The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-22

SATURDAY. Aug. 81.
Every substantial and protracted advance In
the prices of securities or of commodities In al
ways interrupted from time to time by periods of
relaxation and digestion. The underlying move
ment is healthier in consequence, because tho
occasional reactions are, the resnlt OF natural
laws. It may be added that II q market 10 forced
in the face of a distinctly reactionary tendency.
1t Immediately becomes unsafe for either specu-
lators or investors to follow 1t. Tho stock
market this week has been going through ono
Of the periods described. 1t must DO evident
now. even TO those to whom the fact was unpal-
atable q few days ago. that q good many stocks
were marketed on last weeks sharp
advance which resulted from an unusu-
ally active demand for securities for both
accounts. 1t seems equally plain to-day that
the stocks sold last week have, 1. consequence
of the decline in prices. found fairly substantial
resting places. Some of them have doubt
less been repurchased by the important In
forests and leading operators who sold them.
and there are indications that sales for short &C
count, which have been fairly heavy this week.
have been taken In the same quarters-
Tho public, which was worry much In
evidence in Wall street last week, has, as
usual, held 0loof from the market while
1t was yielding TO speculative conditions ac-
centuated by bearish manipulation; but 1t
does not follow that outside interest In tho
Stock Exchange markets has died out.
On the contrary. tho signs multiply that
1t is growing. The improvement In general
business. based upon tho impending prosperity
OF tho agricultural community, assures Wall
street Of an increasing clientele for some time
to como.
The prices of commodities as well as Of Becuri-
ties arc rising, and this means o great deal
IN AvAry manufacturer and marchank II
means. unless prices are forced to pro-
hibitive figures, which Is unlikely. Q moro
liberal movement Of staple goods and Of
merchandise of all kinds. and more salts
factory profits than heretofore to producers
and distributor. These facts are trlte enough.
but their recurrence at this time makes it
pertinent to refer to them and to their
Importance In tho present situation. The
advance In tho prices Of staple cereals 10 30
strongly In evidence and the breadstufis situa-
ton of tho world 10 so thoroughly understood
that little comment upon 1t would SOON to DO
required at this time were 1t not for tho persist
emit efforts that have boon made all tho week to
emphasize the reaction In the stock market and
stimulate the speculation In grain by tho ciroula-
ton of alarming reports regarding the condition
and yield Of tho spring wheat crop. Tho facts
regarding that crop appear to DO that carly esti-
mates. which were large, may have to DO revised.
that In some localities a smaller yield per aero
than last year will be secured. which will DO
Offset by a larger acreage, and that the quality
is not uniformly the best. Considering tho
vast area of the spring wheat producing
country, 1t would seem to DO too soon TO obtain
definite and accurate upon these
points. 1t 10 significant, however,, that the moro
important western railroad companies, the So
called Granger trunk lines that have Just begun
A. A-lIA Ia wl--k 900 40 MOI o. A.--n
their thousands OF agents. who arc scat
tered throughout the great wheat fields
of the West. the same alarming reports that
have done yeOman service this week In tho
wheat pits at Western commercial centres and
in this city and also on the Stock Exchange.
Should time prove that tho yield of spring
wheat 10 no greater than last year and that tho
quality Of O part OF 1t is not of the best. the fact re-
mains that there is an urgent foreign market for
every bushel OF 1t that can be spared and
at a handsome advance In price as
compared with previous years. The ad-
vance that has already taken place, II main
tanned until the the crop is marketed. means
scores OF millions OF dollars to the country. of
which the farmer. II he is ordinarily shrewd.
will secure a large proportion. As to
the corn crop. a degree OF apprehension
is reasonable, for all accounts agree that
the weather has not been entirely seasonable.
However, the fact should not be overlooked
that nearly half Of an average crop has been
brought forward from last year. and that a
shortage this year will give an increased value
to that product as we'll as to the amount secured
this year. The effect of higher prices for corn up
on dependent industries 10 shown by the advance
OF O cent q gallon IN the price OF spirits this week
and q second similar advance that will be effect
i've on Monday. The distilling industry. which