New-York tribune., 1896-10-19
MONEN ND II SINENN.

There so many people making ready for "A
boom after November that the aforesaid boom
may perhaps have false start. The shallow
spccuIators ~ no are like the Platte River and its
Boy orator "a mil, wide and inch deep"
are Just the people to jump In FOR their prohts !
before the election comes. and others ~ TWO
inches deep viii rush or their prohts right after
the election. All this is familiar 10 observers.
but when the solid people have taken what they
want. the rht weights may clamor and climb
fur stocks az they like \ large advance is as
clearly indicated any future event be,
but not until the shallow people have eon"
Thus the upward movement last week amounted
10 little and sales were less than 9n,aD shares.
In the great rlduce markets the situation il
different because the worlds demand has IA great
Influence. irresp"ctiv" of the election.
The force which few observe IS by far the
strongest at present. Markets depend largely
upon money TO carry purchases and money de-
ponds largely upon foreign settlements. and the
balance - exports over imports brings money
to this country at a surprising rate. But in adj
dition. an unexpected cause Increases imports Of
gold. Frightened individuals and bankers. In
States where the silver men make most noise and
appear to have most strength. are wiring to get
gold at a small premium Foreign and other
bankers who have clear heads providing for
these people 10y selling calls I'm large amount. and
turning pretty penny 10y their faith in Ameri-
| can sense They have to buy gold In foreign
markets. and can we'll afford to. in order t. cover
these Transactions and thus II happens that no
one knows exactly how much gold Is on the way
| hlthcr. 1t is not long since bankers gravcly
suggested that gold imports might reach SOD
UvpVpO this year. whereas the arrivals already
exceed S';OoOOOOo
| The rise Ia wheat has to take the double quck
! In order To keep ahead OF Liverpool. While the
| shortage in India, Russia and Argentina is real.
! there Is room ior no end of speculation as Ia It's
| extent. and foreign markets evidently expect II
! to bc large. Thus. October wheat rose IL. cents
to 1?a. last week, and December rose GG2 cents
! 10 Si1j As all sorts ~ conflicting quotations
are printed. IT is well known that the fictitious
prices Of No. = red have meant nothing for
months as none Of that quality has been sold
and the dealings in No. | Northern mainly on
| options have made the basis on which purely
imaginary quotations for other wheat have been
| estimated Nobody who can get "A contract for
October at - - cents actually pays cents more
! In cash for the same grade. Western receipts
continue large. though slightly less now than
last year but since July have been 1900 OM
| bushels against G. WOOOO last year. The At
| lantic exports for two weeks -four included. have
been T. 2M; so bushels against 3.5lO31l last year
and the Pacific exports have been about 1000 OOO
| against lDOWO last year. But 1t Is not 81
| much the actual movement that influences the
| price as the demonstration that an extraordinary
| foreign demand has already secured available
| bert room for months to come.
The cotton movement Is so heavy that II Is a
little surprising. even after the fall of abou,
one cent. that the price does not decline further
as IL probably would but for faith In a heavy
| manufacturing demand next month. Already
223l l91 bales haze come into sight over 900
| 900 In half OF October. and the exports. 40 4H
| bales. have been % per cent larger than last
! year The people who were recently estimat-
| ing Il yield Of only 1.WO.OOO bales are not buy
ing much. while Mr. Neil estimates nearly
5000 WW bales, which may prove nearer the
fact with 2.lOO,OOO pieces hand of print
cloths. and large stocks OF other goods. the
hope Of heavy sales before long is needed tc
sustain prices. and print cloths gained slightly
last week Wool sales also show prevalent con
| hdence in the future. as they exceed the guam
| tity which would he required were all ma
chinery running, having been ii .J36,:iOO pounds
| In two weeks against 13 1O2 800 in 1892. But
| there Is as yet no better outlook in the wOoller
goods market. and clothiers are moving eau
| tiously. they have little indication yet OF
more demand from traders
| The rise OF per cent In a week In leather
and per cent In hides makes III per cent
from the lowest point in leather and 3D. pei
| cent I'm hides. and has strengthened boot and
shoe makers in their demand for some advance
| so that many Of them are refusing orders
| Their actual sales do not seem to have reached
| more than q per cent above the lowest point
10 far and 1t Is to be remembered that the cost