The Washington times., 1901-07-23
Government Bonds.

There was little attractive in the stock
! market yesterday, from the standpoint of
the bulls. except that prices did not go
off further. The opening was at material
declines from the closing prices OF last
week and until II O'Clock there was little
or no support and prices continued to de-
cline. At that hour the level was Tor the
most part as low as il was week ago on
Monday. one or two securities made even
lower prices than the previous break had
scored, among them Atchison common
and Missouri Pacific. During the later
hours of the day there was some support
by the large interests, some covering by
shorts, and as result fairly good re-
covery all around The market was dun,
however, and there seemed TO be little
disposition to advance prices. The NOV
ing factor in the situation undoubtedly
was the gravity of the conditions in the
corn belt. The reports yesterday were all
of the most discouraging character The
weather all over the corn belt was as not
as il has been at any time and there was
hardly thunder storm anywhere within
the corn radius. Railway officials reported
terrible damage to corn and also to oats
The Atchison people said that Kansas VIII
hardly have a 80 per cent crop. Experts
reduced their figures for the entire yield
from l. 1eO 0e0 900 to 100 000. 600 bushels, and
said moreover that every day from now
on will cut into even such reduced crop
There were few signs of rain for today.
The strike situation did not seem any
nearer settlement and this added to the
bearish feeling.
Other news for the most part was satis-
factory Money was easy, call loans being
made from 2Ik to per cent The bank
statement of last Saturday seems to in
dicate that no trouble need be feared from
this quarter, for the present at least
Another thing that the statement indi-
Gates very forcibly is that stocks are GO
ing into strong hands. The big decreases
in loans during the past two weeks snow
this. The people that are buying now nave
little need Of borrowed money, and, for
the most part. have borrowed this on
long time probably. Railway earnings re-
ports continue excellent Lines reporting
for the second week of July show an in
crease of more than II per cent. The out
look for the cotton crop is much better
and it is now said to be probable that the
yield will be a sufficiently good one to
make the South prosperous.
The outlook for the immediate market
still depends large on the corn crop pros
poets, but some careful people believe
that yesterdays low prices went far to-
ward discounting any likely damage to
the crop. These people were buyers of
stocks yesterday. Their numb'r will In
crease if prices go off any further. The
break has been large one and few rail-
ways will be affected directly by the short
crop. The general bad effect will be les
sened materially by the higher prices that
the farmers will obtain for their corn.
mean that the Atchison, and Union Pa
cific, and Burlington, and Rock island.
and Missouri Pacific Will haul less corn
and will therefore derive a smaller rev.
enue from their corn freight. But such
a small yield Will not mean that the
farmers will suffer a proportionate loss
of return. Corn yesterday sold at Chi
cago practically at co cents. II VIII be
seen that at this price. l,60J, 10000 bushels
would be worth much as 2 2l3O,Dyo,D9O
bushels at 45 cents bushel. 1t is we'll
nigh assured. too, that the wheat yield
will be tremendous and this will help out
not only the freights. but the farmers.
The demand for wheat in Europe will be
large from all estimates and the price
therefore high. There is no reason at
this time TO expect any great damage to
prosperity from the damage to the corn
crop.
The Haight G. Freese Company issue a
special letter on the crop situation, ex-
pressing the opinion that the bear market
has been overdone. Some of their agu-
ments are strong. They say:
The declines of the past week more
than discount the actual situation ad-
mitting all the calamitous reports to be
actually true As a rule, reports are al
ways alarmngly exaggerated in the zeal
business of the bears to break the mar
ket as far as possible in the pursuit of
speculative profits. Ten years ago the
destruction of a crop was far more seri-
Gus matter for the crop carrying rail-
ways, and the reason is as follows: In
those days the hauling of the crops COM
prised nearly 10 per cent OF the roads
traffic, while today the crop hau! does
not comprise % per cent.
THE upbuiiding of the country and it's
increase of population offer the roads
more diversified business. Today they are
IKE a great department store In which
one or two departments may not prove
a money making success, yet the possible
hundred odd other departments turned
into the concern would prove large profits
Ac M following wa
would call your attention TO the fact that
last year, with decimated crop along its
lines, Northern Pacific made for the year
the greatest earnings in its history and
steadily advanced from below 80 to above
rs without covering. A good many peo-
pie sold their Northern Pacific below So
while others went short, owing to crop
failure.
Farmers have considerable old corn
on hand, and with what they succeed in