New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-01
WHEAT STILL ADVANCING.
IT TOUCHES 50 AND CLOSES AT s1N-THE
RANK srATEMENT-GOLD EXPORTS.

BANK STATEMENT-GO1.D EHfonA0'
,bsre was another advance in wheat yesterday.
The openins price on the New-fork frouuce En-
change for September wheat (wheat denVerape III
Scptember) in which there is t'ie chiei aVuN,'''
,r,s s1az cents a bushel against So's. the CLOSING
price on Friday There was decline 10 81 'ie"
n rise 20 s. and finally reaction 10 81. al 'ae
close which made the net gain Tor the ua'
rents The purchases of wheat for export !" vi.
last three days OF last week amounted 10 aoo"'
ono million bushels a day. The demand comes
principally from the Continent The fre"'" maj
ke,. continues strong on bear'sh report c"no''"e
tho croD of France The latest reports reSleV'i'o
the cron foreShadow a shortage OF "'"'''"''
bushcls Germany has been large buyer ]" '"'
J.ni,ed States market IT'S agents. it Is said having
been all through the South and southwest uu'iIh
wheat wherever IL could be Obtained 'i'''''
,rd washburn are reported as having sold more
aour to Germany In .hc last three weeks IMAM ''
my time in years. Wheat is moving ifee'E iron,
the winter wheat districts but the et"at"T part OF
Il has already been sold for export as YET ''''''
is little speculation IN the market bnt what ''.o
T. OF II IS considered TO be good. The advance III
aricos for last week was about four cents the price
uf the September option reaching me h'sh'>t P''"'
IN tho current bull movement. The western re-
ceips exceeded those Of last year ana inc A'a'','V
exports amounted about l.11s.~o busheIS TOT Tue
week.
In 1895 CO T3 per cent of All exports from 'ic
Emitted States were agricultural This suggests now
,n,portant Is the foreign crop shortage this year
which in 1895 did not exist Probably ~ per cent
OF United States exports for the fiscal year emu
frg June 30 1SlS will he Of agricultural ORIGIN II
is not only important that the surplus hreadsiuis
and meats find a foreign outlet but 1t is very I'm
pcr,ao, ,ha, good prices obtained II the agrl-
cultural population is 10 b prosperous HiSh prices
for the farrne~ mean the payment Of mortgages
the improve mcnt Of the homes ana equipment Vi
the farm and an enlarged purchasing power
While tho weekly bank statement yesterday was
NO, os remarkable as Oh several preceding Satur-
DAYS II was nevertheless an Intel esting cXhih'
II showed an ircroasc in deposits o. 'lo"~ ana an
increase I'm cans Of s3a,iim There was also an
increase O CGi Opp in legal tel iers. IOtaI O.
uosi,s IN ....s ociatcd banks are SCI 7e'
while tho to,.. loans are s5i0074G00 The reserve
REQUIRED is SI5j,Gil ~ and the banks hold A'"l'
b75 in excess OF this amount. The deposits IN the
National city Bank have reached the enormous
to,ui OF sol 100 UOp. The banks loans are Sto'"-
Jt'
There will probably be fairly large exports OF gold
tie coming week. The demand for exchange is at
tho moment considerably in excess OF the supply.
TIE RENTING demand for merchandise bought ana
imported earlier in the season Is apparently no
heavier than usual and there has been great
falling off in travellers credits. The balance OF
trade in securities is rather heavily against TINS
country as few stocks and bonds have been sent
abroad and the receipts by mail have been constant
the largest single amounts being Atchisoh issues.
Commercial houses recently large sellers OF
siAty-days bills against grain TO be sent forward
When the time came for shipment freight room
could not be got a, any price. Thereupon the ex-
change previously sold had to be bought back TO DC
sold again later IN the season, when foreign char-
tiers are easier TO obtain. This class OF business
was an appreciate factor in making rates, and a.
freighs are already engaged far ahea i o., d
seaern Weeks There IS constantly more or less
short selling Of exchange. in ANTICIPATION OF low
ceeds in sixty ana ninety day loans. As previously
stated. bankers bills for october are being as
c0nn there is no eXp5cd to advance in any such
measure was reported AT the same s''So" last
In Paris the exchange market continues extremely
feaay w yn Htnp a9 n od To SPEAK Of from Lon
don Its demands are being supplied rom ihJ
United States. There are no buyers for ne me i
in the open market and all arrivals go TO me hanK.
At Berlin there IS practically no change IN the lpf-
ejcn exchanges. and 20 gold operations are pelnS
carried through. The Imperial Bank is very strong
as regards cover for circulation. At Vienna goa
continues TO arrive from London and the sterling
remains at the goo point bes'deS 'n Sa fTs
some ron the United States curious feature
has been the OF some sovereigns at the bank
basis the Gold point works ont at about 1870 50
Fiat the be s9 S6 ms haye sse
sterling remains exactly at gold point With some
s sT6Ve6 la r9 a. est rnbes Of gold notes
Exchange has been somewhat lower at Rome as a
Bourse Foreign exchange has risen in Spain owing
to further issue Of bank notes. CHILEAN exchange
the decree permitting the banks to- Issue paper ape
money against metallic cover or Only ~ per cent,
the rest being covered by hypo,hecatcd blls AZ
Yokohama exchange has risen to point making
the gold premium much as per cent The new
Japanese yen declined a rnrty with the Mex
lean dollar there is little chance OF return or
old japanese silver from China
The last decline in silver has brought some curl
Gus developments Among these is the remark
able fact. heretofore noted. that china mas pteh
a steady seller OF silver under the English parity
for probably tho FIST time in monetary history
Sterling exchange has fallen at Shanghai TO the
lowest figures ever recorded. and far below the
China not only does not want 10 take silver any
more hut is actually anxious 10 get rid of II. The
only country that willing TO buy silver IL
India. although her mints are closed, with very
little chance of rcopening The rally In silver IN
London was attributed 10 covering and TO the an
nounCement that a monetary conference might he
held In Washington this winter
The experience Of money brokers goes 10 snow
that there has of late been tendency 70 con-
vert securities into cash. Many houses which have
now find their requirements good dea, reduced
result OF the fact that they have been able
10 realize investments OF long standing. Loans
have been made at per cent in the last few days
falling due November 10 This means that money
for over one hundred days has been considered
worth only per cent and II has not been easy
10 people 10 take II AT this rate. Seldom has
there been time when people have been so little
disposed speculate in n line of money the
chance that something might turn uD 10 let them
before the maturity Of the loans. Seven months
money be had At per cent In any amount
Many lenders. however prefer to put their money
out In the Street present rates on call rather
than tie II up for long period at such low rates.
The securities Of the Glucose Trust have not yet
been issued but bids made ION the curb yes
terday Of 20 for the preferred and 30 for the com
mon stock