption in Europe materially. Latest
accounts from Minnesota and Dakota indicate that
tho damage from frost was not general, and the
harvest in most of the spring wheat regions is
proceeding satisfactorily.
The Improvement in business, of which signs
appeared as soon as the impression became general
that the crops would prove satisfactory, has not
been maintained to the full within the past week.
The same hopeful feeling prevails, and in many
directions definite increase in transactions con-
tinues, but in other respects the signs are not
quito so favorable Exchanges last week were
smaller than those OF the Same week last year,
but partly because the week then included more
Of the monthly settlements for September l. The
yellow fever lessons traffic in part Of the South,
and the reaction in real estate and some other
speculations is felt in parts Of the West and
South, while accounts Of iron and woollen manu-
facture not entirely encouraging The vol
ume Of business ia very large for the season. and
the prevailing confidence tends 10 make It larger
Money is reported in better demand, and yet in
fair supply at nearly all interior cities. Here the
large loss Of reserves By banks would attract at
tention II the surplus remaining were not so
largo. but the absorption by the Treasury Of
81, 700 900 during the past week may be con-
sidered only temporary
The seadiness of foreign exchange, under some
what peculiar circumstances testifes to the con-
ldcncc OF foreign capitalists IN American invest
ments. For it is only by continued investments
Of foreign capital that the state of foreign ex
change can DO explained, in view OF the returns
OF exports and imports. Last week imports rose
again. but for five weeks past have fallen l7s
per cent below those Of last year. exports having
meanwhile decreased ga per cent This would
imply, If trade at other points were in the same
ratio an excess Of imports over exports amount
ing to 81, 100000 for the month. and the excess
for six months preceding had been ss2l 74,329
and silver covered 500 500 of this balance,
but left over SCI, 900, 900 to be otherwise met,
besides interest, undervaluations, freight money,
etc Doubtless it is true that bankers expect
large exports OF domestic products during the
coming months. But the advance in rate by the
Bank Of England, and the caution with which
gold reserves are now guarded by European ma
lions, are signs that demand is possible for capt.
tai invested here.
The reports Of railroad earnings continue to ex-
coed those OF last year a little-on seventy-four
roads for the third week Of August by 95 cent
But the net earnings are evidently little smaller
than year go. Thus the Pennsylvania report for
July shows a gain Of 81 6s, 900 in gross earnings,
but a loss OF s75. 900 in net earnings. Attempts
10 terminate wars Of rates are still abortive. but
decision by the Judge OF an Iowa State court. ar
resting the enforcement OF rates fixed by State
Commissioners. has had favorable effect. The
stock market has continued strong and the average
Of prices has risen 81 05 for the week, in spite OF
much realizing and some natural anticipations Of
a reaction
Ninety DAYS since Mr. Cleveland was nominated.