New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-15
MONEY IND BUSINESS.

A break Of cents in November and "a
cents in elevator wheat at New-lork, during the
past week. sets many bankers considering the
safety of loans which are virtually dependent
upon the outcome of wheat speculation at the
West OF the character OF that speculation II
seems necessary to know only this, that cash
wheat was at 81 II at Chicago when it was sell
ing at 81 08 in Liverpool, and December wheat
was at 81 &c in Chicago when it was 81 l. at
New-YorlS 81 ii at Minneapolis, 81 IL at St
Louis and 81 90 at Milwaukee. market of that
sort is a safe one to let alone But meanwhile
consumers are obliged TO pay more for bread, and
the best -four has risen 81 % per barrel within
about a month. 4 decrease of only half bushel
per capita in the home consumption would In
crease the surplus for sale by 32,000,000 bushels
and the surplus for export, without any decrease
in home consumption, would be fully 20, 900, 600
bushels more than the quantity exported from
October /, ss7, to July /, 1883.
These facts explain why the great wheat gamble
is looked upon as dangerous feature in sober
financial circles II there are no New-lork OPP
orators concerned in it. still serious disturbanc"
at Chicago which is at present the highest wheat
market in the world. would be felt in financial
markets elsewhere. Hence it is not strange that
n small shipment of gold to Europe and small
bursements by the Treasury, were regarded with
some dissatisfaction. During the week the Treas
ury paid out only 5000 900 more than it took in.
and meanwhile the bank notes destroyed exceeded
by s767,4so the notes issued Imports for the
week ending Saturday exceeded those of the cor
responding week last year by 81 900. whilr
exports for the latest week were 100000 less
than year ago But the present state of the
rlra ic at
went out from Atlantic ports last week. against
0i7 652 last year, and the exports of cotton for
two weeks past have also been si,500,000 less
than for the weeks last year
That the stock market should be comparatively
neglected was natural but the traders easily pre-
vented any decline, and the average of prices is
Is cents per share higher than week ago. not
withstanding fall of 81 per share in single
stock Railroad earnings for the first week OF
October highly encouraging, but so they were
for the first week of September, and yet the re-
turns of % roads for that month show gross earn
ings of si61 per mile operated, against $500 last
year, decline OF 5.92 per cent. The roads which
can report handsome earnings continue TO re-
port and to send forward their reports promptly.
Considering the shrnSagc in rates received by
many of the roads, however, these returns GER
tany show that the traffic is large in volume, and
hated by speculation at few cities like Chicago,
nevertheless show general and moderate increase
over last year at other points Naturally the high
price obtained for grain makes things more active
for time at the West. and the possibility of cor
responding depression If the speculation breaks
down is not much considered.
Industrially, the situation is more encouraging.
The weekly output of pig iron, according to re-
turns of " The Iron Age" increased 1866 tons
during the last month, though still 9,374 tons
weekly below the output year ago. According
to The American Manufacturer" of Pittsburg,
the increase last month was 3G2s tons weekly |
but the output is still smaller than at this time
last year by IA OPS tons, IL per cent. Either
account indicates handsome improvement And |
the fact that prices do not fall of leads TO tho |
belief that consumption is increasing. But the |
in all branches of the manufacture |
which was larger year ago than in Great Britain |
is now little smaller, fact for which tariff agi |
taton is largely responsible The cotton bust |
ness is also less active than year ago, and the |
consumption OF wool much smaller, but in all |
branches of the dry-goods trade greater activity is
expected after the Presidential election. At |
present the supply Of money serves rather 70 feed |
speculation than to stimulate industry, and the |
more because with uncertainty prevailing as TO |
the tariff capitalists hesitate to enlarge their com
mtments in industrial enterprises.
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