Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-06-13
RESUME OF WALL STREET
By Henry CleWs.


Special to Evening Teller.
NEW YORK, June 13.-Stock mar
ket conditions are still somewhat con-
Trajectory. The very low prices at
which many good dividend payers are
selling should attract good investment
buying, if not more or less extensive
speculative purchases. But partly
from lack of confidence, and partly
owing to the relative scarcity OF CAPT
tai, there has been no large demand
for railroad securities All fresh sup
plies of available capital during the
last SIX months have been rapidly alb
sorbed by the new short-term railroad
notes. As is well known, these issues
millions, the high rate OF interest
which they offer and the unusual de-
gree of safety giving them a prefer
ence over most other investments at
a time when more or less doubt has
entered into the general situation.
Let us briefly consider some of the
elements which are interfering with
the revival of confidence. Chief among
these must be included the crop situa-
ton. Our weather has got upon the
average business mans nerves, and
with much reason. The season is from
two to three weeks backward; and
temperature has been below the nor
NAL while rainfall was above the nor
NAL The result is an unusual degree
of uncertainty regarding the next har
vest.
Wheat Late but Not Short.
1t does not appear, however, that the
wheat crop, which last year was val
ued at $490,00o,00o, has been badly in
1ured This important crop is late,
yet conditions is generally good, and
the most reliable reports seem to indi-
cate that with reasonably fair wealth
er during the balance Of the growing
season an average crop may be ant!ci-
pated. There is really no reason at
present for anticipating any real scar
city of wheat in the United States or
Canada. The shortage, If any, will be
in Europe; contingency that will
cause a good foreign demand for our
surplus at relatively high prices. This
insures a profitable wheat crop to the
American and Canadian farmers, and
should check all present anxiety on
that account. With regard to corn, the
situation is somewhat different Last
year this crop was waved at $1,167,-
100000. Planting has been much de-
layed. and many fields have had to be
resown. Experience has proved. how
ever, that corn can be sown as late as
June 10 and a good crop assured by
S ,ptemb~ 49, under ordinary weather
conditions 1t IS thus quite premature
to be over-anxious about the corn
crop.
Cotton Shows Decrease.
The cotton crop, however, which last
year was valued at $640,000,0O0 and is
the crop of second Importance, is I'M
questionably in an unsatisfactory. II
not precarious, condition. The June
government report gave the condition
at 7O.5, compared with a 10-year aver
age of S3.6 per cent. This is an exceed
ingly poor outlook, especially in view
the very small increase in acreage, and
threatens a probable reduction in tn,
yield While good prices may some
what compensate the farmer. rea
scarcity of cotton would be nothint
short of calamity to the textile in
terests of the United States and otheI
parts of the world, since these indus
tries are almost entirely dependen
upon the United States for their sup
ply of this staple. Nevertheless, goo
weather from now on might give u
fully an average crop. The hay croI
which ranks next to cotton, Is in GOO
condition. Other grains-oats an
barley-and the fruit crops, are, Q
course backward, but their prospect
have not been much injured by tn
prevailing unfavorable weather ex
cept in certain localities. Such cor
ditions have impaired a very caution
feeling amongst business men, fN tn
I
reason that any disaster to the Gro
would unquestionably cause a yer
decided setback to business.
Trade Reflects Backward Season.
Some branches of the retail sdr
goods trade have suffered material
from the backward season. Moreove
the feeling spreads that business hs
reached the top notch and that re
action is inevitable. A few industrie
like the iron and cotton trades, are sti
enjoying great activity, outside
these there is evidence that reactio
has begun. At the same time it
altogether too soon to take discourse
ing views of the crop situation, esp
cially as our farmers are sure OF s.
| o,,riro, vary profitahla rficeS 1t Q