The times., 1899-08-21
STOCK MARKET GOSSIP.
Influence on Prices of Poor Wheat
Crops in Europe.

crops IN europe.
New York, Aug. 20-The past week has
basn fruitful OF news and conditions that
are reassuring marketwise. Money was
easy at all times, and toward the end of
the week call loans were seldom at a
higher rate than 8 per cent, and frequently
lower. The bank statement at the end of
the week was satisfactory in every way,
although the changes were not large.
Railway earnings statements received
showed that the large traffic Of the past
months is being fully maintained, and even
surpassed. Following this showing, nat
urally, there were the declarations of divi-
dends in two or three instances, either
where there have been none heretofore or
where a lesser rate has prevailed. Assur-
ances were given that the troubles between
the Northern Pacific and the Oregon Navi-
gation are virtually arranged, at least to
such an extent that further trouble need
not be feared. The news Of a good under
standing between the Southern Railway
and the Louisville and Nashville reached
the street. The statement was made that
the New York gas war is nearing its end.
London and the Continent continued 10 buy
American securities. The list OF satisfac-
tory matters might be indefinitely pro-
longed in commenting on the continued
immense activity and prosperity in busi-
ness generally, and the iron and steel
trade especially, upon which so much de-
pends. Curiously enough, it now seems
probable that none of these matters may
prove so efflcacious in it's beneficial in
huence on the immediate market as the
dispatches received from Europe yester-
day telling of the misfortunes of the Rus
sian wheat growers and of the poor con-
dition of the Indian wheat crop. The
grangers were the real leaders of the mar
ket yesterday, and their advances were
spirited and important.
1t seems to be fairly demonstrated now
that the wheat crop will be large enough
to meet the demand, and that it will be
small enough to give high prices to the
farmers as result of the demand from
Europe In the rise in the grangers a
practically new element was introduced
into the present bull movement Some
days ago spectators sold the high priced
grangers in order to shift their commit
ments to lower grade of railroad stocks.
Renewed interest is now, however, no.
ticeable in the grangerss owing to their
present immense earnings and the possibil-
ity of increased dividends, and 1t is the
experience of market people that the pub
lie will follow an upward movement in
these stocks quicker than any other. It
is not in the least improbable that a strong
| and active market may be the result OF
! the grangers' boom.
Opinions differ regarding the prospect:
for the coming week, but it is noticeable
| that the efforts of the bears during the
! last two market days were without spirit
| as If indeed they were aware that they
would be fruitless, while the buyers O.
stocks were confident and apparently with
out any misgiyings. II seems highly prob.
able at least that prices will go higher to.
morrow and perhaps chances favor an up.
ward movement of some Importance. 1t i:
now the time for the bears to take holi.
day, as it was quantity put in the stree
Yesterday.