Evening star., 1895-08-24
Granger Stocks Attract Most of the
Speculation.
CURRENT DISCUSSION OF TEE CROPS
Prosperity-of the Farmer and Cap
italist lnterdependent.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, August 24-The profess
sfonai narrowness which has characterized
the weeks stock operations was empha-
sized in today's market. as the result Of a
scarcity Of significant financial news ard
almost no demand from outside sources
London's prices were about on a parity
with yesterdays final figures, and the BUSH
ness from that center. as on previous days.
attracted little attention.
Opening prices were slightly higher and
held well on the small volume of trading.
which represented both accounts. The
granger shares continue to absorb the bulk
Of the trading, repeated assurances OF Q
successful crop serving to prevent any
change in sentiment relative to this group.
Some realizing has been noticed IN Burling-
ton during the last few days. but this was
to have been expected as stock bought on
the first prospect Of a large corn crop now
shows a substantial profit.
The decline, resulting from sales of this
char acter, has not been of such proper
tions as to cause any apprehension, the
volume of business clearly justifying
greater recession under less favorable cir
cCmstances.
Although the subject Of crop conditions
heQuent occurrence in financial arguments,
lt continues to be the nucleus around which
all hopes for improvement In values are
gathering.
Other evidences of future improvement
are not lacking. but at this juncture the
prosperity of the farmer is almost essen
tial to the prosperity of the capitalist
A successful crop will not only add new
incentive to higher and more active specu-
lation. but will overcome the necessity for
gold exports by establishing credits abroad
against exports of surplus of cereals there
by relieving the situation of its most un-
desirable feature.
The syndicates action during the week
In deposfting gold at the subtr sasuries in
this city and at Boston and San Francisco
against the amount withdrawn for export
has demonstrated the value Of the clause
providing for the protection of the govern
ment's reserve fund.
Stocks were sold by the room element on
the announcement that large amount Of
gold was to go abroad. but the syndicate
banks, by adhering strictly to their agree
ment made the covering process expensive
for the professional pesSimistS, and at the
same time demonstrated the tenacfty with
which the bulk Of the more meritorious is
sues are held.
Northern Pacific securities showed some
disposition to yield to the unsatisfactory
statement for the full year and the tempo
rary dfscontinuance of negotiations with
the Great Northern. The reorganization Of
this property cannot escape being an ex-
pensiye undertaking to the stockholders
which explains the persistency with which
large short interest refuses to cover
even in the face of daily premiums for the
use of borrowed stock
The industrial situation has not been i'm
proved materially during the week, al
though speculation in the more active fea-
lures was less erratic toward the close of
this period. In view of the more Iegiti-
mate Inducements held cut by the slow-go-
Ing railway shares. there is a growing dis
position among the conservative element
TO refrain from further speculation in the
recent market favorites. 1t is likely that
the sensational features recently witnessed
will be duplicated before professional su-
premacy is overcome.
The bank statement reflects an encour-
aging increase in loans and also the effect
of the deposits of gold mentioned above as
the following details attest. Reserve de-
creased, Ss.700.200; loans increased, s., ,257,-
300: specie increased $519, 800; legals de-
creased, S5.141, 100; deposits decreased, 3d.
6SS. 500, and circulation increased, SS5. 200.