The Washington times., 1901-07-24
Government Bonds.

Stimulated by the reports of rains and
expected rains in the corn belts the STOCK
market yesterday was much stronger
than for several days past. After an err
ratio opening well above the close on
Monday there was a decline and then
again a rally which carried the level from
two to five points above Mondays prices
in the grangers and from one to Two
points in other parts of the active list
During the afternoon the market was
fairly strong, closing with a good net
gain nearly everywhere. Dizziness ensued
during the last hour, but II did not re-
suit in a decline, as the bears were afraid
to venture short sales in view of the ex-
pectation OF good rains tonight and to-
morrow. The market continues 10 be
dominated by the weather reports
tmost entirely, with the qualification that
the professionals have insisted on read
lg these reports to suit their own ideas
# what the market should be largely. 1t
seems probable, for this reason. that the
downward movement OF prices may have
Soen too great, and that the market is
oversold." If the promises of rain in
he corn States are fulfilled there is an
excellent chance for good and sustained
-ally in prices, and it seems not likely
hat prices will go much lower in any
event.
The crop situation is q most interesting
one. The reports yesterday from official
to Just how much rain there has been
in the corp States, but some rain un-
doubtedly has fallen in all these States
and more vas hoped for at the Weather
look is better This was the cause OF the
break in the grain markets and of the ad-
vance in the stock market yesterday.
The drought in the corn belt has been
one of the worst the country ever expert
enced For more than a month there has
been almost no rain in the chief corn
States. and the temperature has remained
for days and weeks at time above
100 with advances at times and in
various places to much above that
level. The authorities, Government and
unofficial. have differed much in their
estimates of the damage done by the
drought. The monthly crop report. pub
lished on July 10, OF the condition on
July /. shows the corn crop to be injured
at that time. but not necessarily badly.
The condition was low, compared Win
better than the condition in 1894. the last
corn crop failure year. This report was
not well received bv the unofficial crop
experts. 1t was said by them that while
the figures might be correct for July 1.
they did not show any of the damage
done between that date and July TO- the
date of issue OF the report. The drought
in reality did not begin to do much ire
parable damage until after the beginning
Of the present month.
The recent unofficial estimates have
been that the crop will likely be cut to
600 go. 900, or at most Loo 10000. bushels.
The recent crops have been more than
z.OO 100000 bushels, and these estimates
are for total crop one-fifth short. Some
Of the more pessimistic reports have
placed the damage at even a greater fig
ure than this. These. however. are very
likely based on insufficient dispatches
from the worst affected States and sec
tions. There Is little doubt, even among
the most optimistic. that In some sections
there will not be more than 80 to 50 per
cent of crop The weekly report Of the
Weather Bureau yesterday afternoon
added little to what had been said al
ready.
Secretary Wilson. of the Agricultural
Department, has taken fairly cheerful
view of the situation from the first. He,
does not believe that the corn crop is
ruined. or anything like 1t. He says that
wheat and oats in the semi-arid region of
Western Kansas. Nebraska, and the Da-
kotas have suffered greatly, and that
there consequently will be reduced
yield of those commodities in that Sec
ton. But he stoutly maintains that the
shortness will not be nearly SO heavy as
IS being predicted by SPECTATORS. AS to
the corn yield, as before remarked, the
Secretary is not at all pessimistic. He re-
ceives daily reports by mail and wire from
trained agents Of the Agricultural De-
partment. who are traversing every agri-.
cultural State and closely studying condi-
tions. None of these reports, according
to the Secretary. tustifies the predictions
of wholesale crop failure in the West
farmers and traders and spectators at
the centres of distribution. In the month
ly report of the Agricultural Department
for July. which will be issued not earlier
| than August 10, Secretary Wilson believes
he viii be able to show that the situation
is not as bad 1t is being pictured at
present.
The Secretary is especially hopeful of
an average corn crop. He says IL will not
be a record breaker, or "a bumper" in
the parlance of the Agricultural Depart
ment, but that at this moment the pros
poets favor a fair average yield.
Little was reported yesterday aside from
the weather news Of interest to the stock
market. The steel strike situa ton is not
growing any better. and the arrest of
several workmen yesterday was regarded
as presaging possible trouble of a seri-
Gus kind The steel strike may soon
assume the position OF the matter of first
Importance in the stock market situation,
even outranking the corn crop news. If
this occurs il viii be because the strike
is growing worse and not better. The
street has not looked for any very seri-
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