New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-25
MONEY AND BUSINESS.

MONEY AND BUSiNEnS.
The influence Of political uncertainties III 'ic
markets has rarely been greater than III Is NOW
With definite policy proposed by the Democra.lc
PARTY, which would seriously affect many OIL 'hc
r,o.t mnortant industries and trades. and with no
certainty rs vet whether the opposition TO tnat
policv is to be concentrated by successful NOM
nation at Chicago, while even the vote IN .hc
House on the Mills bill may depend IN MEASURE
upon the Republican nominations, it is not strange
that there is unusual hesitation The slacKenlhe
in business is not due to any fear OF monetary us
turbanoe, for, with or without good reason there
is general belief that all such difficulties nave
been or will be avoided. There is not sign oi
panic, but abundant evidence that people, ID con-
siderable number who are not quite clear whaO
they had better do, are prudently s"'hs hoo"'nS'
The depression in prices continues and it also
has a retarding influence, for it Is inferred tha'
wcl-informed SPECTATORS must have even better
crop advices than have been made public ana no
one is in haste to buy while the feeling prevails
that the yield this year may be large Wheao mas
fallen cents during the past week, corn 5-o
cents and oats Is cents, lard yielding % cents
per / 90 pounds UnquestonabIy the weather IN
chief Agricultural States has been decidedly favor
able Of late and the reports which still indus
triously circulated, Of great INJURY to winter
wheat, appear to be in a measure contradicted by
later accounts The presence of large unsold sur
nlus which always has depressing effect Whah
new grain begins to come forward, is more potent
this wear because foreign advccs thus far seem TO
indicate that the European yield Will be larger ana
the demand for American wheat smaller than OF
late years As prices go down, the disposition oil
producers to purchase freely of other than larih
products abates and thus the influence of political
uncertainty is increased.
The railroads should be more prosperous, WIN
full crops to he moved, and falling gram usually
goes with rising stocks. But the very moderate
advance during the past week, averaging only %
cents per share for the sixty more actlvc stockS-
seems TO have been mainly Of temporary sort
About July there is apt to be an investment de-
mand and rally, and this year long-eontnued
decline and large short selling have made some re-
covery natural But the situation as to legisia-
tion and earnings does not materially change.
The reported gains, averaging about per cent Tor
mart of June in view of the increase in mileage,
which Is about as large, and the evidence that oper-
atng expenses still expand more than earnings can
hardly be regarded with much enthusiasm Inc
Financial Chronicles statement Of net earnings
on eighty-two roads, showing an increase OIL
81 $50 600 in gross earnings and an increase OF
81, $50 900 in operating expenses, is IN part en-
planned by the exceptionally heavy losses on the
Burlington and the Atchison lines, but the broad
fact remains that railroads which have materially
increased their mileage and their indebtedness
since last year have not correspondngy increased
their net earnings, as yet Good crops Will heip
,hom Int the inevitable tendency of excessive
competition is to hurt Them and the legislation IN
the Western States grows more unfriendy in spirit
u,
nromulgation Of the new rates under the Iowa law
hos bccn deferred until July s. but the calculation
that some compromise will meantime be made
docs not appear to have other foundation than In
tarasted bepes It is of no to say that the
Commissioners are unreasonable and must see II;
the trouble is that the people are far more unrea-
sonable and do not see it.
In Mace of continued accumulation for the past
voek. the NewYork banks report decrease OF
nearlv 100000 in surplus reserve, with a small
loco NJ actual cash This is the more noteworthy
boc,pSe the Treasury has paid out during the past
,vpel, about So 900, 900 more than it has taken H.
losing s5.1o0.000 gold, with nearly balancing
changes in other items 1t does not appear 'iao
the exports Of 100000 gold are hKely u DC
rcpeated. and the disappearance OF cash dlsoufSeu
nv the Treasury seems TO indicate movements W
the interior At the same time the loans Oh Ne"
York banks. rising s2.300,000 last week, after
= ,isa If $4,000 600 the previous week. suggest
that financial operations are in progress Of which
Tho npblio is not vet informed The state OF foreign
trodc does not alter; the official report shows
an excess of imports over exports of merchandise
Of s133s8O77 for the month of May and the
;r,norte Tins far in June have been slightly larger
than those of last year. while exports show a
docIine thus far of 8 1-2 per cent, though the
cxcess of imports in June Of last year was 3d.
o74. 900 In May, gold exports exceeded gold I'M
norts nv $4,000 600. and there were also net
axports OF 81, 900, 900 silver, and yet the trade
renorts indicate that there must have been
hoo,v outro of securities TO balance the account.
The key of the situation is that the great IN
dpstr;es are hesitatng, Notwithstanding the more
favorable crop prospects. The iron industry shows
M change for the better. and it is noticed that
Gales and shipments of steel rails, being only
about half those Of last year to date. do not
sustain expectations Of large railroad building tins
wear Nor does the hating wool market indicate
grcater confidence in the wool manufacture,
and il is admitted that the severity of foreign
.ompetition in some branches of the woollen
goods trade is felt more than ever. But the
cotton industry continues to prosper, and prices
Of cotton goods grow stronger
aIf he was not brilliant he was brave This