The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-09-20


SATURDAY. Sept. 10.
Tho spscuation this week has been steadily
widening under the influences Of the constant
improyement In legitimate conditions. That
thia Improvement has surpas- cd the expecta-
tions OF even the most sanRuins OBJ.
servers OF Wall street affairs 10 fact
which may explain why importapt interests
have not shown the enthusiasm ordinarily to
be expected from them. and why there hns
been a conserya tive sentiment in many direc-
tions which has vainly sought to restrain tho
natural tendency OF values upward. The
markets have for 30 long been full OF
hesitation and doubt that even those
whose best interests would be served by an
advance in prices are not able to give them
solves freely TO the enjoyment and encourage
ment OF a confidence which has been overdue
several months and which now finds itself still
further justified by developments OF a late
date.
Ono OF the most important influences Of the
week has been the break in the foreign ex-
change market to point whore the i'm porta-
tion OF gold becomes commercial necessity.
In spite OF tho opposition OF the great Euro
pean banks gold has been taken from their
vaults for shipment to America at
constantly increasing rate To.day's ship
ments from the other eide OF the ocean
amounted to $1.T20.00O and ut moderate es-
Innate nearly 33.00O.O0O gold may be assumed
TO be a1oat. with this port rs its destination.
The Bank OF England hesitsted to resist this
movement By raising its discount rate this
week. The futllity OF such action in pre-.
venting tie logical result OF international bal
ances was doubtless recognized, and the
strength OF the foreign financial position COM
pared with . year ago will influence the
Bank OF England against any steps that
would embarrass . stale Of mind among
investors. which will In the end bere-
1T those who nrs working to bring
about successful liquidation OF the obiga.
lions entailed by the embarrassment OF the
Barings. The strength Of tho Now York city
banks under the demands to move tho crops,
coupled with the certainty Of heavy gold inn
ports. will assure our money market against .
stringency which might embarrass foreign
money centres by producing more urgent calls
upon European Golfers.
Conditions in tho corn growing region have
been 50 favorable this week that all doubt as
to tho outcome Of the crop has been dissirated.
At times In the last few weeks this ereat crop
has been declared 10 be SAFE But to-day there
can remain no question that the doubtful
stage has been passed: the most conservative
OF the technical journals concede condition
which assures an extraordinary yield. whilo
With the practical ra lroad man the noint 10
IN tse grain
over the roads than he had looked Tor before
this week Of propitious weather closed. Every
DAY this week has meant al the West the adj
dillon OF millions Of dollars to the value OF the
corn crop Of the country. and advices from tho
hundreds OF thousands Of tons to the traffic
that is to give increased dividends 10 the
The rise in values since, last Saturday has
been broken by only ordinaTy iuciuattons.
nsnd ior stocks BECAUSE. OF the ease with
which European gold is leaving Paris aud
bS1ns Iss home ees
esSi PAS ' si@sy helpss ,he rise en' 5;
sition Whs.. The utility OF short sales and Of
reaIizasions alike Was recognized. The, I'd
public demand forbids guessing when even q
temporary cnlmnation may be reach :.
yesterdsy's spssula!ion. conHned With.
In two hours. Fresh gold import
sse sassr Ssn ss ss d
gensraly EXPECTED SUPPLIED the ,supe,sa
best points Of yesterday. while speculation
wi,iened TO embrace new sPectait ,es. The
s sn'E's OF the speculation was 00'''n' at the
;Saturasy .hs snti,e lis. i. hisher.n liz more
NJ Hs' Il .ad
chisaso Bur hns s and Quincy. 81: Bufalo
Rochester and Pittsburgh and Rock Island.
81; Atcnisoni 81: Lake shore. 81; oulsville
each: New. England. ga: Distiiling. and
Cattle Feeding ~: Chicago Gas. *: Texas
awanna, National Cordage. and Western
Union. IL e.ch: Cleveland Gin, Chic. and
r. LosiS ans IFs and sHSh Tnon pa
Erie preferred ] each: Tenn. Coal and Iron.
x: North American and Wheeling aud Lake
Ere. "a p cont. each.
Final sales compare with those OF yesterday
AZ follows: