Daily capital journal. (Salem, Oregon) 1903-1919, 1905-08-18

AND CROPS
New York, Aug. 10, 1905.

during the week. AS anticipated, the
general market evinced distinct irregu-
larity, fluctuations, except in a num-
Der Of specialties, ruling moderately
active within comparatively narrow
ranges. At times there were evidences
of proft-taking by some of the larger
professional operators, who, however,
supported the market in other direc.
lions while selling their own accumula-
tions. But aside from this feature,
complete absence Of pressure continued
and some Of the high-grade investment
stocks made further spectacular prog
ress during the week, notably Lacka-
wanna, Delaware & Hudson and Jersey
Central. This class Of stocks, however,
have now little more than sentimental
connection with the speculative mar
ket; they are not themselves the sub
ieet Of operations for either account,
their floating supply, on the one hand,
being so limited that short operations
are recognized to be exceedingly dan
gerous. while, on the other hand, inn
mediate and prospective dividend dis
tributions seem so fully discounted by
current quotations they furnish slight
encouragement for operations for a
rise. This in turn is gradually eoneen.
trating speculative attention upon the
loweppriced stocks, particularly the
industriais and IL seems safe 30 assume
that in any actively that may develop
after the summer vacation period, the
industrial stocks will be particularly
prominent.
The governments monthly crop re-
port on Thursday fully confirmed an
ticipations; and the fact that IL ex-
erted no greater influence on prices is
readily explained by Wall Streets
almost invariable policy Of discounting
future events. Information-authentic
information-has been so generally
available, showing a brilliant grain
harvest outlook, that the character OF
the governments statement, If 1t were
TO influence the stock market at all,
must have been Disappointing. The re-
port shows that the country is to have
a bumper corn harvest and almost a
record-making yield Of wheat. The
corn yield interpreted into bushels by
the statisticians Of the grain exchanges
by a system of figuring that has in re-
cent years been remarkably accurate
when compared with final harvest re-
turns Mt the close Of the year, gives
promise Of 269s million bushels. The
highest record heretofore was that fur
nished by the census bureau as the
crop of ls99-2,66 100000 bushels.
The government itself furnishes 424,-
100000 bushels as its preliminary esti-
mate Of winter wheat yield, and the
, quantitativo Interpretation given the
spring wheat promise is 2s5,33l 600
bushels; together they indicate 709,'
3 1000 bushels as the total wheat
yield-an increase Of more than l57
million bushels over the 1904 harvest.
In connection with the favorable
crop promise the indications of an ac-
, tive foreign d~emand-some exporters
claiming evidences Of a foreign demand
equal 20 that Of our best export years
; ARE certainly An important factor in
the financial situation. American mil
d lers are taking new winter wheat and
u are contracting for new spring wheat
TO such an extent that shippers have
thus far been practically unable TO
name terms or give refusals to their
> foreign clients, who are showing much
= urgency. These indications Of demand
l. for American wheat mean much 10 the
l. American farmer. and through him 10
& the American manufactures and the
American transportation lines. FIX
D %porters are already offering above soc
for corn deliverable during the latter
half Of December, OF within Zoe Of the
spot price Of old corn, which is sup.
posed to be more or less under manipu.
%lation. Russian wheat and rye pros.
!, poets are so poor as a result Of long.
u continued drouth that Russian papers
. are already advising legislation to re
Z strict exports, while usually reliabl,
lauthorities state that corn in Rouma
mia and the entire Danubian valley Il
much below the average. In addition
ia. 10 bumper crops, therefore, we ar,
ny reasonably assured of a good foreigl
X. demand and in turn continued salts