Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-09-03


New York. Aug. 31.-Golden, in
deed, is the American grain now finding
Its way in mighty shiploads every day
from this metropolis toward hungry
Europe. At its present rate of export
this wheat and rye and corn must bring
back to American farmers not less than
$l,000,000 day. The grain is going at
the rate of 100000 bushels daily.
American wheat is now selling at about
$1.10 a bushel, and the crop yet to be
drawn from is enormous. 1t has in past
years sold for go cents q bushel, with
smaller crops.
All this is Independent of the specula-
tive influences that are unquestionably
at work already on this side of the AT
lantic to boom grain prices. II simply
means that, with nothing but the law Of
supply and demand at work, the million
day which must come to American
farmers comes not as a drain upon their
countrymen who invest or speculate,
but from consumers in the old world. 1t
is European gold that pays for the
grain. But his reward is to be enor-
nous this year any way.
Last week England became also a
heavy purchaser of American stocks and
bonds. The extent of this purchasing
for investment may prove the most i'm
portant financial fact of the year
The experience Of the week indicates
that the foreigners see that the securi-
ties of this country are bound to rise in
view of the great crops and the big
European demand for them. The SAN
fnnI.,,n, e
London insure larger importation of
precious metal between this and the
close OF the year than anybody has sup
posed.
Already, indeed, the turn of the tide
in gold has begun. Ileidelbach, lclSel-
heimer & Co. are advised that $650,O00
gold has been shipped to them from
Europe. The firm state the gold will
come from both France and Germany.
They expect other shipments to follow.
An enormous wheat deficiency is to
be supplied, with America MS the only
great surplus producer to draw from.
Ordinarily this countrys exports of
cerials 10 Europe is very large; but the
following estimates as TO the worlds
grain products this year indicate how
much larger they may be: The yield Of
wheat is placed at about 2,100000,000
bushels, of which America has pro-
duced 5s5, 100000 bushels, and rye about
1,000,000,000 bushels, Of which 33,000,-
900 bushels are homegrown, being
about 130000,000 bushels below the
average for wheat in the world, and
about 260,000000 bushels below the ay-
erage for rye.
In RUSSIA the wheat surplus amounts
TO about 46,000000 bushels, and the rye
deficit, olfsctting it more than two-fold,
amounts to about 115,0O0,000 bushels.
AS an indication of the fact that bust
ness men appreciate the prosperity mt
their doors, it may be said that dry
goods, grocery and shoe houses in the
wholesale trade are already beginning
10 feel the impetus of increased orders
for goods
Mr.. Eames of II. b. Claflin & Co.'S.
great dry goods house, says: "'The re-
suits Of the great harvest of the present
season must contribute to the business
of the cities. When the farmers have
money they are certain to expend IT,"
So the farmers are not alone to profit
by the grand harvests they have reaped,
but all the country will share in the
returns.
Stock dealers and brokers, realizing
how enormously the tonnage of ship
mcnts from the west must be increased,
are buying railroad stocks on rising
market as they have not done for years.
To-day the stock exchange in this city
opened liyelierthan on any previous day
Of this year. Western roads known as
the grangers, of course feel this move
ment most Immediately, for they are
first TO realize profits from grain ship
ments. So they led the heavy dealings
in the market to-day; but everything
shared in the advance. The market
closed active and strong, with the active
shares at their highest figures.
From Chicago the movement of grain
eastward is reported to be enormous.
About 5000 cars of ii shipped yesterday
passed east to-day, and possibly 5000
cars for Monday and Tuesday, the
largest ever known, will be reported
Consequently bnllsh market advanced
wheat ~ cents per bushel before noon,
and corn II cents. An effort to corner
corn in Chicago is reported.
In sympathy with all this upward
movement II was expected that a syndi-
cate of bankers would be organized by
to-day for the purpose of taking from
$5,00O,000 to $6,000,000 of the Al per
cent government bonds at the extended
rate of 2 per cent after tomorrow. But
before the close of the business day ii
was clearly indicated that the move
ment would not succeed, us less than
$2,000000 of the necessary S5,000,000
has been subscribed BY o'clock p. m.
the scheme had fallen through, although
President i. D. Tappan of the Gallatin
National Bank said that it would have
succeeded il the government had ex-
tended the bonds ut ~ instead Of 2 per
cent.
In London the excitement on the
stock exchange continues with in
creased intensity, and there was gen
eral advance in the prices asked and
offered for American railway securities.
At Vienna the international grain
market for 1891 was opened with large
attendance, but with limited dealings
for the day.
LESS THAN HALF THE BONDS TAKEN.
WASHINGTON, ID. c., Aug. 31.-The
amount of A per cent bonds continued
at per cent to-day was S4S1 $50, max
ing total to date of .s23, 22l $50. This
leaves about S27,000,000 Az per cents
outstanding. The time within which they
may be continued at2 per cent is to be ex
tended beyond September I'd fora period
not yet fixed. Secretary Foster said
that he thought that about S25,000,O0
A. per cents will be presented for re-
demption. This will force that much
money into circulation at time when
there is great need of it in moving the
crops.
Victim Of Street Fight.
PHILADELPHIA, Sept. 1.-During the
progress Of fight on Saturday night
last at Tenth and cambridge streets