The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-28


The important people have the stocks
and the public have very small holdings.
The important people presumably wish to
sell out a portion at least of their hold
ngs. With the strike apparently near its
end, with railway earnings not only not
showing any decrease, but on the con-
trary larger than ever before, with the
late crop news much better than that of
a month ago. with the public becoming
interested in the market for the first
time in several weeks, 1t would seem
good time for the insiders TO carry the
rally forward.
As has been stated by more than one
authority the financial situation is really
the only beari5h item in the outlook. As
yet money is easy and the banks are In
fair circumstances, few weeks from
now it seems reasonably certain that they
will not have much money and that
money rates will be higher. The ques-
ton is whether the financial situation
should prevent prices going any higher
now in August, and it would seem not.
1t is probably 1afe to infer that at some
time during TIE autumn there will be
cessation in the boom and perhaps even
a slump in prices before the winter
activity in speculation. 1t may be point
ed out that the bank statement this week
is likely to be a poor one. 1t is said
that the movement of money to the inter-
Tor is beginning in an important way.
The Increase of speculation on the other
hand will increase the loan account in all
probability, and thus increase the requir-
ed reserve. But one bank statement need
nave no effect whatever on the market
II the insiders want to force higher prices
for the present.
The weekly crop bulletin of the Wealth
er Bureau was in the main a most salts
factory document, especially with regard
to corn and wheat The cotton crop does
not lock so well to the Weather Bureau
experts. The following are the para
graphs relating to these three crops:
Continued improvement in the condi-
ton of the late corn is generally reported
from the principal corn growing states.
Reports indicate that late corn in Iowa
has made rapid progress, and that the
ears are filling beyond previous expccta-
tons; it shows some Improvement in
most localities in Nebraska; has i'm
proved in eastern and middle Kansas.
and in western and southeastern Missou-
ri; elsewhere in the last named State the
crop is deteriorating and much complaint
is received Of ears not filling well. In the
States OF the Ohio Valley the prospects for
late corn arc decidedly improved. in some
sections tields previously reported beyond
recovery Will be reclaimed and the indi-
cations are that the prospective yield viii
be largely increased. Cutting has begun
In portions of Minnesota and Wisconsin.
Spring wheat harvest is practically fin-
ished in all sections, although retarded
some by rain in South Dakota and Mime
sofa. Thrashing is general and the yields
are, as rule, satisfactory. except in
low expectations.
THE weather OF the week has been
generally unfavorable for cotton. Com
plants of shedding and rusting are gen.
eral throughout the ertire cotton belt
except in Missouri and Oklahoma but in
Oklahoma the crop has been somewhat
damaged by hot, dry weather; some raw
orable reports are, however, received
from Tennessee, Arkansas, and Louisi-
ana. Cotton is backward and in poor
condition In Texas. although the late has
improved where rain fell; it is opening
quite rapidly in portions of Georgia and
Alabama, and picking is in progress in
those States as well in many localities
In the western portion OF the cotton re-
gion.
There will be a meeting of the Union
Pacific directors today and IL Is under
stood that both J. p Morgan and w X
Vanderbilt will be elected to the board
Other developments of Importance are
limited at as possible There was a tip in
the street yesterday that Union Pacific
would be advanced sharply several points
in the near future. Such may be the
programme of the insiders. but it was not