The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-08-25

average; oil the OasM Russia crop, the only thing
that mas oeeh card is, that some weeks ago the
fields were r.eperted 10 be suffering severely from
want Of rain,
fr.m the above facts the reader can form his
own opinion as to the prospect of the trade in
wheat this fall. If the failure of the French crop
has been so general as to throw the business which
they had last year into our hands, it is probable
that considerable rise will take place in wheat.
If England takes s2O,O00,000 worth from us, the
whole of our available surplus will go abroad as
fast it reaches the seaboard, and prices will be
maintained, or nearly so. Under any circumstances
the above facts show that it is as preposterous to
complain that the West has no market for her
grain as it is to pretend that the farmers will dis
pense this winter with dry goods, groceries and
tools in order to hold it back.
There are English orders in town for white wheat
which are limited to about 42s, or say 81 O5 a$ 10
bushel; that quality of grain is now held here at
81 80 81 40. AS the advances and the enor
nous stock stored at the British seapors is lis
posed of, it is likely that the British dealers will
bid higher; while, on the other hand the increased
supply here will probably induce holders to relax
their views Thus, by the end of September, as
usual, buyers and sellers will be ready to meet each
other, and the export will begin BY that time
more will be known Of the actual product of grain
in France and England, and something like re-
liable estimate of the probable export may be
formed.
The leading feature Of the stock market to-day
was violent and apparently concerted attack
upon railroad securities by the bear jobbers The
advance of the past few days has been so rapid
that many houses which had been large sellers of
stocks have been unable to cover their contracts;
the attack this morning was seemingly designed to
afford them market for that purpose. It is doubt
full whether they took much by the maneuvre
Immediately after the board prices rallied and
in the afternoon the general list was steady while
some stocks were higher.
1t plain enough that the control which the bears
have SO long welded for the destruction of railway
property has at length passed out of their hands,
One by one, their grand arguments have ceased to
operate. Railroad traffic has ceased to decline.
Peace has been re-establishedi in Europe. Exchange
is dull and heavy at points below the rates at which
specie can be shipped to cover bills The banks
have ceased to expand. The roads have ceased to
run at unremuneratve rates. Thus deprived, one
after another, of all the weapons which served them
so well during their foray against railway property
this spring, the bears must expect to see the tables
turned against them; we notice, in fact, that the
older and more experienced among the number
have already ranged themselves on the side of i'm
provement and recovery, leaving to young houses
the task of pursuing q course which they will
learn cannot be forever successful. Michigan
guaranteed continues to be prominent among
the speculative stocks The second mort
gage bonds were sold down to 43 to-day, of course
in the hope of affecting the stock; but the trick
seems to. have failed. In day or two, it will be
safe to look for new upward turn, and another
scramble to evade the consequences of the con-
tracts which are now being made. The market was
steady at the close, the following being the last
quotations:-Missouri 6's, s2s Z; Cumberland
Coal l44 142; Pacific Mail, 7sa 70; New York
Central Railroad, 735 1885, Erie, 5 So; Hudson
River, 32l 33; Harlem, % 10; do. preferred
35s $50; Reading, 44t 44s; Michigan Central
43} A; Michigan Southern and Northern Indiana
AZ; do guaranteed, 244 24l; Panama, ll5i a
ll5g Illinois Central, 65 65a; Galena and Chicago,
66s G6a; Cleveland and Toledo, 223 22l; Chica-
60 and Rock Island, GAG 64l; Illinois Central rs
So 80.
The following was the business of the Sub-Treasu-
ry to-day