New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-08
THE BOOM IN STOCKS.
Continued from First Page.


sterling continues featureless and practically un,
changed. At Vienna sterling ranges at the goio
import point and there Is steady now all the
time from London to the Austro- Hungarian
Bank. The Bank now holds something IKE iUri
hundred million forms OF gold and goid DIS s
II has not yet paid out single gold COIN. AZ o.;
Petersburg exchange IL below the goid point anu
gold continues 10 come In fits and starts Inc
Imperial Bank pays 322S1 gold ruoles per
pound for British sovereigns. Exchange tenos
to rise at Rome At Lisbon there has peeh d
sharp advance in foreign exchange, when is now
approaching record prices At Madrid excnanse
keeps very high and all the time shows a rislhs
tendency. Gillian exchange shows weak ,one'
and there is some selling Of bills for later deIv-
cry at low rates. The discount on exchange III
Shanghai has been something like ol2 per cent
reckoning from the silver point
LARGE CREDIT BALANCE ABROAD.
The United States will beyond doubt. have a
large credit balance abroad on current account
three months from now. There is no evidence
that any very large quantity OF imported mer-
chandise yet remains to be paid for, while re-
cent developments In the grain markets snow
what may be expected when exchange nut
ures begin TO come forward in quantity.
Purchases here OF stocks from LONDON are
being settled from week TO week, hence the
credit balance OF this country will probably soon
be large. This balance can only be settled III one
of three ways-by gold shipments, shipments ot
securities, or borrowing. Neither the BANK ..
England nor the Bank Of France is TINS year as
strong in gold holdings as year ago. Inc foahh
Of England Is decidedly weaker Any demand ior
gold for the United States would necessarily fali
mainly upon these two institutions. 800
Speaking OF the change in general conditions
that has taken place. John H. Davis said: we
start the work OF restoration and progress on
sounder basis than has existed for twenty year,,
even without the two great factors when are VI
especial Importance at this time. These TWO
great factors are the crops and the tarlil FROM
every part OF the land come reports or abundant
crops. and from almost every other part OF the
world come evidences that our wheat ana corn
will be in universal demand. There is a shortage
everywhere but here. The great wheat cotlpe'-
ing countries Russia. India. Australia ana tne
Argentine Republic. will have to buy largely
outside to meet their own necessities The mt,
ed States is their only source OF supply instead
of formidable competitors they will be our Gus
toners They are drawing heavily already from
our store Of last years crop They are contract
ing for that which Is being harvested. Every
available vessel on the Atlantic ana RACINE
coasts is being eagerly chartered Tor wheat eA-
ports Forty steamers were chartered III oh
day in New-York. This extraordinary DEMAND
has carried wheat up ii cents a Dushei III the
month of July, and the price is ABOUT - ct TO-
higher than il was twelve months ago IN i0'o
the United States and Canada exported ABOUT
1000 900 bushels: it is expected that Europe
will take 100000 coo bushels or the crop OF 1917
There is little doubt that the value or our aSII-
cultural and mineral exports this year VIII We
the largest i'm all our National history even eA-
ceedng 1891 the last great crop year Wmeh We
sent out oooWHJUUD bushels OF NHtdl. AHO "a
cessive heat Of the early August days anu
drouth in some sections have done some daiil-
age to corn, but the total yield OF our ieauiils
crops will be above the average, nnd the hisntL
prices obtained will more than Offset any sucn
damage The gain which our farmers VIII
realize this year will do much more than stililu-
late debt-payng on their part (nore partlculaII!
uoteI elsewhereD: II will give them money ioi
nov. machinery for improvements in their
houses. for family requirements and Injuries
will give great and remunerative tranlc NJ, ~ 'n5
railroads it will stimulate our rolling nuns alu
machine shops; il Will put new IKE III WV, - OII
ord stool trade: il will revive our snlp-Duliulhs
Industry: it will kill and bury Bryanism; its m
fuence will be felt for the good IN every iIluu MUS
trial line it will make 1871 one OF 'he nus
bic wears in our commercial and financial MS
tory"
CROPS IN THE WEST.
Ansal Oppenheim. vice-president Of the Chi
caqo Great Western Railway, who is in New
York said yesterday
"Crons in our territory all right. Wheat
brings n good price and the farmers are going
~ have a good year Our earnings nave pc
gun TO show important galns-S-V,Vo increase
FOR the fourth week in Juiy-ahd the AueuSr
car movement thus far shows steady my 800
over last year. our English securlty-holuers
have stood by the pr perty when times W.
bad and now see very hopeful OUTLOOK. " Z
, 80 in common with all roads felt the effects
If the hard times in recent years put our SIo ,
earnings have risen from S-'JVooV 10 hea,iS
ii 400 ObD in the last Few EtdiS w
more net money in 1896 than We did In lc'- on
practically the same mileage, which Is soIhe
Thing that can be said by comparatively rev
roads We earned over SJ,OoO per mhe gross
last wear or about the same as the gross earn
ings ner mile OF St Paul. Our local business
has Increased rapidly. and we get good sn MAJ
~ the through business from the East ne
local ownership in our line at ST. faui ana a.
some other points has had strong influence III
hrircino business our way. We get more DUST
ness from the East than some OF the olher
roads on this account We have MADE great Ell
forts n get the good will OF shippers all alons
the line and this is giving US permanent anu
growing traffic Our lines have been locdteu
With reference to doing business at low ratlo
Of cost Very few roads anywhere are so ire
from curves our lines run from thirty 10 LoIly
miles on a stretch in absolutely sraight Hhes
our maximum grades are the lowest OF those oi
all lines crossing the State of Iowa During we
last few wears we have realized the necessary
of hauIng heavy trainloads. and we nave peeh
nutting large sums into the property III IN I'M
form Of heavy bridges and lower grades ine
Railroad Commissioners of Iowa, IN their laS'
report have inserted plates showing tne coIlui
ton of our lines as an illustration OF goou "oi a
So far as our location. physical CONDITION anu
eauipment go the Chicago Great western ma
he SET down to-day as well to the 'front.' aihohs
modern high-class Western roads