New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-23
MONEY and BUSINESS.

The attempts of business to forecast the
future have not been successful as usual this
year. First there was extravagant trading, on the
theory that the exceptional activity of last year
was to continue, but there no reason to expect
its continuance. Then there reaction and de-
preston, on the theory that the tariff bill might
pass, or heavy exports of gold to Europe might
cause strngency. There has at no time been rea-
son to suppose that the tariff bill would pass the
Senate this year, and the supply Of money has
been so great that considerable exports of gold
would have done no harm. Now there is dis
position to boom things again, in the idea that
good crops are assured and that the Treasury is
certain to make money abundant in order to help
the party in power. But money is abundant al
ready, and the advance in stocks stopped on
Wednesday, when it was realized that
somebody had utilized it by unloading heavily,
and the average price, after rising about 81
per share closed about 81 80 per share higher than
week ago, but with duh market There is
more than enough money in circulation already
and it remains to be seen what effect the passage
of the Mills bill by the House will have upon in
dustries
Railroad wars are going 10 be settled, it has
been said for three weeks but they not settled
yet, and the striking feature in the railroad
news is the great decline of net earnings when
gross earnings slightly increased Eighty
two roads have now reported for May n gain Of
s239S, 900 in gross earnings, or about GA per
cent, and yet the same roads report q loss Of
S1,l07,1l2 in net earnings, a decrease of ga per
cent. In view of this interesting contrast, the
question arises how large loss in net earnings is
represented by the gain of quarter of per cent
in gross earnings seventy-ive roads for the first
week of July, or by the relatively small gain of
per cent fOry-eight roads for the second week
in July The fact that the Canadian Pacific is
rapidly extending its power to cripple American
lines by competition outside Of interstate re-
straints is moreover not to be despised.
Crop prospects to wheat and cotton have
bsen little clouded for the past few days, but
corn promises remarkably well. With so many
ingenious stories flying about it is rather harder
than usual TO form correct idea of the prospect
as t, wheat or cotton, but the tendency in both
markets Las been unfavorable, wheat having
risen cents and cotton 81 during the past
week. Corn has also advanced half cent,
though no information at this time can give
ground for definite calculation. Hogs are a little
higher, with lard, and these changes indicate that
confidence as 10 the corn crop is not greater than
| il was "a week ago. The best that can yet be said
is that yield Of wheat and cotton not much
below that of last year, and of corn considerably
above that of last year. is still possible with favor
ing weather.
! 1t may be observed that the talk of improve
ment in manufactures comes mainly from thos,
who have refused to that there was any oc
casion for Improvement. Official returns show
that the sales of steel rails have been 03i ,9s,
tons against ,695, O55 for the first half OF last
year, and the deliveries 5sb,55s tons. against
| 007,35l last year, which means Of