The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-18

bought wheat almost continuously on q rising
market until they havo doubtless reached q
point where they are willing to wait for
a reaction. Actual shipments Of brcadstuffs
have boon curtailcd by lack Of freight room.
lhat exports OF general merchandise nre In
creasihg Is SHOWN by tho returns of the Custom
House lot the week, which show ship
mcnts valued at over 0 1000. 900, an In
crease OF Sl,o00,OOO as compared with the
previous week and of nearly as largo an amount
ms compared with tho corresponding week Of
last year. The most interesting feature Of the
present outward movement ofbread stufs
Is the determined and concerted effort of Eu'
ropcan bankers to force their constituents, that
Is the public, 20 pay for the unusual amount OF
sustcnance that Europe will require this year
in anything but gold. This accounts for the po-
sition that English bankers have taken toward
the present market for American securities ana
also the Importance thoy have PROPOSED to at
tach to tho Indifference Of tho peoplc OF this
country to suggestions of an unnecessary revi'
sion of its currency system.
The reluctance OF Europe to part with any
largo amount of gold Is entirely natural, in
view OF the fact that 1t has but recently
stopped paying a considerable premium
upon gold purchased in the United States.
1t certainly will not part with 1t at q
discount as some prophets Of impending imports
OF specie appeared to believe. The chances
are that Europe will exact tho last dollar
Of the Indebtedness duo 1t from this coun.
try, so far rs its bankers arc enabled to
mould public opinion or manipulate money
markets, before it will allow bankers here TO
demand gold in settlement of an inevitable
trade balance in our favor. The London
money market already begins to reflect
the certainty Of such a settlement, and
the best informed bankers hero look for an
advance in the Bank of England's minimum
rate OF discount on Thursday. The extent OF
the advance will probably depend upon the
condition Of tho foreign exchange market at
this centIe. Upon this point 1t may DO
noted that large quantities of our railway
securities that have already been sold arc being
received horo by every steamer and that
European banking houses, through which the
sales wero made, and which are still max.
ing them, request payment for them even In
advance OF thor delivery by cable transfers.
This is not q disturbing development, so far ms
this country Is concerned, following as 1t does
the enormous purchases OF securities from
Europe since the Barring panic. 1t 5is significant,
though, OF foreign dependence upon the Cnitcd
States, which is nowhere moro pronounced than
In Great Britain.
To-day's reactionary market presented one
feature that cannot but DO regarded AS highly
significant The distribution OF the deal.
ings showed no signs of falling of. although
this was the second day of the reaction.
This may logically regarded rs indicat-
ing that the decline in prices. which so far has
been perfectly natural. has not impaired tho
widespread speculative interest aroused by tho
advance of tho last few weeks. The
declines, which in a number of cases ex-
ceeded l y cent, were not accomplished
without q good deal Of hammering and manipu-
~lation. which as already noted was accom-
| panied by alarming yet misleading ad-
vices regarding the crops. That damage
has been sustained here and there can
not be denied, and additional misfor-
tunes may occur, but the important fact re-
mains that the winter wheat crop has been har.
vested and that spring wheat Is too
far advanced to sustain sufficient damage
to reduce the yield below an average
crop. Regarding corn the area produc-
ing it is so vast that 1t is not conceivable that
unfavorable weather here and there will seri-
ously impair the aggregate production. So far
as the railroads are concerned. 1t might be well
to remember that companies operating q
large percentage OF the Western mileage have
been rcorganized on the basis OF SO cents per
bushcl for wheat, whereas they will handle
their traffic this year upon tho basis Of
q very much higher price. All Of the
news to-day was OF n ia'orhple charac-
ter. 1t Included the declaration of a larger
amount of interest than had been expected upon
Central of Georgia Railway incomes. the st.
Paul traffic returns for the second week
OF August, printed further on in this
column, and which was not made public
until after the close OF business, the announce
ment of an advance OF a cent a gallon in tho
price of spirits. and the statistics OF the anthra-
cite coal trade for July. In no stock was the
trading especially significant, for the entire list
was Affected BY the purely speculative considers
tons described above. The closing was at about
the lowest prices.
Final sales compare with those Of yesterday
ns follows: