New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-22
CLOSING PRICES OF CHICAGO STOCKS.
Saturday, Aug. PIP. m.

Saturday. Aug. 21-p. m.
The bulls in the wheat market again ac-
tive to-day. while in the stock maj ket the bears
continued their campaign against values, with
out however. any lasting success. early de-
clnes were followed by a rally which left last
prices at net gains in the majority of issues. The
sensational advance in wheat yesterday and to-
dag does not reflect any actual change in the
favorable condition of the crops. 1t might be
supposed from the tactics Of the bulls in the
wheat market and the bears in the stock mar
let that the farmers would have no wheat to sell
this year. The winter wheat crop has been gath
cred. 1t constitutes about 60 per cent of the to-
.al wheat yield. The spring wheat yield will be
large enough TO meet all demands. Tie bears
have laid much stress upon a reported low tenn
perature in the corn belt, but reports Of damage
have caused no anxiety among important mar
ket interests. month or ago bear reports
OF a high temperature in the corn belt were free
ly circulated II bear reports were 10 he be-
lieved one might think that the bears had power
10 regulate the weather in particular and the
universe in general Bear reports of damage to
corn are not borne out by the market price Of the
cereal. The bulls in wheat are not advancing
the market because of any failure in the wheat
harvest but because an enormous European de-
mand is developing. The statistical position OF
wheat warrants its advance. The harvest IS
safe and the most trustworthy authorities In
the country say so. Bears on the stock market
should study the following figures from Brad
streets carefully: Exports of wheat (flour in
Guided as wheaD from both coasts Of the United
States and Montreal this week are the largest in
any week since September, 1888, amounting TO
52lSOOO bushels this week, as compared with
4 46O 600 bushels last week, 299l 900 bushels IN
the week a year ago, 23S9OOO bushels two years
ago. 31S2 600 bushels three years ago. and as
contrasted with 100000 bushels in the oorre-
snondine week of 1898 Exports of Indian corn
this week are also exceptionally heavy, the lars-
est since the third week in April this year,
amounting TO $500 935 bushels, as compared
with 3.275,OOO bushels last week. 2,7G9'oW bush
els in the week a year ago, 1.l9oooo pusheis
TWO wears ago, 10000 bushels three years ago.
and contrasted Win "ooVoo pu9"0'' ia INV
like week of 1893"
The declines in the stock market this week
have been due TO speculative conditions, rather
than N any change in the actual situation. The
,esult N many conservative bulls. is not disap-
no,n,ine The largest interests favored halt
IN sneculation but they bought stocks back
whenever the public showed signs of timidity
The short interest has been allowed to increase.
and now speculative conditions favor resump-
ton of the bull movement None OF the big
houses in the Street look for serious reactions
Or panicky conditions. The business situation
warrants the utmost confidence on the part or
every owner and holder Of stocks BANK Clear
,ngs last week showed an increase or ~ per cent
as compared with the same week last year
They were 20 per cent larger than IN me cor
responding week in 1850 40 per cent larger tnan
In 1891. - per cent larger than In 1893. ana 10
per cent larger than in 1s!2 Railroad earnings
show enormous gains and the commercial agen-
Nil ,,,,if INN
ness throughout the country than in many years
The advance in wheat to its present price-the
September option selling to-day at 81 oJrs-as
stated before. is justified by the heavy demand
and sales for exports; but much further ad-
vance will approach the danger limit Caution
ought 10 be observed in the wheat market a
further rapid advance might be followed by
dangerous break. but If break should occur,
bears in the stock market could not consistently
hammer prices. because they have maintained
all along that the advance in wheat was due
entirely 10 crop shortages and crop failures here.
The Granger shares were the objects of espe-
cial attack in today's market. but declines were
seldom over | per cent. and al the close prices
showed small net gains on covering OF shorts.
United States Leather preferred was strong
feature. also the Anthracite group and Louis
vile and Nashville. Reading has been unusu-
ally firm all the week. showing a net loss OF
only x per cent as compared with a week ago.
Reading will show handsome earnings before
long. 1t is believed that foreign sentiment is
gradually changing in favor OF American securi-
ties and it will not surprise the Street soon to
see good foreign buying movement. The
weekly bank statement published to-day showed
further expansion in loans. an increase in de-
posts and gain Of xl.3Jl SO in cash holdings.
Surplus reserve increased $50, 10 to $50 1913 $50
against S9,272. $50 this week last year. and
S3I ,J66.615 In the same week in 1895. Clrcula-
ton showed slight increase for the first time
In many'weeks
STATEMENTS OF THE ASSOCIATED
BANKS IN DETAIL.
The following table shows the bank holdings,
together with the percentage Of reserve held by