The Washington times., 1901-06-30
THE MARKETS OF EUROPE.
Spectators Turn Their Attention
Toward American Wheat.

LONDON, June 29.-The usual quiet of
Saturday prevailed in tGday's markets,
but prices were firm. especially in Ameri-
can securities and in home shares, COM
monty favored by investors.
Paris exchange on London q centime
higher at % fr. 20c Berlin exchange 4
pig. higher at 2Gm. 39s4 pfg. Vienna rate
unchanged at 1896 fl.
Argentine securities were strong again.
One point of weakness was in Grand
Trunks, which declined on the published
statement of working expenses. Call
money was still tight today at the end
of the half-year.
The outlook for the markets here de-
pends all the more. just now, on develop
ments in the Boer campaign from the fact
that other and minor influences are favor
able. Money will perhaps continue cheap
during the next few weeks, but this
cheapness can hardly last longer:
1t is the general judgment here that the
financial position OF the United States this
season turns on wheat Were prospects
in that direction unfavorable, it is be-
heVed that nothing could save your
money market from a serious strain I'm
the coming season, as a result of the
heavy American trade, and your recent
eXcesses in speculation. Failing such
mand European capital, the United States
would, 1t is thought, have to draw gold
in quantity. France is the only coun-
try which could have spared it; for, al
though the London supply has lately been
increased. any important drain to New
YORK city, or the development of any
serious trouble, would find this market
mighty sensitive. 1t is true that our pub
lie clings fairly well to stocks; but there
Is no heart in the fresh buying, and the
market, as whole, lacks strength. There
10 efT.V,
ready in existence. This is our feeling
as to America.
But the wheat outlook, up to the pres
ent time, has been so extremely favorable
TO your country that it is now believed
that the United States may maintain it's
recent activity in trade ard postpone a
money strain. Beerbohm, for instance,
writes today that the crop prospects OF
Europe as a whole are by no means
good. Its total yield of wheat this year.
he thinks will not reach lash year fig
that yield compared with such preceding
yields as the 1SS, ,000.9o quarters in the
year 1899. and l9s, ,O00, coo in 1895
Germany's wheat requirements from
abroad this season he estimates at TO-,
O00,0O quarters. or S0,000.00 bushels, and
comparing with a 80, 600 00D- bushei import
in 1900. Moreover, the probability that
France will have to raise prices to the
import level has also to be borne in mind.
Argentine wheat is not likely to be an
important factor in this seasons yield,
ana India contribution to the export
markets VIII not exceed two million quar-
tiers. or 16,000.0O0 bushels. All this must
be taken in connection with the probable
increase in the French demand to a
higher figure than usual. That country's
crop is expected tourun below forty mil
lion quarters, as against thirty-seven mil
lions last year and q triffe over forty-fiye
millions each in 1S99sand 1898.
Following are today ST closing London
prices of important Government, railway,
and miscellaneous IsecWities, compared
with the prices forJ the same securities
last Saturday and for the current date in
1nn