The sun., 1903-06-22

favorable. A pronounced fall In tho price
Of wheat. which stock market spectators
rightly consider under certain circumstances
as bullish factor In their operations, must
not, therefore, be looked for. An ad-
vance In the price Of the wheat rather than
a decline. due to tho developing stren 9Th
OF the statistical position, Is more than
likely and should be hailed with JOY IN
Wall Street, for 1t means that our wheat
crop Of at least average size and quality
will sell at high prices. Broomhall, the
leading English authority on these matters
spoke thus the other day to an American
interviewer:
The crops Of Europe have come through 'ne
winter only moderately well. compared WIN ias.
season: the prospects are decidedly nfenor ou'
In comparison with the average pros-Tcts OF 'ne
preceding four or nve years one would not hhe '"
say that there Is much TO complain OF.
III were asked to give an estimate OF the wol'd
crop OF the season 1903 o. should place u aoou'
1850 900 900 bushels below that OF tho exceptohaiiy
large yield OF 1902 In this estimate am allowing
for crop TO be raised In America OF opo"V"
bushels upon which your people may DO con
graduated, as there seems every prospect OF 'neI
being able TO command as satisfactory pnce io'
1t as they did In the year 1891 when prices ranged'h
Chicago between IS cents and $i'l6.
The reflection seems inevitable. TOO,
that the dark days for the American farmer
ended for very many years to come about
five years ago. Evidence accumulates
constantly that the wheat-producng areas
OF the world are no longer increasing as
fast as are the needs Of consumers Of bread
stuffs. We have produced in this country
for years back one record wheat crop
after another. This, in former times,
. ,f Vrh
level which would have meant misery and
practical ruin for our agricultural popula-
ton. Now, in spite Of these enormous
crops the worlds supplies Of wheat are
down TO their minimum. Consumption has
overtaken production, and the result OF an
established high level of wheat prices Is
seen.
Securities Of the better class are now
selling at a price which makes their invest
ment yield about ~ per cent higher on
the avera ge than it was at this time last year.
This is a very large advance. There has
not been so favorable an opportunity to
invest money for many years. and 1t Is
hard to believe that the confidence OF our
people has been 30 shaken In the stability
of things financial and in the continuance
OF legitimate prosperity that they will not
take advantage OF this opportunity. 1t Is
not to be expected that the disquietude
OF the last few weeks can be cleared away
in q moment, or that a rapidly advancing
market will succeed one that has rapidly
declined Nature does not do things in that
way in Wall Street any more than it does
elsewhere What is undoubted is that
better feeling prevails in the minds of in
vestors and spectators, and that logically
it ought to increase instead OF lessen. Right
at the weeks end significant movement
occurred in the anthracite coal stocks.
section Of the market where stronger argu-
ments, perhaps, for strength and activity
can be adduced than in any other quarter.
The movement was led by Reading conf
mon, stock which passed into the stongest
hands on the recent decline.
DANIEL F. KELLOGG.