New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-09
MONEY And BUSINESS.

Stocks and grain are rising. When that hap
pens il s almost an axiom that the movement in
one CT the other j. false fictitious and TO end
in gricf for somebody But the buyers Of stocks
and the buyers Of grain both have full confidence.
IN this case that they get cut before the turn
comes Stocks have risen during the week only
Is cents per share of 81 the average. but that
is because most OF the list has been
inactive: few speculative shares have
risen from 81 to 81 % each per
share and it is worthy of especial notice that those
have risen most which represent the very proper
ties that seem TO be- most seriously threatened by
railroad wars OF course the belief is that some
settlement Will soon be reached and that stocks
canno; 30 much lower. But the same securities
which now average SIS - per share averaged less
than si4 per share three years ago The average
rate Of dividends Paid has increased since that time
about one-tenth. but the increase in Indebtedness
and in competition has been far greater. 1t is yet
an open question whether the earning power of
Western railroads has been reduced more or less
than prices Of stocks by the construction of new
competing lines and by the legal regulation OF
charges.
Meanwhile grain. cotton and pork products
have been ADVANCING Wheat has risen during
the last week nearly cents corn cents, cats
hes any legitimate basis whatever, it implies be-
lief that crops will not prove satisfactory. Scanty
production will not mean large traffic for rail
roads and Wall Street is, in fact basing operations
in stocks and bonds on belief that crops this
yoar viii prove remarkably good. The evidence
Of late seems 10 favor the Stock Exchange rather
than the Produce and Cotton Exchange Theory.
setback might come even yet following the
admitted shortage in winter wheat. which would
suffice 10 justify an advance in prices Of products,
but. up 10 date, evidence Of 10 has been sought in
vain. So far Is present indications Co. wheat
promises supply ample, without unsold stocks
on hand. for oil home and foreign demands while
corn. oats and cotton promise large yield.
But business is Enthusiastically aud dismally dull
A.; mpts are made. by including the exceptionally
heavy business Of the first part of the year. TO
make il appear that the half years transactions
have been about as large those Of the first half
Of 1857. the exchanges outside Ncw-Yorl showing
decline for the helf year Of little more than
per cent. But the question is not what business
was in January or February. or even in May but
what il j. now. aud the same record shows de-
crease Of is per cent Tor June comparing with
last year. and decrease of nearly : per cent
outside OF Ncw-lorlS. The accepted explanation IS
that tarH and crop uncertainties hive caused
hait but taat the business now deferred VIII
come with rush and IN great volume when these
uncertainties are over The same people who ac-
cent this explanation are betting in the Produce
Exchange that crops Will be short and in political
markets are betting two to enc that the frce-tradc
candidate viii be- elected President.
The crop OF new securities Is not short at any
rate. CO. Tho Financial Chroucl,4 states That
stocks and bone, DIS, 1 .or th' ,ast haf year cn
tie stock lAchaner As', s,avntoi o. $500 ooo-