New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-16
MONEY AND BUSINESS.

MONEY AND BUSINESS.
Foreigners are investing their profits in Amer
can securities. Americans are not investing their
proflts in the SURPLUS grain for which the country
has found no market. So the contradiction which
appeared when stocks and brcadstuifs both began
advancing has ended for the present at least in the
halting of grain, and yet prices of breadsuhs are
obstnatcly held, considering the favorable crop
prospects and the advance in stocks has mob
amounted to much thus far, except for few
favoritcs in speculation. A dozen of these last
week averaged gain of 81 SO per share, with
sales of $4,000 shares the rest of the list about
one hundred shares with sales of 2S5,000, aver
aged a gain Of only % cents per share, and the
greater part Of these were practically dead.
There is considerable foreign buying but also some
selling, as the ordering of 5000, 900 gold for cX-
port would imply. What may develop out of the
stock movement everybody has to guess for him.
sc!f-all baggage Is at the risk of the owner
In the grain market, apparently the owners
would he willing TO have less baggage. The life
was knocked out Of a promising rise by the favor
able report of the Department of Agriculture,
which indicated that all the fears of a material de-
crease of yield were thus far without foundation
Wheat holders have been as obstinate as If there
were not 5O,OOO,OOO bushels of old
wheat in the country to be marketed
but corn has yielded one cent. The
cotton report was considered discouraging and
with the continuance of large exports for the sea-
Son. caused a slight advance. Pork and lard were
lower. while oil has been lifted again The eX-
ports of cotton in May were valued at ss,ss4,47O
against s2,O7l,4l7 last year, while the exports of
oil were valued at s3,55s,49O, against s4224, Ol9
last year.
The returns OF furnaces in blast show decrease
of six per cent in weekly production during June,
Pittsburg and New-Yor1 returns agreeing in that,
though differing in the weekly sum. The estimate
of pig iron made during the first half of 1888,
about 2,9s4, 900 tons, is eleven per cent below
the make for the second half of last year, and
the very large increase at the South implies that
the decrease at the North has been much moro
than eleven per cent There is also an impression
that unsold stocks have increased. In the boot
and shoe trade, over-production is declared by
{" The Shoe and Leather Reporter the cause of
the unprecedented low prices, and forced curtai-
mcnt at no distant day is predicted. In the cotton
manufacture, the quantity taken by spinners
North and South during the past half year is
about 90, 900 bales less than for the same months
last year, though that is, Of course, but little
indication of the production. The exceedingly
slow movement Of wool has its natural eXplana-
ton in the tariff agitation and the waiting policy
of manufacturers But the belief that Congress
will do nothing has now become general, and in
part removes cause OF depression.
The wars OF rates among railroads are expected
to cease every day, but meanwhile they illus
trate in very striking way the many comp-
cations which result from the building OF new
roads and the operating of new routes. The
earnings for the first week in July show a gain
of only l.23 per cent for the fourth week Of
June a gain of 2.s2 per cent. and for the entire
month gain of per cent. But to under
stand the figures it is necessary to
remember that the mileage of the roads reporting
has increased 1-2 per cent The earnings per mile
operated for the month of June were S4O7, against
s4l6 last year. a decrease of ZIG per cent, and
the half-ycar's earnings show gain on 1 Os rail-
roads about per cent less than their increase in
mileage. With large crops, the railroads will
have an increased trslic but where three roads
have to divide the haulage which two formerly
performed the effect for the old roads may be
the same as if the crop of wheat had decreased
10000. 900 bushels or the crop Of corn Co.,
coo, 900 bushels.
The financial situation does not change ma
terially though the Government paid out $1,000
600 more than il received during the past week.
The decrease of o per cent in exports from New
York for the past two weeks with an increase of
l l-2 per cent in imports, shows that heavy pur-
chases of securities by Europe are still needed to
prevent large exports Of gold. The bank exchanges
Just now fail to reflect the prevailing duneSs in
trade, because they are swelled by maturing paper
on transactions early in the year, and by halfyearly
settlements and these settlements fell in part
last year in the week which compared with the
last of June this year. Taking the two latest
weeks together the decrease in cearings appears
to have been 20 per cent at New-York, with an
increase of only fifth of l per cent outside of
New-YOrk