The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-22
W ALL STREETS
EYEO N THE CROPS
BOOM IN WHEAT GESTURES STOCK
MARKET BULLS.
General Expectation Of a Rise in Sc
curities Little Later, But Not While
Bad Crop Reports Continue Circulat-
ing - The Union Pacific Situation
Important Sales of Stock Exchange
Seats at $4,000.
special to The Journal.

Special to The Journal.
New York, July 22.-"Crops is all that re-
away and hardly anything of Importance is like
ly to happen in the speculative world for the
next two or three weeks The pools cannot
operate while the heads are in the mountains or
'small fry are on the board working for
eighths and quarters to keep body and soul
together But while speculation is practically
stagnant, everyone who has an interest in the
market is watching the crops and crop reports,
knowing that in the end the seasons yield will
fix values for some time to come. Reports agree
that there has been damage and that the en-
couraging lineup of July l must be modified.
The damage Is gagged more accurately by the
speculative markets for grain, which have been
greatly disturbed 1t is undoubtedly true that
the 1905 wheat and corn crops can be marketed
at unusually good prices, equaled only two
Or three times in fifteen years. 1t is remark
able how high level, as compared with the
average year, wheat has maintained, altho the
exports Of wheat for eighteen months have been
the smallest that European needs make posi-
BILE.
Members Of the uptown brokers' party call
attention to the fact that while at the moment
no one seems disposed to advance stocks ma
terially, there is nevertheless an excellent mar
ket for all standard securities. It is very gen
orally believed that commission houses carry
ing small lines of stocks, and that a major
part of the securities is held by large inter-
ests who do not care to sell at present prices,
and who are even willing to increase their
HOlulIgS as STOCK is OHered by holders who are
impatient for quick advance.
1t IS believed that the willingness Of the
large financial interests to buy stocks at the
present level is due not only to their knowledge
all lines Of business, but also to knowledge of
forthcoming extra disbursements or deals that
Will yield the holders of the securities involved
an extra return on their investments or that
Will place their holdings in more favorable
position. For instance, it Is said that the ex-
cellent market for Illinois Central is due to
knowledge on the part of inside interests that
the stock is soon to be established on q regular
Z per cent basis, and also to the belief that
some important announcement regarding the own
ersh1p of the property may be made in the
near future.
Erie a Leader.
The continued advance in the Erie securities
is attracting considerable attention. Several
large interests in the company have been dis
posed to begin the payment of dividends on the
second preferred stock at the next meeting OF
the board. It is intimated now that instead Of
declaring dividends at this time, the directors
may consider the ACCESSIBILITY and the means
of retiring the second preferred, of which there
Is only $16,O00,O00. If that action were taken
obviously both the first preferred and the com
mon would be in stronger position and the
! company would be able to pay dividends on the
! common stock.
The Union Pcaihc situation is being watched
very closely by large interests in the market
put 80 far they have received no definite informa
ton, further than that the dividend on the com
mon stock, is to be increased to per cen
basis Good news regarding the steel situation
is coming to hand every day. Close observer
attach considerable Importance to the recent ad
vance In scrap iron and the renewed demand TO
I pig iron. The new buying is due to the fac
that the stocks Of consumers have been exhausted
and that they longer able to hold off TO
lower prices. Men who are able to speak will
authority say that the steel manufacturers will
not experience any serious difficulties with EN-
ployees over the matter Of schedules for mex
| year. -s.
| A hot-weather Jest was that the decision Of til,
Pennsylvania railroad management to forbid tn
sale Of dime novels the company's trains wa
a bull card in respect to the stock, as the com
pany must be exceedingly prosperous to be will
| ing to cut off this source of income. Anothe
suggestion was that the Pennsylvania manage
ment responding to J. J. Hills plea for
| higher commercial morality. The whirlwind tou
of Lawson swept across the country and back
but not ripple from it reached Wall street.