The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1905-07-31
EXAGGERATED ARE
DAMAGE REPORTS
HENRY cLEws SAYS WHEAT
CROP HAS NOT SUFFERED AS
a WHOLE - PEACE CONFER.
ENcE A FAVORABLE INFLu-
ENcE.
Special 10 the Bulletin.

New York, July 30.-As anticipate ed,
the crops have furnished an import
ant part of the incentive for Stock
Exchange fluctuations; and they may
be depended upon 10 continue a prime
influence during the next few weeks.
If all the reports Of damage 10 spring /
wheat by black rust had substantial |
foundation, millers would have before
them a season of short supplies Of Am |
erican wheat and w9uld be looking /
forward to importing Manitoba wheat |
for mixing with the low grades of the
American article. But, as is usual at
this season, the damage is shown to |
have been very greatly exaggerated, |
the Weather Bureau indicating that
such damage that has taken place is
very largely local and has not mater
tally mctlified harvest prospects as a
whole. Meanwhile, winter wheat has
/ been gathered and the thrasning Is
showing excellent results; and 50 far
as corn is concerned the weather has
been ideal and the prospects still favor
one OF the largest harvests, If net the
largest, this country has ever produc
ed Some bankers with extensive con
Injections throughout the corn belt are
even predicting $1,000 million bushels;
and should present conditions cen.
tinue for about five weeks there is no
doubt but what We shall have a bump
ter crop This would prolong the pros
Eperity Of the country fer the coming
u year at least Corn Is King of crops
In the country now and everybody In
business is banking upon II being !
freconl breaker. Should they be dis
Eappointea Il setback in all channels Of
business viii result. 1t usually proves
1.-THE part of wisdom to accept nnoifi.
clal crop damage reports with much
. allowance, fer the reason that in many
2 instances they are tile work of agents
! of speculative intereats and reach the
public only after such speculative In
Z terests have had ample opportunity To
discount the effect of their publication;
= AS has been repeatedly stated iii
these advices, the grain growing area
Of this country IS so tremendous that
Y crop damage in particular sections
may be extreme may. in fact, be well
substantiatedw without measurably af
/ feeting the final result. Cotton crop
q prospects are perhaps not quite *
= brilliant as could be desired, but they
: are far from discouraging The gov
5 fernment bureau this week metlifeG
the estimate Of acreage II promUl
: gated early in June and instead d
4 showing a decrease Of but LA pei
A cent in the area, a reduction of IA
h per cent is now Indicated from tht
b acreage planted year ago. This
a however, is a change thar has beer
D freely expected in that the June fig
O. ures are now officially declared TX
3 have been dishonest and were no
q borne ont By other authorities at tht
g time they were published. Tie dispo
o siticn among some interests operating
y for higher prices In Gotten, however
p was to look for a decrease In TIL,
q acreage exceeding that just reported
v Ion the ground that the Southern Coz
y Ton Growers Association, which wa
Y largely instrumental I'M securing TIA
Y Exposure Of the Agricultural Bureau
Y methods had collected data indicatin
Y lthat reduction exceeding fS per cen
Y lii the area planted had resulted fror
z their own agitation for 25 per cer
x Ircstriction in planting III a movemef
K Ito secure continuance Of high price
x Taking d bread view Of the agricu
W
K remains favorable from a stock ma
x Iket standpoint. Fhe seasonable 7
* ports of crop setbacks must still
* Awaited, ami promise TO provide d fiji
a tuating markell good traders ma
"A ket--within a comparatively restricts
~ range until the crops are well q
Il out Of danger. Speculation appears
be converging 10 noticeable degr
me- upon the lower priced stocks; q
seems quite reasonable In view of u
high prices which the high grade
,us vestment securities have attained a.
'lh which arc 50 well held that they ha
M materially narrowed the floating 81
rs ply Of securities Oh the market.
49, view of this feeling Of optimi'
- seems To be increasing In regard to I
= w lower grades Of stocks, and has for
Xxx basis the generally favorable techni'
W lsituation and the disposition of |
J. ,H large financial interests to take 4 &
NJ orable view Gf future earnings, as {
" denced BY the recent increases In al
M dend distributions ana the placing
% Erie second preferred, for instance,
nm 4 per cont basis The diyidcml
~ tion la regard TO Erie had quite si
D nlating effect on general scntlm
and was aided by the continued fay
able situation In the great iron /
steel industry ais reflected by the
IN. tive demand for steel rails ana str
wv tnrnl materials. The activity ana (
--- fideuce noted last week III this dil
:.==-sss tiOn continnc uninterrupted exc
Wtbat manufacturers are showing IN
7 w conservatism III their purchases of
X iron and are evidently determined
= w II permit business prospects To
marrcd wv illconsidered spcrulat
s.4x ~ AZ