Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-24
Stock Market Experts Found
They Had Been Misled
BY WESTERN REPORTS
CONDITIONS THAT OBTAINED IN
WALL STREET TODAY.
Openine Prices on Grain Market Re-
Elected Ideal Weather Situation
in the West.
Special Dispatch to The Star.

Special Dlspa tch to The Star.
NEW YORK. July 24.-The agricultural
experts I'm the stock market discovered this
morning that they had been misled by
their brethren In the Chicago wheat pit in
concluding toward the end of the last week
that the wheat crop had been ruined by the
rust; the labor experts discovered that
there was binding agreement between
the anthracite coal companies and their
operatives to wages running until next
April: and the experts upon diplomacy IN
their turn decided that the meeting be-
tween the car of Russia and the German
emperor might after all turn out to be a
step I'm the direction of peace instead cf
indicating that hostilities in the Russo-Jap
would he continued
The stock exchange dplomatists were
also somewhat disconnected by Premier
Balfour's announcement that the present
British cabinet did not consider that the
prevailing parliamentary situation war
ranted them In rcsgning their portfolios.
This left virtually nothing remaining of last
years category of evils aside from the
forthcoming investigation of the life insur
ance companies, the outturn of which, to
say the most. must be classified prob-
maticaL SO far as the grain crop situa-
ton was concerned todays advices told an
almost Numerically opposite story from
those which were purveyed for stock mar
ket consumption on Friday and Saturday.
IAPcCt Siop oColCos
Ideal weather conditions were reported
from the west. while 1t was further set
forth that the nImors of wholesale damage
from rust were enormously exaggerated.
many observers asserting that they could
find NJ traces of rust a all.
1t is highly probable that during the next
sixty days Wall street will be treated TO
more than one such crop scare as that
which was experienced on Saturday. What
ever may be in store in that direction. IL
can only be said that at the opening of
business In the grain market this morning
prices for the active wheat options dropped
from 3la cents to over ! cents bushel,
such declines being naturally followed by
rallies running to a considerable extent.
Corn was weak also, but on the other hand
cotton advanced sharply. possibly In con-
nection with the appearance of yellow
fever at New Orleans.
The last-named matter had little inf1u-
ence in the dealings in securities and, in
deed. private dispatches from New Orleans
affirmed that the fever situation there had
been grossly exaggerated.
Money on call and in It's other branches
ruled around last weeks figure. Sterling
exchange was dull and steady.
Sellers in Retreat
Aside from the noted revision OF Wall
streets views upon various matters there
was little to be said in connection with the
day course of prices. except that many of
%
last week decided to retreat from the posi-
ton they took then with as much dignity
and profit remained to them.
II was mainly because of the buying of
this sort that the mornings advances oc-
CURED These were in many cases quite ex-
tenSiVe, averaging in the more active rail-
way shares al the maximum fully l point.
Upon the completion of the covering of
short contracts the market became quite
duh. and. as might be expected. some of the
forenOOns advances were materially cur
tailed.
The most extensive gains then scored
were in Erie. New York Central, Illinois
Central St. Paul, Union Pacific Louisville
and Nashville and Reading
Price Movements
Price movements in the local traction and
industrials stocks followed the same gem
eral lines as those traversed by the railway
list
The United States Steel stocks were firm
ly held in advance of tomorrow's dividend
declaration and statement of earnings for
the ended quarter. Sugar refining ad-
NdnCeu and consolidated gas declined h