New-York tribune., 1897-08-23

Last week was a sensational one in the wheat
market and the advance of 1914 cents was quite
enough to excuse the intense excitement shown.
1t is possible that part Of the advance was due
to reports OF injury to spring wheat which are
apparently unfounded or at least not supported
as yet by sources Of information usually regard
ed as fuller and more trustworthy at this season
than any others. The high officials Of the princi-
pal grain-carryng roads. especially OF the North
western and the St Paul, emphatically deny that
grain has sustained injury In the regions through
which their roads pass. and while 1t Is conceva-
bic that harm may have been done in other parts
Of the spring wheat region, it Is scarcely to be
believed that it has been Of Importance and yet
has wholly missed the territory traversed by
these roads Meanwhile Western receipts have
grown larger amounting for three weeks to H..
34O2G7 bushels. against 1O.G3I.13I in the same
weeks last year. and the Atlantic exports, hour
included, have risen to 3,Sl9,31S bushels. against
51O2 661 last year With spectators buying
here and AT the West and foreigners manifest
ing great anxiety TO secure supplies 1t IS not
strange that there appears to be too little wheat
to go around but it is possible that after so great
a rise some reaction may occur.
In the stock market the reaction so long ex-
pected did put in an appearance. and with at
per share or more, and four or five others more
than 81 per share the average of the sixty most
active stocks declined q cents for railways and
60 cents for trusts The sales were altogether
smaller than the previous week. amounting to
only o1l4S31 shares but the business was, as
before very widely distributed. only two trust
stoc<s showing sales of more than 10000 shares.
while ten railway stocks made an aggregate or
O43 600 and the other stocks, 100 in number,
made up $4,000 shares. The downward turn
was obviously due In the main to very neaVy
realization, and it is probable that the market
will he found altogether safer and more attrac-
tive TO the general public for the setback. Noth-
ing appears in railroad earnings or IN the course
Of railroad business TO warrant any deciihe Ill
prIces and the earnings reported thus lar lor
,,ous, sbow an increase of 1913 per cent over
last wear falling only % per cent below those Oh
tsa, The clearing house exchanges continue
most encouraging. amounting for the last week
,o 80 > Der cent more than In the same week ias'
wear and the daily average for the tnoh'h thus
far exceeds last years returns py o'' per cent
49,, .xc..ds the returns OF 1892 by l5.l per cent.
Tb,. cotton year Is so nearly al an ehu tha'
a., o,ovsmen,s are Of no consequence. but re-
nor,s from the South, showing that exceiieht
rains had fallen In districts where loss OF
Weld had been feared gave 'he Ha'~e' t"i"
downward spot declining an eighth. The guam
titv which has come into sight for the crop year
:. ,ow s4o39I5 bales and the quantity ex-
no,,sa thns far 5.942.0l4. With Mr. Nelll's pre-
1,o,;o, of a crop materially exceeding 9.jOO.UDO
h.l.s and with encouraging news OF rains. 1t
+. rather surprising that the price did not yield
mar. and IT probably would have declined still
fnrther had not the goods market shown de
m. is "a all Npr
b,v. now resumed work. and the demand for
,oods has been so greatly improved by par
tal suspension for Few Weeks thal prices
have generally strrng thened.
The woollrn mills have nearly all found sone-
thi,. IN do and many OF them working full
time with orders 10 cover production for some
finn. ahead In few Instances prices have
hen advanced a. much "a 20 per cent. but it Is
questionable whether any business II conse-
u,l.uc. has been done in such cases while the
n,u,h NOR. frequent advances. averaging not
far from 10 per cent. have not prevented large
trausaa1ions It is still matter Of much un-
certainty how far the supply of foreign goods
im,,n.:-d before the new tariff went into effect
ma, vet clog the domestic market n some
grades but on the whole. prospects are de-
ci,ledly encouraging. Sales or wool continue
h..,., amounting 10 -. 80 :iO5 pounds in three
weeks OF which 26lJj,35o pounds were OF do
noesti, wool Holders at the Wes' are stiff
a. ever and prices have advanced somewhat
during the last week. but IA before, Western
ouotations are in almost all quarters relatively
| bi.h.r than those Of seaboard markets.
Tho strike Of bitumnous coal miners does not
c.sqc hut has not as yet interrupted manufact-
uriuc as much as was feared. II is the intention
| of the operators To bring the strike to termna-
,ion this week II they can. but 1t Is fair TO re-