The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-12

great volume they have sufficiently es-
tablished the impression, in the minds of
the bears, that it is dangerous to take on
large line Of shorts. II might prove
very expensive to attempt to cover them
at later date. The public is still in a
111y apathetic state; IL it were Lot, We
should sec prices considerably above pres
emit planes; but without public support it
is impossible to establish a particularly
active market.
London and the European markets are
showing little interest in the international
securities. The state of the money mar
.yets abroad does not encourage extensive
SPECULATIVE ventures. AS matter of fact,
tie American public is in very much bet
Ger share to buy speculative securities
than Is the public of the Continent and
Great Britain. Money rates are so high
there. considering general commercial
conditions, that it is rather more remuner-
ati5e than The secure stocks. II is doubt
full if conditions in this quarter will i'm
prove this fall. The balance of trade is
so largely in favor of the United States
that the syndicate which purchased 60
PEI cent of the recent British exchequer
loan is having great difficulty in exporting
gold without loss. Notwithstanding the
Bank of England offered to pay interest in
transit, the syndicate with all of their
facilities, have only been able TO send out
in the neighborhood of s., 100000. and there
is some talk Of their not being able to send
out ten millions altogether, and the re-
mainder will have to be provided for
through the medium of exchange. All of
this, Of course, is very encouraging, and
Will eventually result in very much better
sentiment in the public mind; but until
the Chinese situation clears itself and the
campaign, as We have said before, shapes
itself more definitely, it viii be almost i'm
possible to induce the public to return to
speculation.
I'm the mean time, however, we think
all substantial stocks are purchases
arou,d present levels. We think the ten
dency of the market is to slightly higher
prices in the next ten days
The monthly crop report was somewhat
OF surprise. There had been much talk
during the week of the probability Of a
poor showing, and the figures given out by
the Agricultural Department were good,
comparatively speaking. The average con-
dition OF corn on August l was SIS, show
ing decline of only "a points for the
month in spite of all the talk of crop
ruin INDUCED in during the month. The
condition figures are 0.5 points higher than
on August l, 1899 and 1.3 points higher
than on August l, 1898. The spring wheat
hdS oo.t Ut LIZ pOlulS IMAM
on July l.
Statistician Brown, of the New York
Produce Exchange, estimates that on the
basis OF the showing made by the Gov
ernment's report, the indicated total har-
vest Of wheat was 513, 997, 600 bushels, COM
pared with an indicated crop by last
months Government report of SIC, 356, 600
bushels a.id actual harvest last year
of SAT .30S $40 bushels. There was no re-
port this month upon winter. wheat's con-
dition, as the crop has BEEN practically
harvested, but on the basis of the spring I
wheat returns the Indicated spring wheat
crop is 1s0, 230,0 600 bushels, compared with
lie, 5S9, goo a month ago. and $50. 624 ,266, |
last years actual harvest. The indicated |
yield Of corn is 2 100, 100, 600 bushes against
2,240, 770, eco. the indicated crop by last |
months report, and 2.07s ,143, 1888, the actual |
harvest last year. Both wheat and corn |
went of in price yesterday as result of |
the report figures.