The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-27
o1TR wHEAT AND GOLD.

SHARP DEMAND. FOR ONE AND ENOR-
NOUS STOCKS OF THE OTHER.
The New York circular of Henry Clews says
Apart from the election uncertainties the ~
nuerce Of which cannot De disregarded' c7lo'-
lions affecting the stock market are improving.
The European wheat trade has come to under-
stand that Notwithstanding the moderate IN
crease in the worlds crop OF this yea: over th&t
Of l59., the supply from new crop ana stccha
on hand Will not be up to the average stahuaIu
and fney are consequently advancing their plos
fJI American wheat. The extent OF The current
foreign Gtp.and may be inferred from ne TACT
that within the last ten days engaseIIlehts Ha {
been made for the export of 10,0J0,00J DusheIs
OF wheat This shows that a point in price
has been touched at which our FARMERS are are
willing 10 sell. but ii remains to be seen
vhether. after such large foreign purchases at
the current range of values growers may not
hold for q further rise. This ten millions OF
tax upon the carrying capacity OF the raliroads
and Chicago correspondent teIegraphs US
the business the Northwest railroads are ~
It is as vet too early to estimate the effect
OF these grain exports upon the gold movement
Some moderate enSaseihehts are peIiie ma -
Ter the export OF the metal 10 this SIDE; ana
occasional they show that the exchange market
is in a condition which might readily yleld 10
these wheat shipments. That, however, "oulu
not necessarily mean imports OF sold. ne
higher rate for money at London than at New
York would afford tempting opportunity toa
sixty days employment oil IDLE iunas IN the
purchase of eXChange-a form OF transient In
Vestlnent which has been much resorted 10
within the last twelve months, and at one time
to an extent estimated at sac, 0O0tOO In truth,
We have no reason to anxlUGsly coVet any
further additions to our already extraordinary
stock Of the yellow metal. year ago our
national holdings OF gold reached their highest
point $7l5 600 OC0 Since then have made
net imports amounting TO Sl25. 600, GOO, and the
domestic production and receipts from the
Klondike region must amount to $40, 600, 900
more which would make our present national
stock over 5000, 0e0 000 This places us far ahead
OF France. which has been the largest gold
holding country in the world, and puts our
stock nearly $500 900, 600 in excess OF our former
highest figures. The receipts this week at san
Francisco from Melbourne amount to s., 10000
and al this port 81 32J, 000 making the week
arrivals over S.. COO 600 II is to be hoped that
some more productive use may be round for our
increasing creditor foreign balances than piling
UP stocks OF gUld in excess of all requirements
for money banking purposes.
The phenomenal increasing foreign trade
balance in our favor, the immense freight bust
ness of the grain-carrying roads and the grow
ing ease in money. are factors forceful enough
coming elections the market would now be in
a very buoyant state. With the elections out
Of the way the effects OF these influences Will
assert themselves and viii suffice TO knock out
al bear 6ctions. With such earnings as the
Western roads are making and with the i'm
mensity of stuff IN sight to be moved, II is al
most impossible keep the securities that
these roads represent down and when they
get ready TO advance the balance Of the market
win 20 with them. There is consequently,
much hone in the situation after the elections