New-York tribune., 1897-08-03
WHEAT STILL GOING UP
THREE-QUARTERs OF A CENT HldhEH
THAN sATURDAY-THE SILVER
CJTITATION

x,,. ,, an q. inward course yesterday. Sep
tember wheat (wheat deliverable IN Sep'enIoep eo'
IN 10 s2is cents bushe. and cioseu a' o. 0e"'''
which was three-quarters OF cent aooVe tne c'os
ing price on Saturday. Information from E"'op.
,.aa IN tho belief that II will take from the Unen
STATES two hundred million bushels OF the crop oi
1897 Unless the spring wheat crop OF the Nor'n-
west turns out smaller than expected this cou"'i'
vii, probably be able to export from nfty mhoh "
sixty million bushels more than last year. nut III
% doing our stocks at the end OF the season wouli
h. reduced to about present figures. The situation
looks much like that Of 1891. when the ohi'eu
States exported 225.0O6Ooo bushels Some experts
think the situation, so far as european requie
ments are concerned. even worse than In 1871 nun
gary Argentine and Brazil being looked upon as
importers this year, whereas In 1881 they were eN
porters. Corn strong, with an actNe "au.
Reports Of d. mage from drouth and hot wnos
were nur iero from Kansas. Nebraska anu MIS-
souri, Uid. most favorable conditions. there can
hardv 70 a. great setback from present prices
There has zen considerable buying Of silver IN
London an the last few days. although IL mas ho'
excited speculation in the metal here. bui''on
brokers are content to act brokers only. without
holding large stocks NewYork cannot ieei ou"-
ish when II Is constantly pressing silver for export
Facilities for speculation are not as favorape mere
as abroad as the bullion certificates dealt in on the
Stock Exchange carry storage charges OF TWO Genus
dav whereas in London the Indian per cent
rupee paper. a practical equivalent, brings III
income
since the opening up Of the Transvaal heids perei
that tho increased production Of gold must In time
approximate the old ratio between the TWO metals'
and the more recent discoveries In the CiohuyKe
have strengthened that belief In some quarters
The production of silver Is stationary NeVerthe-
less through the temporary loss or the Chihese
and Indian markets, the rate has railen 10 ABOUT
M7 The new japanese coinage ratio OF 32S4 be-
comes distinctly artificial, being ba7"d on price
of silver Of about &C. cents an ounce FOLLOWING 'he
decline In the price of silver previous TO the present
one It was crediby stated that the Bank OF Eng
land or interests identified with 1t, had invested
several millions in rupee paper and this Is saio u
y. factor in preventing a successful international
monetary conference. 1t s asserted that the Valae
of the rupee has been sustained only by the cioshe
Of the Indian mint
The onIv shipment Of gold by the Havel. Of the
North German Lloyd Line. which sails from New
York to-day will be $4,000 by Kidder PEABODY q
Co. OF Boston. The gold was withdrawn yesterday
afternoon from the New-York Sub-Treasury
There are those who believe that the gold which
starts for Europe to-day will be the last OF the sea-
SON while others think that there may be further
consignments on Saturday. All that caIi be saio
with certainty is that every day brings nearer the
time when the market will be full OF commercial
bills against grain and cotton. At present CONNER
cIal bills are coming forward mostly in the shape OF
futures for which II is hard TO give accurate quo
tations In commercial futures business is gener-
ally matter of negotiation. and Il is not easy u
People who have talked with the % most a nf
financial interests in the Street nnd ina, az VI
them are extremely bullish on the general sltua-
tion From J. Pierpont Morgan down tne expires
sions of opinion are the strongest for many years,
the general tenor being that not since lsS ~ nave
conditions been favorable as they are now. of
nrav the greatest stress is laid upon the price OF
cereals and the enormous European demahu. t toi
them This feeling has permeated custoHets u f t,v
banks and bankers and the result Is tnat ,no trm
STOCKS come out at the advance. the hoIders oelnS
etssHed that better prices will be obtained this fa
Commission houses continue TO have comparatively
few stocks and for that reason the leaders say
there can be no great reaction unlli tne coiiis ~
sion houses are loaded with securities, ana the
hl;c awning them on more less slender mar
gins wants to sell at once on the hrst real scare
7, Is understood that j. P. Morgan, General LOUIS
fitzgerald and some Of the principal ofclals OF he
btuminols coal carrying roads are now al Work Io
bring order out of the present chaos and 10 lproSe
tha trade conditions. The settlement OF tne
str,ke and the elimination Of the causes whlch nave
co long kept the bituminous trade IN such an ui-
so,sfactory condition must precede the reorgahlza-
ton of the railroads Just what steps nave Si; pJt
taken in the matter have not yet been mace PuniS,
hut II is understood that progress mas peen niaIe
and that an early adjustment OF the ohhcui'! 10