The Washington times., 1901-08-11

The movements of the stock market dur
ing the past week nave been much less
important than the news that has caused
them. The expectation of the Govern
ment crop report, the most important of
the year, if not of the last decade, has
hung over the market heavily. The dec
laration Of the general strike first. and
later the expectation of its being carried
into effect have been curb to all opera
tons, unless for lower prices. Despite
these matters of extreme moment the
four days of the week prices advanced
During the last two days there was
recession in which the early gains were
lost in most cases Neither movement
was important or large Both were the
result of professional operations almost
entirely. And the conclusion to be drawn
from this is that the public is not in the
market: that ii has sold out; that the in
siderS and important people generally
hold stocks; that there is little floating
stock, and that the big interests do not
time. If the public had been in the re-
cent market there would have been a
great dumping out of stocks during the
past two weeks. If the insiders had wish
ed lower range of prices they would
not have supported the market every
time il had decline or a point or so
If, on the other hand, there had been any
desire for boom the very creditable adj
vance made by the professionals in the
early part of the week would not have
been checked by the insiders.
The outlook is not bad one 1t seems
possible if not probable now that there
Will be decline at the opening tomorrow
morning. This viii be well-nigh assured
If the strike order of President Shaffer Is
obeyed very generally. The Government
crop report is not q good one. though it
might well be worse. The bank statement
yesterday was poor showing. on the
surface at least These matters may very
well cause a further slump at the opening
of business, but after that there is a
very good chance of reaction and
movement toward better prices The
the effect Of the strike and the short corn
crop have been very fully discounted
This being the situation. it is not to be
supposed that the insiders will sell stocks,
and they are the only people that have
any to sell.
The crop report shows the condition of
corn on August ] "a, fully as bad a
percentage as had been expected and a
little worse than some people had looked
for. There was decline in condition
during July of q points, and on August l
1t WAS 1875 points lower than at the same
date last year, 35.9 points below the aver
age on August !, 1893, and 356 points be-
low the mean averages of the past ten
years. 1t is, of course. impossible TO
make accurate figures as to the probable
crop from this condition. but an estimate
may be made of between 1900. 900, 900 and
]. 400 900. 600 bushels.
Since August / there have been much
needed rains. which have helped the out
look wonderfully, and it seems probable
that the yield finally may be nearer
] 800 900. 600 bushels. The spring wheat
condition figure is all that was expected,
SOB. This is 23.9 points higher than the
figure at the same date last year and
only IL points lower than the mean of
August averages for the past ten years.
1t will be seen that with average
wheat yield and a very large winter
wheat crop the total crop will be well in
IA flas Nraf 40 he or
the Western farmers and for the railways
is not a gloomy one. The farmers will
have enough corn for feeding purposes.
In the sections where the early corn was
badly damaged they are planting turn!ps
and other crops for fodder. The wheat
yield Will be bountiful and II will not
have to be fed to cattle and hogs. but Will
be sold at high prices. Corn prices, too,
will be high. The returns on this years
crops will be good, and with the money
remaining from the bountiful crops of
the past two or three years the farmers
will have quite as much as usual to
spend. The railways will do a big and