New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-17
MONEY AND BUSINESS.

MONEY AND BUSINESS.
For some months the stock market has been adj
yanced or sustained on account OF the Presidents
Agreement Now the Chicago and Alton has
given formal notice of a withdrawal from the as
ISOLATION alleging that the agreement and the law
have been violated by the St Paul Even less
satisfactory is the statement that the concession
of so per cent to the lake lines, In order TO secure
peace regarding rates between Minneapolis and
the seaboard, has been rejected The Eastern
Minnesota having O steamship line OF Its own,
has announced rate Of its own. which is SO low
that the lowest Of last years rate.cuttng Is ex-
pected TO be revived Immediately. The hhigh
Valley has threatened the existence Of east-bound
rates by taking million bushels corn TO New
York for la cents per bushel. In addition,
Western spe cuntors are circulating reports OF in
Jury 70 wheat, and the exports Of gold last week
were large. Had not the stock market closed with
doubts or denials OF thrse things prevalent, its
course might be considered strange though after
Thursday IL showed some weakness. In spite OF
significantly violent movements In few stocks
the advance In the average OF prices for the week
was but rs cents per share Of 500, and toward
the close short sellers seemed more busy than
usual
The cut by tho LehiCh Valley has been met By
q reduction In canal rates. but no action is ret
announced by other railroads. The Eastern
Minnesota rate is said to be due to peculiar
struction OF steamships, which enables them
70 make lower rates than can with p-ont be made
by other lines. hut dispatches state that at least
one other has already announced still lower ratrs.
The withdrawal Of the Chicago and Alton
expected for some time. but aatly denied dis
patches say that the company has put out new
thrift on lumber and live stock. All these events
Justify the opinion expressed last winte.. that
conceivable agreement would make IL possible
for five roads TO divide so cunnincly traffic
large enough for three that all could live on II.
The struggle Ind 70 come in some shnpe, but has
been delayed By anxiety TO avoid breaking local
rates. as the interstate law mny compel the
roads 10 do. At present the signs OF peaceful
agreement not promising
Gold shipments amounted to 81 0o0 900 on
Saturday, and yet do not affect the money
market or tho bank reserves some have ex
pected. Effects Of these exports however are
not to he looked for until next weeks bank
statement. and meanwhile tho outgo prior 70 last
week has been partly balanced BY receipts from
the interior. The Treasury has taken in 5000 900
for the past week more than IL has diSbursed
ald since April 30, when only s9,2l4.O 900 gold
had been exported from New York for the year. the
shipments hence have been s23 $50 900. and the
Treasury also holds 81 ,oOC, 600 more cash than
70 did then. Meanwhile reserves Of Ncw-YorS
hanks have been reduced only q million. so that
over thirty-two and half millions have been
drawn from other parts of the country and sent
10 Europe or 10 Treasury vaults The QUESTION
Is how long this drain from the interior can con-
tinue. Unless It ceases, or the exports OF gold
bank reserves must fall rapidly. The Street and
the banks evidently 70 upon the theo-- that the
Treasury can ut my time. and will when occa-
sion arises disburS all That NAV he Necessary in
purchase OF bonds. but the offerings OF late have
not been ln..e
The railroads continue 20 earn more money than
last year, rs they should while their rates are 20
per cent higher. For Mhy 30 roads aggrrg gated
sal 1920, averaging s4Os per MILE against
$500 per mile last year. grin OF l IL per cent
For tho first week OF June. hfty-Onc roads report
a gain OF per cent against over per cent in
mileage These comparisons indicate that the
gains being much less than the advance in rates
charged, would not continue II the strife between
railroads should put rates down again. Not much
confidence Is attached 10 reports OF injury to crops
except in speculative wheat and cotton pits, and
the advance in wheat has been only IL cents.
with no advance in oats and q decline Of quarter
for two weeks have been less than 1900 bales,
against $4,000 last year, with exports Of $4,000
against rs, 600 last year The outward movement
OF wheat for one week has exceeded last years by
22O 600 bushels, but with decrease OF $4,000
barrels in hour. Corn exports continue large for
two weeks. a,5O6,556 bushels, and since
December l the exports OF corn have
have been over 5O,OOO,Ooo bushels largely TO
take the place Of wheat For two weeks
the value OF exports from New-Yorlc has exceeded
last years by 10 per cent, while imports have
fallen below last years by per cent. But gold
exports do not seem to depend just now on the
merchandise movement
The returns OF iron furnaces in blast June J., as
published by The Iron Age" show decrease IN
May OF 1928 tons weekly or per cent, hut part
OF the decrease Is due 10 the temporary stopagc of
| Johnstown furnaces, which are expected To be in
opcrution again as soon rs regular supplies OF fuel
can he secured. There is nevertheless pcrccptibc
stIiEcning In the price Of pig iron. and tenth OF
cent has been added TO the price OF bar with some
| increase In structural iron. Steel rails are also
| quoted little higher, recent sales having bern
| moro satisfactory In volume and in price 1t is u
| fact not 70 be forgotten, in estimating the com
| nrrcial prospects that the consumption of iron
nppears 10 exceed 81 900 tons domestic and 5000
| tons foreign pig each week. or at the rate OF
1900. 900 tons yearly. even Mt the point OF great
est depression this year. Moreover, although the
domestic production has been for the haf-year ut n
rate exceeding 100000 tons yearly nevertheless
prices quickly stfIrn when there is little rcluc'
ton. 1t cannot be said that the industries OF the
country are in a very dismal state when such d
| state OF facts exists.
! MrST THE W1TcH COZ