New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-12
PRICE THREE CENTS.
ANOTHER JUMP IN WHEAT.
THE HIGHEST PRICE YET ATTAINED FOR
THIS YEARS CEREAL.
MARKET BOOMING AGAIN-MANY GAINS
NEUTRALITY-SUSPICIOUS. EaRNINGs

REcORDED-RAILROAD EARNINGS.
There was another big jump In wheat yester.
day On the New-York Produce Exchange the
high price for September wheat (wheat deliv-
cradle In September) which was also the closing
price. was ssh cents bushel. This was the
highest price yet attained for this years wheat
and represented a gain Of 2Is cents from the
closing price on Tuesday. There was an advance
Of ~ cents In December wheat Sales OF wheat
FOR export were reported to be fifty loads Of
5000 bushels each to go from New-York and
twenty-eight loads to go from outports. a total
of 10000 bushels. The upward turn In wheat
was facilitated by the stronger and higher mar
kets in Liverpool London, Paris and Antwerp
The quotation for cash wheat" No. North
ern. was 94% cents. against S0h cents month
ago and 66 cents a year ago.
The stock market was booming again yester-
DAY. Business was on very heavy scale The
sales OF stocks on the NewYork Stock Exchange
were 63o I27 shares. The final transactions were
at or near the best figures of the day. and. ac-
cordingly. the highest prices in the present up.
ward movement. Net gains for some Of the lead.
ing stocks, comparing the closing prices with
those Of Tuesday. were American Sugar pre-
ferred. ~; Atchison preferred is; Burlington
and Quincy. Ia; Central Pacific, IL; Hooking
Coal ana Iron. ias; Louisville and Nashville,
rs; metropolitan Traction, 2A Northern Pacific
preferred, rs; Pullman, 1; Reading second pre-
ferred l; st. Louis and San Francisco first pre-
ferred. IL: st. Paul. 1b Union Pacific. 81 and
Rubber preferred. 3 There were no new de-
velopments in the affairs Of the Union Pacific
Railway to acc cunt for the exceptional lump
in that stock. member Of the Reorganization
Committee explained that 1t was catching I'm
with other stocks
ADVANCING SINCE LAST Ar-Gr-sr
The prices Of stocks have been advancing
since August. 1876, although the upward move-
ment obtained no particular impetus until Nav
OF this year. The average price Of twenty stocks
on August s, 1896. was 41S2 On November 10
there had been an advance TO 566S an avarags
OF 14.s6 for each stock Then followed general
decline to April 10, 1897 with the average 1872
which was a reaction Of S.5G for each stock
From that date stocks advanced until on August
the average was CLIO, an advance on tho
present movement of 1928 and an average rise
for twelve months OF % IS points
A broker on the Stock Exchange put the stu.
alton in this way: "A good crop here and light
crops abroad, with resulting enormous exports
mean that we shall get in this country 100000
600 OF foreign gold in the course Of the coming
year Then. too we have rot been creating se-
curities. Values have been increasing even
while prices have declined. Our best railway
stocks will go up as English rails have ad-
vanced Some day London will wake up TO the
fact that it has lost great opportunity to make
money. and it will buy back some OF the mill
ions of securities it has shipped to this country
in the last five years. With securities going out
and gold coming in; with earnings increasing
and the supply Of stock decreasing. you Will see
conditions that can have but one result in
prices"
Sterling exchange is not yet down TO the gold
import point The gold import point for sterling
is figured at 4S41 10 for demand bills. This is
without profit. similar calculation for francs
gives an import point of 5000. The Bank OF
England having been called upon for bar gold
for the Continent. it is fair to presume that an
advance in its rate Of discount may not be far
off, Bar gold in London is firm at IS shngs.
Eagles on this basis would probably be I6s. 3D..
or higher All the gold arriving IN the London
open market Is taken for Austria Russia.
The principal feature of the exchange market
abroad Is the advance in sterling in Paris to
2516 for checks. This is the highest rate for
French exchange on London in several months.
Paris sterling has ruled at an abnormally low
rate since the first Of the year. London is CALI
ing home funds in order to meet the prospective
demand from the United States. 1t is doing this
by means of a steady advance in the open mar
ket discount rate.
An advance in call money to per cent Is caus-
ing the marking up Of call loans by some banks.
One bank is known to be lending in excess OF
500 600 600 on call in Wall Street The demand
for time money is good at the advanced rates.
Buyers of commercial paper are fairly stin In
their views as the volume Of offerings is dis
/ tnctly improving.
LONDON WILL REALIZE IT.
Henry Clews said: "London's obstinacy In
holding aloof from buying our stocks Will prove
a sorry thing for it. The market Will be held
up on this side until London becomes buyer
on large scale. London began TO sell our
stocks at the time OF the Barring failure in 1870
on the fear that we were going to drift to a Sill
YER basis Englishmen have been harping upon
the need Of currency reform ever since, and they
make no allowance for what has taken place
since in that direction. What was the passage
of the Sherman Silver law but currency reform!
What is the passage OF the recent Tariff act,
which will make the Government surplus reVe-
nue Government instead of deficit one. but
currency reform? What is more important than
ANYTHING else in the situation. which they fail
70 recognize Is the return of prosperity In this
country. which will put money into everybodys
noc<et and when that Americans will
banker after the best money and not the poor
est So whenever called upon to vote, Ameri-
cans will vote for gold money and not silver
money What stands stronger for currency re-
form than such an attitude OF the American
people? With the changed conditions that have
taken place Of late. our money-consdering the
vast resources of this Nation which backs 1t
is as good any money in circulation IN any
country In the last four years we have gone
through pretty rigid currency reform measures.
and London will begin to realize this by and by
after our securities have gone considerably
higher and accept the inevitable and become
as crazy to buy as II has been crazy TO sell them
continuously since 1880. at the time OF the Bar
ing panic"
The fact that the books Of the Chicago Great
| RaiUaN closed Monday has created