New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-17
MONEY And BUSINESS

MONEY AND BUSINESS
Sow and then the street, though ordinarily
fenced in by the stories told by people who have
stocks ~ SELL gets q look at their real value
The performance Of the ST. Paul directors last
week showed what the interstate law has been
doing for some Northwestern railroads, and the
result was decline of $40 rs per share in st.
Paul, $40 in ST. Paul preferred, S. e2 in
Northwestern, $3.50 in Northwestern
preferred, SO rs in Omaha, 81 in
Omaha preferred, and SO in Burlington and
Quincy. These stocks are actually worth just as
much as they werc week ago. Others In the
list, which were affected by last weeks reaction,
are worth just as much Either they have been
fictitously and falsely lifted In price, without
regard to their real value or they have been fic-
titiously and falsely depressed; which, the in
weston has TO determine for himself The disclosure
in the St. Paul case caused so much selling that
the average price Of sixty active stocks dropped
from sG4 ~ to s62,56 per share, declining In
three days more than 1t had advanced in two and
a half weeks.
At the same time the usual statements OF gross
earnings appeared, showing for August a gain oil
S6l1 240 on III roads which now see TIT TO re-
port The fact that mileage has been increased
more than earnings by the same roads indicates
what net earnings may be- the gross earnings of the
III roads, now operating GA, GA miles, were IN
August s457 per mile but year ago they oper-
ated 61 14O miles, and their gross earnings for
the same month were s46s per mile, so that the
average decrease is 26 per cent. The remark
able stimulus given by tic interstate act to the
building Of new connections. feeders, and compel
ing lines in the Northwest, and its restrictions
for frcpS al f0
fruit
Though considerable selling on foreign account
has occurred little effect upon the money market
has yet been felt or could yet be expected. Rates
for money on CALL however, do not reflect the stu
alton as well as the market for commercial paper.
which the banks saw is offered with some urgency
beyond their ability to loan. The advance in rate
by the Bank Of England and also by the Bank OF
France, with q report that the Bank OF Germany
will at once take the same course, advanced for
eign exchange, though at this season commercial
nils against products exported are usually abun-
dant But the imports for six months ending with
July exceeded the exports by SS200O,0OO and
there is to suppose that the excess in August
may prove to have been about Sl0,O0O,OOO more.
For the preliminary returns OF breadstufs, pro-
visions, cotton and oil for that month show de-
crease in exports Of Ss, 200, or about % per
cent, in comparison with last year, and though
the imports at New-York also decrease, the net
result of the changes thus far reported is excess
of imports about as large as that Of last August
Probably the money market might have been
more sensitive already, had not the Secretary
again discussed over 100000 for the purchase
of bonds. With only part of the settlements In
Guided, it is probable, the Treasury reports
$4,000, 900 less cash on hand than a week ago, so
that no weakness in the markets can be attributed
20 a shrinkage IN the circulation. In September
the imports at New York for two weeks have been
Q per cent larger than last year, and the exports
from this port per cent smaller, but 1T Is hope
full fact that the outward movement of products
is now increasing, and for the first week Of Sep
TENDER the exports OF wheat provisions butter
md cheese actually exceeded those of last year,
though the cotton movement is still smaller than
it was a year ago Prices of breadstuifs declined,
wheat l-s cents for the week to OF 3-s, corn
/ 5-s cents TO SO 1-2; oats 5-S cents to 80 Is;
but hogs were an eighth stronger, lard o quarter,
and pork 70 cents per barrel Coffee also adj
vanced 5-S, while oil declined 5 cents per barrel
The news regarding manufactures is generally
favorable, and like favorable crop reports, APP
pears to justify the increased activity In trading
which is reported from nearly all interior points.
The iron output increased in August from II ,9S9
to 25 $50 tons weekly, and though nearly the entire
increase was IN bituminous iron-6227 tons-and
mainly due to the opening of new furnaces at the
South, it is said that the pressure to sell South
ern iron here is less than it was. On the other
hand, the rail business does not improve, either
in volume or in prices The crop report by the
Agricultural Bureau is stoutly contradicted Is to
wheat by private accounts-not carefully kept
private-from the Northwest, but the main fact
stands undisputed that the time for severe injury
TO the crop has passed, and the yield will
undoubtedly prove larger than that Of any pre-
vous year The volume Of current business,
indicated by bank exchanges at interior cities,
is larger than that OF last year by about ten per
cent for the first week and six per cent for the
second week of September. but these returns
grow continually misleading evidences
Of the volume Of legitimate business, because spec
uation causes each year an increasing part Of the
exchanges elsewhere as well as at New-York.