New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-01
actual service have been most grievously disap-
NlAEY LAD RESINESS.

simultaneous ccrncf in stock and IN whc1t is
phenomenon not often seen. But that IS what
hap ..nrd last week add the fact goes far to de-
terInine the character OF the markets. Nobody
supposed that whelt was worth 81 per bushcl Mt
40 p m on Saturday when it sold Mt that
price, and a few minutes later when it sold n
81 o. l-2 moody was surprised Some people
had sold what did not belong TO them; that is
all. Climbing after stocks sold in the same way
made that market what it was last week. and the
average Of prices rose 81 62 per share What
the actual value of stocks may be the price ut
such time does not determine.
There were substantial reasons for a recovery
in stocks. The agreement to raise rates on
Western roads otter October 10. If faithfully OBJ
served, will make graf difference In their earn
ing powers No one forgets that such agree
ments M, made much oftener han they are strictly
observed, and the situation is one which will
test for the first time the powers of the inter-
state law, and OF State commissions, TO prevent
the practical combination and the control of
rates which legislation against pools was de-
signed TO defeat But the willingness to agree.
which has hitherto been absent, iustfes moro
favoribi, view of railroad prospects. Earnings
continue larger on the surface, but not larger
ports for three weeks compare thus:
Increase Increase
Roads Per cent. Roads Per cent.
sen. 1st week 81 432 20 L92
Sept. % week 81 BIO 10 LOO
With constant increase Of about per cent in
mileage of roads reporting, and so in expenses
these returns indicate small loss In net earnings
But an efectual restoration Of freight rates would
change the prospect
No substantial reasons justified 81 per bushel for
wheat Spectators insist that the Government
crop report for September underetdted the injury.
but State reports from Indiana Illinois. Michigan
and Kansas show yield of | 10 7S7 600 bushels
this year, against %, 96S 600 bushels according
to the Government report last year. ana
1885, 900 bushels according to the Governments
September estimate The Dakota statlsticlan es-
Inmates loss of 30, 100000 bushels in that Ter
ritory. but upon the basis Of returns from South
ern Dakota, while the increase reported was IN
North Dakota mainly. The official report from
France makes the yield 100000 hectohtres
less than the preliminary estimate OF lOO,O0o,ooo.
not long ago published, but fine weather has
much improved the prospects in Great Britain.
where prices have dropped heavily. With wheat
selling at 90 cents at Liverpool and 81 OF IL
Mt Ncw-Yorl exports can hardly increase. and
the weekly returns indicate that the exports for
the quarter ending September 80 will fall below
3O,OOOOOO bushels against 47000,0O0 bushels
last year leaving exportable on the basis OF Gov
ernment reports, about "a 900, 900 bushels more
than was exported during the remaining nine
months of the last crop year In this state OF
facts il does not seem unreasonable to say that
Chicago prices for wheat are fictitious.
The great stimulus to speculation of the widest
kind is afforded by the Treasury operations which
included the purchase of S7.,06, $50 bonds last
week and cash disbursements exceeding receipts
nv So. sOO.O 900 Government has put into circula-
ton s745O, 900 gold certificates since September
]. about $500, 900 silver certificates, and about
s21O00OO legal-tender,, though taking in sl,l00,-
600 legal-ender certificates and has added 10 the
circulation all but about 100000 of the silver
and all but about 81 500, 900 of the gold coined
With money overabundant in all speculative mar
kcts there is difficulty in OBJ aiming commercial
supplies in some quarters, and to D per cent are
u,url rates in Western towns. The failures re-
ported for four weeks of September numbered
no and for the quarter about $500 in the United
States against 1913 for the same quarter last
year It is certainly not usual thing to see
large crops attended by great increase of failures
in the harvest quarter of the year
Blu; neither these nor any other symptoms OF
weight at a time when foreign capital continues
to come hither largely. The imports Of mer-
chandise at New-York for four weeks of September
amounted to s3440s, 937 against s35. OF 1898 last
year, decrease of only IA per cent indicating
probable imports exceeding $50 o0o,O0 at all
ports In exports from New-fork the decr, ase was
per cent, and this includes only part of the de-
cline from 2i6,s13 bales Of cotton in September
last year to l55.420 this year. This seems likely
to reduce the value of all exports for the month
below $50, 600. 0O0 The balance, with 500 900 900
for the previous seven months, and all under
valuations and interest dividends due abroad,
represents either incrcaso of indebtcdnc OF foreign
investments of capital here. As long as foreigners
continue to take American stocks bonds, lands and
loans at such rate, financial pressure is not
Immediately to be apprehended.
Has Mr. Postmaster Pearson taken in the full
significance Of Mr. Congress mln Cox'S declaration