The sun., 1905-08-22
GOSSIP or WALL STREET.

When the Reading campaign started last
summer one Of the frst predictions made
by those who were bulllns the stock was
that II would Cross Steel preferred. Both
stocls sold below 80 early In July. Steel had
tho best OF tbs raoe for months as they worked
up toward par. II was really not until this
present month that Reading sold sauarely
above Steel preferred. The next prediction
made BY the Reading bulls vas that their
stock would cross Baltimore and Ohio. 1t
closed yesterday nearly two points above
Baltimore.
The trading In Reading yesterday was the
feature Of tho market. and the Gtock ah-
vanced AZ to O new high record. iisM. But
Baltimore was absolutely neglected. and II
lost 4 for the day. while Pennsylvania. in
which there was moderate trading. gained
only x. At TIE beginning OF the year. when
Reading had not yet paid dividend. II was
selling at 30. Baltimore. then per cent.
stock. was selling at loo. while PENNSYLVANIA
was selling at is9. Since then Reading has
advanced IS points. while Baltimore and
Pennsylvania show a gain OF only points
each. Baltimore hos disappointe ted very many
people since II was mnde 6 per cent. stock.
Other loading railway stocks are selling on q
lower income basis than per cent. while
Baltimore refuees to sell up TO this basis.
American locomotive preferred sold back
to NIX. n loss OF az for the day. on the most
active trading that h,s been seen In the ftoci
for some days. asst week II was advanced
from IllX to lio,I on moderate tran sactloas
Fl. e. Jones OF Mipneap, makes his final
estimate Of the wheat crop 81 T. ono. 0oo bushels.
which Ia not 40 far away from the Govern
ment's indicated crop Of eoooo)0O MIR
Jones puts the winter wheat crop at 80. oo)
bushels. and string wheat IS .Ooo. 900 bushels.
ale, NM k,,-h ~, ~
wheat. He gives Minnesota 81. ooo. mo bushels,
North Dakota 10000 900 and SoIth Dakota
-. 900 600. q total OF 100, ooo. 900 bushels for
the three States. exclusive Of ROO. 900 bushels
of nacaroni whaat. It will be recalled that
the her day Jame,J. Hill said that the spring
wheat GRO . In the three States showed gain
over last year OF about ~ per cont. This is
exactly the gnln shown by Mr. Joncs's esti-
mate. last years crop In the three States
having been reported by the Government
at Is3. .0oo. .o0o bushels. Mr. Jones will issls
a full annly ysis OF his report later Ia the week.
This census bureau report on the amount
OF cotton ginned from last seasons report
says one OF the cotton bulls. y regard as very
for the whole season. The bcars. and In
fact many bills have frequently stated as
their opinion that last years growth would
prove to be fourteen TO fifteen million bale,.
Counting round bales as half hale- the report
shows Il. 3.co3. 10 bales einncd. A. l1&At,0oo
bales have already been marx kesed the amount
yet to come In sight from last yelr's growth
is about 7So, 600 balc'. Az a larec part Of tlA,
has already been cold and - smone The stocks
at the uDcounted interior towns, the cotton
now remaining In the h1nd, Of fsrmen Lsa
nero bagatelle. Tho only cotton that can
weigh upon tho market from nov on h that
which coma, from the growth OF this saason.
The census report Is certain to cause Q
strengthening of the bullish sentiment, To-
ssmuch - the supply With which ths world
has to deal Is from 10000 to i,o)o.oO halss
leas than conservative authorities thought Il
would be-
Tho sto"k market u waiting for news tron
'while an bullish on the MARKET says
one broker. Il confess that the market balls
hard. Naturally there II . disposition to
wait to go vhst happens at PorBmouth,
and then thero u the idea that money b likely
10 work higher. But the buying Of stocks
has been OF the best character. and stocks
are In strong hands. never knew Q market
like this which did not eliminate In . public
speculation at higher prices. cannot
believe that tho banking people who accumu-
lated stocks during the spring and early
summer made . mistake. They were talk
than they arc now. and they knew, also.
that We might or might not have peace in
the Far East. An the conditions that en-
coura2ed the buying Of stocks some weeks
ago are more pronounced now
When investors become convinced that
railway earnings In the neIt year or two
will make now record figures they will bs
more ready to buy stocks which now seem
to be selling at high prices. railway stock
selling ct 1856. for example. looks high ss as
per cent. security. but investors will be will
ing to pay this price for it when they believe
that the road will continue to earn q surplus
for dividends Of 10 per cent. on the stock
A per cent. stock at us looh1 high, but In
veston viii buy 1t II they believe that II can
continue to earn three times the surplus
necessary to pay this dividend per cent.
industrial stock. which barely earned its
dividend . year ago. will look vsry cheap
around par when investors feel sure that
this dividend will not again be thrcatcned
The reason the public has not come into this
market In that 1t has not yet become con-
vinced that the prosperity on which stocks
have been bought BY banking people Is here
TO stay for o considerable period. Wall
Street interests have accumulated stocks on
their belief In the stability Of the present
large part OF the public which
Bpeculates In stocks will not become thor
oughly convinced Of the character Of this
untI1 Il aces II reflected In increased
railway and industrial earnings next year.