New-York tribune., 1875-07-26
SALES FROM O'CLOCK P. NJ TO CLOSE OF q
SATURDAY, July 24-P. NJ.


The event of most general interest which has
occurred during the week closing to-day has been
tLe confined rapid advance in the price Of wheat.
This advance for ,he week, which had reached to IL
cents per bushel at Chicago and II cents in New
York accompanied by an increasing export move
nent has been the cause Of much discussion rs to
its probable effect upon the coming Autumn trade.
We probably do not Overstate the fact III saying
that to very large majority this movement
has seemed TO be the dawn of brighter days
for the general trade of the country. And it is
conally true that many have looked upon the move
mcnt with fear and distrust lest ii may have been
made upon too slight foundation, and may there
fore be followed by reaction and permanent de-
cline which would again paralyze the natural recu-
peratye energies of orr people. While 1t IS to be
sincerely hoped that this grain movement may prove
rs beneficial to revival of trade and to the general
prosperity OF the courtry as the most sanglinc could
desire. it may be well enough to consider
how much OF the recent rapid rise is
due to speculation purely, and how much to
reasonable and we-founded expectation of large
foreign demand for surplus breadstuiis at rcmu-
neratiye prices. The speculative char3fter OF the
movement may be seen in the fact that 1t started at
Chicago IA city very much given to speculation in
cereals the point Of supply and not in Europe, the
point of demand and that during the whole period
of tlc recent advance, tie Chicago market has at
all times been relatively higher than New-York,
while New-Yorl has been in advance Of Liverpool.
The fact Of the rapid decline in Chicago at the close
of the week from 81 30 to 81 10l4, with closing
inward r. acton of 2 cents is further evidence
that this has been a wcl-organizcd speculation,
,r,vha, to punish those who have sold what they
do not possess Much stress is placed upon the
floods in France and Hungary, and the pro-
aud il.pv IN i'm
crops abroad. While there is no doubt that serious
damage has been done the crops in those countries
il is vet too early by lack of positive information. to
calculate with anything like accuracy the extent to
which the average crops there are likely 10 DE re-
duced by the disasters referred to. Especially Is
this true of England, where return OF fair weather
would very materially improve the harvest pros
n.cts: and our own crop Of Spring wheat, which Is
in very hopeful condition now, may yet be
seriously injured by unfavorable weather. 80 that
specnaon in this article, either for an advance OF
decline. is TO use the language OF The Financial
Chronicle "mere gambling upon weather probaoiil-
ties.
tuI has been only moderate, though there has been
sone speculative activity in provisions, especially in
hog products In dry goods there is nothing new ex-
cent little more activity in the package trade In
domestic goods Still there is growing hopefulness
as TO the Fall trade among dry goods merchants
Gold made further decline to lllsi closing at
1lol,, which is drop of 2is per cent from last
saturdays closing price. One of the alleged causes
for the decline in gold is that the gold room Is full of
hears of late and another, which may De the true
one. is the impression that the Secretary OF the
Treasury. under the authority granted to him by
the promised Resumption act, is arranging or has
arranged for the sale in Europe of large amount
$50 600 900 as the story rus-of new five per cent
bonds And while it wOnld be difficult If not i'm
n,.-ilLe % import 80 much gold the proceeds Of
bond sacs may he used to meet gold liabilities
abroad. thus stopping the expectation OF the
precious metals and retaining the gold product OF the
,orntrv NJ home which will be useful when the day
A. r..umption arrives Such il the story, which
i, given for what it is worth. anything.
u. T.. bonds. as might be expected, have
declined in sympathy with gold. though
thev remain strong abroad. In State bonds there