New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-10-14
WHEAT UP, SILVER DOWN.
COMMERCIAL ACTUALITIES DEMOLISH-
ING POPULTSTIC THEORIES.
THE CEREAL Up To 50 CENTS YESTERDAY
WHILE BAR SILVER WAS AT e4i
CENTS. THE LOWEST PRICE
IN THREE YEARS.

IN THREE YEARS
The commercial price Of bar silver in New
York Yesterday was 64ia cents ounce which
was the lowest price recorded in three years,
and made the value of the silver in a silver
dollar i9S SO cents.
On the other hand, the spot cash price or NO.
. red wheat. the standard grade. In New-fork.
was 80 cents. the highest point reached In the
present upward movement.
On July o. the day before Bryan was nomi-
mated, the commercial price OF silver was ooS
cents an ounce. Accordingly 1t has had de-
cline during his campaign OF 41s cents an ounce
On the other hand wheat. which was "o3s cents
a bushel on the day Of his nomination, mas ad-
yanced 16% cents a 5ushcl The decline In
silver while an advance in wheat was in prog
rcss has efectually demolished the old theory
that the price of silver sets the price OF wheat
or. In other words. that when silver goes down
wheat must accompany IT.
There was considerable activity In gold yes
terday. The premiums were: For spot de-
livery fve-sixteenths to three-eghths OF per
cent; to arrive ore-eighth to three-sixteenths'
Calls on gold good to the end OF the year were
IL to IL per cent The principal demand Tor
po,d now comes from country banks. and Is
naturally Interfering with remittances to New
York II appears that these banks are holding
their money to strengthen themselves, and are
converting their money into gold as fast as
they can 1t IL said that at some Western
centres railroad corporations are unable to OBJ
tain the accommodation they require from local
banks. owing to boarding by depositors
large railroad corporation whose financial DIS
tributing point Is in the West formerly had no
difficulty I'm procuring funds from the banks al
that point with which to meet It's payrolls IL
paid the banks with New-York exchange Inc
banks now take the New-York exchange AT
discount Of 81 for each $1,000. and even on
those terms will supply only limited quantities
Of currency.
There was an advance Of ~ per cent In the
stock of the American Tobacco Company yes
terday. It was accompanied by story. WHICH
could not be confirmed. that the fight between
the company and the plug tobacco manu-
facturers was on the point Of settlement.
Henry Clews said yesterday
stering exchange Is now is2 FOR sxtyday D, sHu
cold il flowing this way the import OF whcn atea5 10y
amounts 70 s50ooc@o with promise OF s,ii,oS sg,OiiIo
more 10 come Export orders FOR our toon spp'res o
La f,r I'm now up 10 next March. Europe says !;
we will take all the food supplies mar you can ,r'
rs bu, while your money basis is in DOUBT we doh
Ali tha, IS nov wanted is the election Of Mchiney
10 but this country again on phenoneha!y p'Woph -
oni basis 20 much become hs Go envy & o. bs ihe
world as was the case In the year l6t'-''' "Du w."
I,ongb, ,noui by the resumption OF spcci" payments
Thcre was similar period in the year ls'Z, the as,
wear OF President Harrison's ADMINISTRATOR WIKI IKE
Inc hyhest notch OF prosperity was rea ,hed IN ths
counrys history predict tha; that same no.en WI,
he pa.scd i'm the year 1897 II the 81 Louis convention
nioiform is aloped Overwhelmingly by IN, Votss oi
thc people November 3 nest.twenty-one Gays trol, ron
today ON the other hand. II the fhiraEo Pattori'
should be adopted. then what have ABOVE uepis.eu
for ih,s country's prosperity VIII prove 10 DO A9so
80, i,, r.vsraed as We viii have TO wade through a
pero OF ,our years with such uncertainties as 10 ds
hearten employers and employees ake. ana II such a
stead Of prosperity such as the aDove prlgnt ai-
,iclnotilns from which the labor classes derive me
I. hcn,a, tLelr condition would become 50 de-
niorable from ore end OF this Nation 10 the other
i'm, the largest export this country would nave "o"d
,h, r,n,,ies 10 seok occupation. even at the price
OF serf abor. as u would hot oe posSpc W III" ""'N
,or all on this side OF the Atlantic.