New-York tribune., 1897-08-24
GREAT ACTIVITY in WHEAT.
srprEMBER TOUCHES 81 o6N AND CASH
81 14N.

PRICES IN IHF LATE lNhDlNt DUE 10
GALES TO TAKE rRoFirs--A JUMP IN COTTON
DEALINGS IN STOCKS on LARGE SCALE
There was again great activity in wheat yester
Sav ard new high record price was made for
e. although II not maintained. The chief
dealings were In September wheat, or wheat de-
Iiverable in September. On the New-York Prod
.ce Exchange September wheat touched 81 O6&.
sr III cents q bushel above the high price OF
Saturday which up to that day the top
,r,cc The closing price was 81 0324, or IA cents
below Saturdays closing price The high price
was al. cents above the high price one week be-
fore august 16). December wheat sold high
ss 81 O4I4. against 81 O37s Saturday and 9O9s
cents week earlier. The closing price
was 81 Olib or 21s cents below the closing
price on Saturday. The drop in prices in
the late trading was due to sales to take
accumulated profits. and to information that
the reports from the West of damage to
spring wheat were greatly exaggerated. These
reports emanated chiefly from the Chicago Board
Of Trade and from the large holders of wheat
IN Minneapolis who were interested in rushing
I'D the price for speculative purposes. At the
same time it was generally thought that the
large foreign demand would sooner later
legitimately take wheat TO a much higher place
Cash wheat took jump. The high quotation
was 81 li1i, against the high price of 81 ii on
Saturday. The closing quotation was 81 ia
The export sales OF wheat light. comprising
five loads or 600 bushels There were export
sales Of five loads Of corn and 10000 bushels OF
There were sales Of nearly 5000 bushels OF
corn reported from the outports. September
corn touched 3S cents, but closed at 357s, or q
cent below the closing price Saturday. The
oF hea on New York Produce EX-
change were about L., coo bushels. Receipts
Of wheat hv railroads at Chicago last week were
! OSG 600 bushels. against 154 600 bushels In the
same week last year Receipts of corn last week
were 302 600 against 2.O24,OOO a year ago. Re-
ceipts Of oats were 4219o00 against 1,9l3,OOO
year ago The figures show that grain is NOV
ing freely.
WELL SUPPLIED WITH CURRENCY.
In TO the present not much money has gone
10 the country TO move the crops. The interior
banks appear TO be well supplied "ith currency
Receipts by the NewYork banks from nearby
points have offset their shipments TO Southern
points and there has been no net loss OF cash.
Supplies Of commercial paper are increasing, and
this may strengthen the general market Unless
there is a large outflow of currency TO the coun
Try pretty soop 1t is doubtful if there will be
much advance IN money rates
Ford Wood, assistant general freight agent
Of the "Big Four and the Peoria and Eastern
railroads, has returned from trip over the
Western lines. He says the business in sight
for the railroads is Simply immense" At way
stations the elevators and storehouses are being
filed with wheat, the owners holding for better
prices. while the shipments or corn are only
limited by the cars which be furnished
Mr Wood SAYS that never Ia his experience in
freight service has he seen such movement or
corn Hundreds Of additional cars could be
.0adod daily the Big Four system with
tbs cereal We're the cars to be had. and the
same is true with most of the roads in Indiana
and Illinois. The demand for cars 10 move the
new oats crop is becoming pressing. and the
large cotton crop will soon begin TO move and
further increase the demand for cars and the
power 10 move them. The outlook for heavy
corn crop and live stock shipment thi7 autumn
could not be more promising. in mis- opinion. In
most places enough rain has fallen of late to
carry the corn through the season He thinks
the owners IF the wheat at very distant way
stations and division terminals will hold it until
the price reaches 81 and then the new crop Of
wheat viii begin 10 move with a rush. Agents
oil over the Big Four" system report much the
same condition OF things-more business than
cars 10 move II. Within the last few days the
"Big Four" has leased from private companies
more than thousand cars. ana J. X. CdVa-
nauCh. car service superintendent Of the Big
Four" leased from H. c. Cryder representing
the southern Independent Car Line, one hun
The effect Of higher prices for corn upon de-
pendent industries is shown by the advance Of a
cent a gallon In spirits that became effective
yesterday. The distilling concerns have on
hand as usual during the summer months a
large amount Of spirits with which to supply
The market while manufacturing operations
suspended. High proof spirits are now selling
1T the dlstiMory at about - 20 to 81 p a gal
lon As 81 10 Of this represents the internal
revenue tax. distillers assert that they are
justified in advancing prices.
SHARP RISE IN COTTON.
There was a sharp advance in cotton yes
I1f. Of
New-England mills and damage by rain and
rust to the growing crops. The average ad-
vance was 10 cent pound. The sales on the
NewYork Cotton Exchange were 219OOO bales
There a sharp rise in Liverpool before the
opening of the NewYOrk Cotton Exchange, and
prices Of distant options on the local exchange
opened up as much as ~ points over Saturdays
close.
Dealings in stocks were on a large scale, the
total transactions being 443.226 shares. The
heaviest trading was in 81. Paul. with Burling-
ton and Quincy next. Other stocks in which
there was great activity AtchisOn pre-
ferred, Leather preferred, Rock Island. Read
ing. Chicago Great Western. Union Pacific
Northern Pacific preferred, Louisville and Nash
Vile and Western Union. There an upward
movement in values almost from the opening to
the close. The final sales were at or near the
best prices of the day. Net advances in some OF
the leading stocks. comparing the closing prices
with those Of Saturday, were: american Spirits:
13s: AtchsOn preferred. 2is; Burlington and
Quincy. pa; Denver ana Rio Grandc preferred
j. Erie FIRST preferred. ~; General Electric rs:
Illinois Central. 1as; Ilrois Steel. 4 Louisville
and Nashville "a; Manhattan. "a; Michigan
Central. ,; Missouri Pacific. las; National Lead
! New-Jerscy Central. rs New-York Central.
~. Nickel Plate second preferred. IL; Northern
Pacific preferred. 15>: Northwest. ! Omaha. {;
Pullman. /: Reading first preferred. J. Rock ISL
and. 13z: ST. Paul. *: Southern Railway pre-
.erret ~: Tennessee Coal and Iron 1ai: Union
Pacific 1M: Leather preferred. | Rubber COM
mon. 15s: Rubber preferred. 212; Wabash pre-
ferred IL; Western Union. !.
THF SLUMP IN CHICAGO.
.ross Of ABOUT FIVE Cr:NTs FROM SATURDAYS