The times., 1897-07-25

with crops so deficient as to necessitate
their becoming importers OF wheat or HOUR
during the next few months. These are
facts having most important bearlng
upon the future price of wheat; the more
50 as the present visible supply OF that
grain is now 100000 bushels less than
a wear ago. The price of wheat at New
York has ranged about So 1-2 cents during
this week. AGAINST 81 34 cents year ago.
and yet il would seem that considerably
higher figures may be reached as the sea-
son progresses These facts are of the
utmost value to the prosperity OF the
agricultural sections Of the country during
the next twelve months, and therefore TO
he business of the railroads. and, coming
concuuenly with the stimulating effects
OF the new tariff, they assure measure
oil commercial activity such as We have
not experienced since 1899.
Themarket yesterday wasstrong through
out, though the most active feature, Sugar,
closed lower than the opening. The mar
ket seemed TO be in waiting mood, and
prices all over the board ranged curiouslY
near TO the opening figures at 2 O'Clock,
Those stocks, which during the last two
or three days, have been the leaders, the
grangers aud the trust stocks, continued TO
attract most attention, though nothing
much was accomplished by either the
bulls or the bears.
rhe attitude Of London has undergone
marked change, though whether it viii be
permanent or not is matter for large
tI.ET fe.- h.
mand for American securities on the other
side, and the systematic selling Of early in
the week was noticeahiy absent on Friday
Yesterday was a holiday in London. but
the Indications were that tomorrow VIII
show continuance OF London demand
London has very little effect on the New
York Stock Exchange when London sens,
OR people persistently buy, if they want
to buy, and when London buys we are
quite as likely as not selling
Gov Flower is said to be very huIIish
on Rock Island. He believes that it VIII
score an advance of ten points at least
before it has anything OF a setback Rock
Island, Burlington AMI st. Paul certainly
have the best chance for prosperity of the
railw ay list this season
Dow. Jones & Co. say Of Rock Island:
The advance in Rock Island was helped by
Flower & Co, although buying orders
came In from all directions and from
strong people. There are rich men who
remember when Rock Island did not know
what to do with its surplus earnings, and
the same was true OF QGincy. Rock Island
put good deal Of it's surplus money into
Minneapolis and st Louis and received
it back again at a time when 1t was wei
come IL any event earnings of the prop
| erty this fiscal year are certain to be
enough to warrant par for the stock at
least. 1t is not question of how much
| is distributed in dividends, but a ques-
ton OF earnings. Moreover. Rock Island
! extensions. which were s-suckers'' in bad
| times are now very profitable feeders
| Hausnaun bought 900 Rock Island
| yesterday There is certainly a strong
! prospect that the stock will return to
per cent dividend paying basis.
| Already the process Of disoontinuing it has
| commenced
| AS 70 Burii ngton, the chance seems to
| be that 3 per cent viii be the figure
| Burlington sold at 80 I'm 1895, and the
| movement of the stock recently changed
! a point in that direction for this fall.
/ Ct.p ir,.-i IT, Ixo;x.