The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-12
GREAT STOCK BOOM /
TO FOLLOW PEACE
WALL STREET. EXPECTS MUCH
FROM THE CONFERENCE.
Already All Erich MEMS Stocks
Are Rising and Trading Running
Heavy-The Crops and Big Railroad
Earnings Present and Prospective the
Principal Influences for Strength
Morgan an Optimist and Hill a Pes
simist- Gossip of the Week in the
Street.
Special to The Journal.

Special to The journal.
New York, Aug. 1.-THE condition of the
financial markets indicates that as soon as peace
shall have been declared between Russia and
Japan veritable boom will set in all over the
world which will carry securities of almost every
sort much above the prices at present prevail
Ing. The New York market itself is in very
good condition now, owing to the favorable crop
prospects, but the foreign markets, notably Lon
don and Paris, lack confidence on account of
the uncertainties involved in the eastern strug
GLE The financial interests Of the world de-
sire peace, and great pressure is being brought
by them upon Russia and Japan to stop hostili-
ties no matter what the terms may be-. Well
informed authorities Russian affairs say
there will be no peace for two years at least,
but the result of the peace negotiations cannot
be anticipated by outsiders Strong interests
are working for peace and this fact alone tends
to strengthen the markets. The most sanguine
observers have expressed the opinion within the
past few days that trading will soon be on
larger scale and that the list a whole will
advance materially. AS has been obvious to
every one who has watched the stock market
have met with practical failure. 1t is con-
hdently expected that the rich men of this
country and large operators will continue to
purchase securities on big scale. Mep wishing
to get the real pulse of the market must look
below the surface of daily transactions they
have been interpreted ordinarily.
Corn and Wheat.
Another two weeks of fine weather will place
the corn crop beyond the danger point and fur
nfsh 1t Is confidently and generally believed, the
largest crop of corn ever grown in this country.
Furthermore, the product Is selling at such IA
vorable prices that the large production. will
carry with 1t year of unprecedented prosperity
along the entire corn belt. The corn crop Of
1904 was by means a small one, and farmers
were able to secure exceptionally nigh figures
for it as a result Of the scarcity Of wheat, so
that the success of the 1905 harvest may be re-
garded as sort of cumulative prosperity. This
is undoubtedly the real basis of the extreme
optimism which prevails in the stock market at
the present time 50 far as this country is con-
cerned and the fact that farmers are now
selling old crop corn In the more southerly
latitudes may be considered tangible evidence
that the new crop in those sections is measurably
well assured.
Meanwhile the winter wheat crop has already
been gathered and the threshing shows excellent
quality, while the governments weather report
indicated that the recent scare Of damage to
spring wheat was based on exaggeration. A
feature this year in connection with the crop Is
the assured foreign demand. Grain export inter-
ests are particularly optimistic in this direction
and are looking forward to period of prosperity
to which they have been strangers for years.
This, in turn, becomes an important factor IN
the money situation. It is becoming tncreas-
ingly probable that the large amount Of foreign
money that Is being loaned here In stock
exchange circles will not require the expectation
of gold in payment, but Will IN al PROBABILITY PROBABILITY
This suggests that these funds are not to be
withdrawn from Wall street during the next fe"
weeks, when, because Of the requirements of the
granger sections for banking facilities to move
the crops, the interior currency movement Is
naturally adverse to this center. Should these
foreign funds be suddenly withdrawn 1t would
probably produce an acute situation In the local
money market, reserves are at very low
ebb.
Railway Earnings.
Some interesting stories told in the &C
| companying table Of gross earnings of Leading
railroads of the United States for the hsca!
year ended June 30 last, compared with the
banner year 1902, and the price at which the
| stocks Of the companies sold on July last ano
| July 1, 1902:
| Price Of Stocks
| I11lv l. LILLY