New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-06
MONEY! tyD RTSTVESS

digcnt insane
| MONEY AND BUSINESS
Wall Street Is discounting the large crops which
bre expected to be harvested within the next few
| months At the same time the Produce Exchange
is discounting the expected short crops abroad
Within the pnst week the tidings rs to foreign
crops have been decidedly unfavorablc, while in
formation until the last day or two in regard to
home crops has been encouraging The latest ad-
vices regarding corn are emincnty cheering
though an untimcly frost mny yet kill many hopes
before the harvest. But within the past day or two
much more unfavorablc reports have
been received as to spring wheat and
oats, which have sustained some IN
iurv. As these latest dispatches came Just in
time TO help n great speculation now in progress,
il is safe to wait for further information before
concluding that the yield of spring wheat is to be
materially reduced, or that injury to oats in shock
has been extensive The later adverse news about
cotton, too, comes TO help those who have put up
the price to IL cents for middling uplands, and
NAV prove exaggerated But with all reasonable
allowance il may be said that prospects on the
whole are not quite so bright they were week
ago
Stocks have lifted SO cents per share, and for
eign buying is still named d principal cause.
The rise since June 80 has now averaged 81 50
per share for the entire list though the American
public has nothing TO do with the movement
which is still confined to spectators here and
spectators or investors abroad. If European
buyers have rightly judged the future they have
taken the ownership OF railroad property worth
many millions which Americans will be glad to
buy back at advance hereafter; if not the uti-
mate profit will be found the other side. Rail
road earnings continue large, few roads showing
small gains for the fourth week of July, and the
Northern Pacific large gain, while sevcnty-thrce
roads for the third week show gains averaging
a. 70 per cent, or about the increase in mileage.
These comparisons need Interpretation Whether
operating expenses have generally increased, or the
railroads have been spending extra sums in repairs
and improvements cannot in all cases be deter
mined. But the comparison of gross and net earn
ings for the first half of SsS, on the New-York
Central. Pennsylvania, Eric, Lake Shore and
Michigan Central prepared by " The Financial
Chronicle gives the following results:
Gross Earnings. Expenses Net Earnings
1888 s71,432,5oG $40 22o,995 22,211,5u
1887 oo5is,o9O 4Co972is 23,s9o,sT
1886 CO9so,5O7 4i.s7o,ei5 1o.7ls.s62
Here it appears that the aggregate traffic of
these roads. which represent by their connections
the traffic Of large share Of the entire railroad
system, has been "a per cent larger than last
year, and nearly 3 per cent larger than in $50.
The aggregate tonnage has not increased the
charges have. But the expenses have been 6.5
per cent larger than last year and per cent larger
than in 1886. In consequence the net earnings
are SLIGO, 600 smaller than last year, or nearly
per cent, though larger than in 1886 These roads
have the cream Of the traffic, and their gains are
not balanced, as these Of many roads are by
largely increased mileage constructed through re-
gions yet little settled
If the transporting interests were at peace. the
returns would indicate valuation Of property not
materially below that of year ago. But they
arc not at peace, and their strife grows more hurt
full. if not more noisy. 1t will be settled in time
but recent legislation has made a satsfa ory
restoration of rates difficult than it has been
ut any previous period of warfare With really
large crops and actual movement of merchandise
the latter half of the year will doubtless prove
satisfactory, hut the industrial movement and the
crops are both somewhat uncertain as yet
There have been more favorable advices during
the past week about the iron interest, and better
prices are reported at Pittsburg. But quotations
OF Southern iron in Eastern markets are shade
lower than before and sales Of steel rails are
now made at prices equal to 500 at Eastern mills
which is 81 lower The improved feeling seems
as yet to mean little more than this: that stocks
unsold of some kinds Of iron have been reduced
though stocks of other kinds have increased
broader improvement will be most gladly well
coined when it appears. or the woollen manu-
facture the best that can yet be said is that there
has been no further depression in the price Of
wool since July l. but the unwillngness OF farmers
to sell is the cause rather thhn any increased
activity of buyers. The cotton manufacture is
undisturbcd, and Northern spinners' takings Sr
the past eleven months have been 80, 600 bales
or nearly per cent larger than for the same time
last year.
Foreign trade does not improve, imports declin
ing but exports still more. Frequent reports Of
large grain buying for export contrast with returns
showing that for four weeks of July exports of
-four and corn from Atlantic ports about
the same as last year, while exports of wheat
were only 1,9l5.s3G bushels against 10,S72 400
for the same weeks last year. Exchanges con-
tlnue to show smaller volume of business than
last year, especially for the last week, which in
cludes monthly payments. In July the decrease
was So per cent with no considerable difference
in stock transactions at New-Yorll to explain it,
Many interior cities have gained, but the decrease
at New-YorlS Baltimore, Cincinnati. St Louis and
San Francisco more than balances ali gains. No
doubt the gradual transfer of business from old to
new points, undee the operation OF the Interstate
Commerce bill, is important feature Of the
situation
The Hill campaign button has made its appear
ancc. Pending the pleasure Of seeing one of them,
our guess is that the design on the button is a
peanut rampant with view Of n section Of the
Anueduct in the background The Grace button