New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-20
MONEY AND BUSINESS.


there emergcs the fact that the yield Of wheat
will certainly be smaller than last years, estimates
of the decrease ranging all the way from 2O,0O0ooo
10 60 600, 900 bushels. The Produce Exchange es-
Inmates would make the probable yield about 42I,-
600 600 bushels Cincinnati estimates less than 4Oo-
OOO OO0 and other estimates much above 43O,OoO,-
900 bushels but the former seems at present BET
ter supported than any other. With bl,OO0,ooo
bushels surplus from previous years, the supply
would az that estimate be 47o,OOO, 600 bushels,
of which $40, 900, 900 will be required Mt home. AS
last years exports were less than 90 000 900 BUSH
els operators naturally watch with anxiety for evil
dence of the great foreign demand, which has
been expected ever since the boom In prices began
six weeks ago mote. The stock market, the
grain market, and to some extent the money
market, have been governed for weeks by the be-
lief in n coming demand for American grain which,
up to date, does rot metcrialize.
The exports Of wheat from the principal ports in
July were but 3,37l 900 bushels against l3,5Oo,-
900 last year, and including -four the equivalent
of G. 0SS 697 bushels against 63s7, 902 last year
For two weeks, ending August II, the exports
from Atlantic ports have been l,255, 600 bShcis
of wheat against 1858, 900 last year, and $500
barrels of -four against 100000 last year. APP
parenty, the American speculator is repeating last
years performance, which left on hand heavy
unsold surplus at the end of the season, but II
the same influences to control the markets this
fall. it will make n considerable difference with
finances and with railroad earnings. The crop
of oats is undoubtedly the largest ever grown, but
not largely important to transporters. The corn
crop is promising, but may be greatly curtailed by
frosts ut any time within the next three or four
weeks The cotton crop has been helped by rain
in parts of Texas and Arkansas though in other
parts the crop is suffering from heat and drouth,
but cast of the Mississippi rains appear to have
been general.
Crop prospects always have much to do with
business and the markets at this season, but more
than usual this year. The country has been
importing far in excess Of its sales OF merchandise
abroad. In July the exports Of brcadstuiis cot
ton provisions, cattle and oil amounted to
s27350O 900 in value, against $780, 600 last
year indicating a probable excess of imports over
exports for that month of 81 100000 more or
less and the excess in six months ending win
June was over sci 900, 900. II there be added
the usual allowance for interest due abroad, ana
undcrvaIaations the balance due for the year
thus far would seem TO be over Sl4O OOO'o oo ana
how large n part of this has been covered by
permancnt investments of foreign capital, or only
by temporary and speculative operations in Ameri
can securities is OF course the problem upon which
much depends Since August l imports nave
fallen off remarkably, for three weeks at New
York no less than 81 per cent the exports having
been per cent below last year.
The iron business has fully recovered from the
midsummer slackenng of business. and the week
5 " output is now just where it was June =
according to The Iron Age 1891 tons week
{ ly against s,344 June /. At this date TN
production would be about 100000 tons for tn
balfvear or per cent less than for TIT
y, last half of last year, but an increase later ii
. the season is to be expected if the market favor
u az all, and later signs are thought encouraging
But it cannot be said that the transportauoi
r business is entirely helpful to those VINO nav
@ been thinking of new rails or new raliroaus
{ The earnings during the first week of Angus
wore pcr cent larger than a year ago, Will
n greater increase in mileage. In June an increas
of nearly per cent in gross earnings resulted
in a decrease of per cent in net earnings on o
II roads and &c of these shared in the decline
o One feature to which not much attention ma
II been paid thus far is that failures are lncreaslh
l. in number In July there were In the ohitc
=, States sol, against 504 last year, and IN Angus
= thus far 5s3 have been reported, against 449 las
&c wear for the same weeks Not enough is KNOW
= as vet of the location or Importance Oh 'hese ia
j ures TO determine whether they have much sig
niGcance but they seem to Indicate that IN
70 heavy trading of last fall and winter was hoU
t, all entirely prosperous. Now much more c'''
D. tious spirit appears to prevail IN most sec,on
ot but there is no sign of abatement OF conhaen'
in some Southern and Western quarters, ana III
&c large exchanges of the banks again snow Una
20 trading is on a scale never surpassed ior 'ne DC
- SON. year ago the August business was ID p'
Ill cont LARGER than that of $3.50, and now tho week.
l. returns are showing a further increase OF or
le pcr cent outside of New-YorlI. How much OF IN
ID increase is due to speculative operations 1t Is IN
m possible to say. In the Stock EXchanse nc'
IN however the rise OF S. 80 per share winch
q oan Julv has been followed during the pa
4 week by a decline of 50 SO per share VINE;
!: and corn have hardly changed during the wee
= oats have declined, and cotton, coffee and oil ma
=, Welded little. But in all departments oil 'ra'
1t the crop outcome is awaited with more than usu
- interest.
nd an AGGRESSIVE CAMPAIGM