New-York tribune., 1891-08-31
MONEY IND BUSINESS

MONEY AND BUSINESS
No one has any doubt that there has peen
ropsinc bull market. Rarely has there been 50
| sudden and great rise in stocks as has been seeh
within the past two weeks. The average price
of the sixty most active railroad and telegraph
stocks has risen since the last day of July - DO
nor share. and $3 / within the past week alone
! Co sudden q rise almost always indicates reaol-
| noss on the part of somebody to unload, but the
sIicbt reaction in the middle of last week was
followed by q close very strong and confident, anu
| nrices are now within a small fraction as my"
as they have been at any time this year ine
substantial basis of the movement, OF couiee' ]"
| the extraordinary crop of wheat ana tne loieis"
demand. But the corn crop is even more lni-
porant to the railroads, and If that shouiu pioro
satisfactory, even the unusual advance Vi ~ r"o
past month may not seem unreasonaDe' inu
chances of serious injury are not all past, ou'
there is in truth more than ordinary grou"u i0-
! confidence.
| IL is an encouraging fact too, that tne suPP'
NJ money on call continues abundant, ana JueO
at present the Street does not care that D'siieS'
in commercial paper is stagnant the banks hoio-
inc Of such paper remarkably little. This Is
partly because the offers have been unusually
small during the dull summer months, Dut aiso
because lenders have been extremely anxious "
avoid tying up their funds for any long perlou, III
view of possible stringency later on WIN ioi,
eiOn exchange declining, so- that Imports Vi S'iV
might he not far Off there is still preValehU Io
| inc of caution and commercial loans may yeo Oc
| found difficult to make if the slow colec,oi'
now reported from most quarters result LII i'ie
applications for renewals. At present., however
| the Street cares for none OF these thlh8e' iOi
| foreigners have been buying some American s'oo>7'
md breadstuis have been going aDroau lleeS'
/ and considerable disbursements for Dohus arc rN-
| nocted carly in September. The Treasury mas
| noid ont during the past week but trifle more
| monev than il has taken in, but will proDaDiy
have to pay for a large part of the IL per ceh'
| Foreign trade is not quite so faVoraoie Do-
| cause imports are mounting up again, lor tou
| weeks exceeding those OF the same "eehS i'''
wear by per cent, while the increase Ill eAPon 10
| ror, NewYorl has been only 1876 per cent Inc
outgo of wheat has been very heaVy, lroln no'ii
coasts 21.2s7.1Os bushels in four weeks, hour
| included against 10,2l1 500 for the same weeks
last wear. The increase in exports from Atlantic
| rorts alone WAS 1O.sOO 900 bushels. The exports
of cotton are substantially the same as last year,
| Lut Of hog products the exports fall short OF
| last wear mainly in lard. Evidently there Will
| be no such change in foreign trade for August as
| tore was in July, when the excess of imports
| was cut down to S3,S00,000 from S23,OOO,0OO In
! the same month last year, but in August, lo9o'
| the excess of imports over exports was only
S5,OO0,O0O.
Prices of breadstuffs have gone down during
| che last week surprisingly, elevator wheat having
fallen over ) cents, September wheat over cents
| corn A cents and oats about 3 cents per buShel.
The speculative public appears to have concluded
| that bull movement in wheat and In stocks at
| the same time was not practicable and CHOSEN
to put its trust rather in stocks. Besdes llquda-
ton of operations for rlse another influence ue-
pressing prices of wheat has been the collapse OF
tbe reports that Russia would prohibit exports of
that grain, and the official statement by, Russian
authorities that there will be a certain quantity
| of surplus wheat for export" from that country,
which sustains the opinion repeatedly expressed
by Beerbohm, and correspOndingy discredits the
| eminently not bearish letters of Mr.. William r..
| Bear Some papers talk of diminishing receipts of
| wheat at the West, which exhibits ignorance, for
actual receipts at Western points for six days of
| last week if correctly reported by telegraph, were
| 7,343,314 bushels, against 100000 to 100000
bushels for each of the previous three weeks, and
| only 100000 bushels for the preceding week,
until now the largest week this year. There is n
| plentiful lack of evidence that all the schemes
| Of the Alliance have in fact retarded the move
ment of wheat in the least. speculative rise
| in cotton, having no visible reason, has advanced
the price a quarter of cent, but coffee and oil
were lower, and also granulated sugar.
The course of prices as whole is downward
ard the level is now more than | per cent below
that of the same date last year. This helps to
! interpret clearing house exchanges, which had
been in August outside New-York about 3.6 per
cent less than for the same month last year. partly
because deferred payments were smaller, and
partly because the kinds of speculation which re-
suit in large payments throughout clearing houses
have been less active. With more grain moving,
| more iron. more COAL more wool, and as much
cotton, and with the collapse of the india-rubbcr
| syndicate to encourage resumption in that manu-
| facture, while reported shipments of boots and
| shoes are close to last years in quantity, it Is
scarcely possible that the aggregate of new trans
actions in legitimate trade is not greater than a
| wear ago. The earnings of eghty-fye railroads
| for the first week in August, eighty-siX for the
| second and ffty-three for the third, aggregate
| 81 .O35,6s5. or DAG per cent more than for the
| corresponding week last year. Western money
markets do not anywhere appear stringent as
TO restrict commercial transactions, but at the
South considerable stringency and depression un-
deniably exist On the whole the outlook has
rarely been more satisfactory at this season, and
if the next few weeks pass without disaster to
corn or cotton, there will be excellent reason to
expect large expansion Of business in the coming
months.
The Georgia Legislature has rejected bill an.
thorzing the State to accept the Confederate Vet