New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-15
MONEY AND BUSINESS.

II is a very old lesson that Wall Street has been
learning in the past wceS-that the people who
do not want to sell their pigs are those who do
not bring their pigs TO market. There are sue
cessful trusts, which have served the public we'll
and made millions for those interested, as every
body knows but their stocks are not known in
the Stock Exchange or tossed about the Street
The people who pay high prices for certain WORKS
and issue stocks against them the basis of two,
three or four to one, and then proceed to make
these stocks active in speculation, evidently have
something TO sell. However exalted their ideas
may be of the value of the property they hold,
they certainly do not think that property too
valuable TO sell SO the disclosure that five trusts
which are most familiar in Wall Street already
represented by S219, 0000 600 of stock alloat with
more to come, a revelation to speculative
lambs, and TO nobody else Prices dropped in
manner which can be strictly described as I'M
reasonable because the intention to smash prices
last week was almost as obvious as the intention
to force up prices a week or two earlier.
The railroad stocks did not advance meanwhile.
More accurately, they fell part of the week and
during the rest of the week did not recover as
much The average price declined 80 cents per
SHARE and the conviction that Interstate agree
ments and rcagrccmcnts cannot be relied upon 10
prevent ruinous strife was rather strengthened
by events of the week. Reports of earnings for
six months under the Interstate agreement
amounted to sl97d6c, 793 on 1877 railroads,
AGAINST 81 81, 9Ss10j last year, an increase Of
G.. per cent, but with such an increase in mileage
that the earnings per mile operated have been but
s2,4s4, against s2,434 an increase of ? per cent.
In June there was a small loss in earnings per
mile. After ALL the proof of the pudding is in
A. In 1ato hoe
increased earnings per mile quarter as much as
the increase for the same half-year in the volume
of business transacted.
The renewal on Saturday Of gold exports for
France was again attributed TO the collapse Of
the Panama Canal and the copper syndicate, but
no estimate of the amount still to be required
by France from other countries can be drawn
from the returns of gold in the Bank of France,
which exceeded the amount year ago by s2l ,O0O.-
OO0. There is nothing to show how the new
money is 10 be employed or the full extent
of the new liabilities taken by the Bank OF France
In other respects, the monetary situation has
appeared less dsquieting. The Treasury paid
ont S2IOO,OOO more than it took in during the
week, and the merchandise exports from New-Yorll
showed a gain of 90 per cent over last year for
the first half Of July, against loss Of 4 per
cent in imports here. The cotton and the wheat
movements were small compared with last year,
but in corn and many other products the increase
is considerable.
The official crop report for July did not help
wheat, which closed half cent lower than the
previous week, nor corn, which closed unchanged,
nor did il expain rise of an eighth in spot cotton.
in the face OF decline Of one-sixteenth in tho
July option. The growing displeasure of Southern
dealers with New-York quotations has many such
circumstances 10 excuse it, The receipts at ports
in July have been only 4,607 bales, against
] 2,43G last year, and the exports have been only
25, 1865 bales, against 69,62S last year. Pork
products were weaker, and there was also decline
of an eighth in raw and granulated sugar, but
oil rose half cent The copper market was
upset again by disagreements between American
producers and by conflicting reports about their