The times., 1899-08-12

New York, Aug. 11.-speculation in the
stock market halted little today in COM
parison with the trading earlier in the
week, and the recession both in prices and
activity were more pronounced in the
standard railway issues. The industrial
quarter, on the other hand, continued ac-
tive, and in the main very firm, manipu-
lation being very pronounced and at least
temporarily effective in a number of in
stances. The hesitation in the standard
stocks appeared to be chiefly due both to
the degree Of disappointment felt in re-
gard TO the Governments crop report and
10 some misgivings as 10 whether or not
tomorrow's bank statement would follow
the hopeful .anticipations OF the week.
At least professional speculative senti-
ment was also more or less discouraged by
the pessimistic utterances Of leading
operator, who in a published statement as
serted that the money market situation
and the general level OF prices made him
unwilling to assume any large commit
ments on the long side of the account
That this expression Of individual opinion
should have been accounted an actual
factor in the course of prices only serves
TO indicate the professional character OF
the days trading. As a matter OF TACT,
the money market continued easy and the
remainder Of the days circumstances, in
cluding the traffic returns submitted for
various periods, were all alike encour-
aging.
The Government report on wheat is, on
its face q good deal Of disappointment
The sG-calied condition, or proportion, OF
the crop in the whole territory, which gives
promise OF successful cultivation, has fallen
of per cent since the 1st Of July. This Is
a worse showing than has been made for
any similar period since the exceptionally
severe crop season of 1896. In that year
the August condition was lowered 10 less
than Il per cent, but, on the other hand,
in 1887 there was shrinkage of only 4-5,
while ia 1885 the banner year for wheat,
the spring crop estimate was actually
marked up during July from 95 to 500
per cent. The remarkably high figure for
last year, comparing with percentage of
only $50 now, indicates, according TO the
calculations of a local authority, a decline
in spring wheat production of 5000. 600
bushels With the reduction of the winter
wheat yield this leaves something like
lze coo 600 bushels in the total Of the new
crop below the final aggregate of 1898
This result, however, must be accepted
for the present only under strong protest.
The Government experts have still TO make
lnelr CUSTOMARY REVISION OF TIE wheat dciS-
age, and most people will not have forgot
ten that similar re-inyestigation last
autumn led TO an increase of fully Se,ooo,0e0
bushels in the final January computation
over the provision estimate issued in Sep
tember. Indeed, when current returns are
compared with the official predictions Of
August !, 1898, the indicated wheat pro-
duction foots up only 10000, 600 bushels
less, and against this must be set the old
wheat in farmers hands. which the Gov
eminent estimates of last month showed
TO be e. .oeo, coo larger than year ago.
Evidently, then, there are two sides TO
the discussion which the Government pub
licstion on wheat viii set on foot. But in
any reckoning of railway traffic. the point
of first importance now is that are
promised a record yield OF corn, with such
an enormous increase over last year that
even allowing for the smaller remuneration
as an article of tonnage, ii offers a pretty
full compensation in railway earnings for
even the most extreme deficiency now
claimed for wheat. Today's figures are in
terpreted as meaning for corn an increase
OF nearly 300. 600. 600 bushels over the ac-
tuzl yield OF 1888.