New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-08

| for the same months declined 81 131, $50. or
30 1-2 per cent and change so rare ana remark
able indicates consequences of excessive railway
building and railway legislation which are not
confined TO six roads.
The diversion OF speculative interest ana force
TO the grain market was not at all surprising
When one wheat option had been suddenly raised
TO s2 per bushel, it was seen that the super
abundance of speculative money and the scarcity
of wheat of contract grade made unlimited wheat
gambling an easy matter. Extreme statements as
TO the decrease in spring wheat yield and the pro-
portion fit to grade have been current but the
actual movement to Western markets in August
and September this year has been 30 0OO.OOO
bushels, against 5000 900 bushels for the same
time last year Meanwhile the exports in Sep
tember from Atlantic ports were 74l0,62S bush
els. -four included, against 7.S82156 last year,
and from all ports in July and August only
1s,4S4,110 bushels, against 80, 02l last year
Thus exports for the first quarter Of the new year
have been about Is, 000 900 bushels less than last
year. and since the corner came both the export
and the milling demand have practically ceased
The current price concerns only contract grades
and the supply available in speculative markets,
but that does not prevent sales OF 12l ,564,0O0
bushels in this city alone last week, and an enor-
nous absorption of money in operations at the
West An advance Of three cents in corn, with
the largest crop ever raised close at hand shows
the character of the market.
Meanwhile the cotton trade slacSens and prices
are largely fictitious Exports for five weeks
have been in value (notwitbstar ding an increase
in the price and also in the size Of bales only
$4,000 600 against 81 100000 for the same
weeks last year. As the increase in exports
oil will ha decrease
II 900, 900 pounds in exports Of pork products
for last month, the value OF exports in September
is likely to fall below the value of imports
again. Sugar has declined little, bat pork has
risen 81 per barrel coffee about l cent per
pound, and -four about 81 25 per barrel The
speculative fever which expended itself for
year in lifting prices Of real estate, and then
in making new securities and marking up stocks,
has attacked staple commodities once more.
Clearings outside New-Yorll were 10 per cent
larger in September than last year, but nearly
the entire gain was at Chicago, and last week
the increase in clearings at Chicago alone was
$40, 0OO 900, which promises a handsome " in
crease in business for that week, if specializing
in grain futures is business.
The exciting cause of this craze has already
been mentioned The Treasury put out over
S7,000000 more currency last week, about
three millions each OF silver ana OF gOld certlH-
Gates, and about one million of legal tenders
Since the lst of September the cash in the Treas
ury has been reduced s2O,946,311 and yet dur
ing the same time the cashs in Ncw-Yorll banks
has been reduced s5,19l,500. The outgo of
S26,OOO,OO0 in month corresponds with the
speculation prevailing But it would be less
attractive prospect if Europe, before taking of
our hands the surplus grain and cotton we have
to sell, should first send here some of the stocks
held abroad.