The Washington herald., 1909-06-14

ture Of Foreign IrRde-fear'A Hnr-
vests Are of Irregular Character.
New York. June Rat certain times
last week. although more particularly IN
the fore part OF the week. the stock mar
ket seemed 70 be taking on a more two
sided character than that which il has
recently shown. despite the fact that il
continued as a whole very strong. or
course. considered absolutely. the stock
market is always twO-sided- Both the
man who sells stock and the man who
buys IL presumably act from motives OF
reason and intelligence, and the consider
ations actuating each party 10 the con
tract ought 20 be fairly studied by both
There are times. however. IN a security
market when there is such strong weight
OF favorable or UnfavOrable conditions.
as the case may be. that prices tend
definitely either in an upward or a down
ward direction, and a great buying or sell
ing movement is obviously "on." There
are times again when questions regarding
the future OF values are more nearly bal
anced. and. as concerns affairs at present
a season Is now approaching when mat
ters viii be finally determined having an
Important influence upon both the future
OF the stock market and general business
prosperity.
These matters are the extent and value
OF the years harvest. and the more frreg-
ular character thar the market hss re-
Gently been exhibiting has been doubtless
caused By an underlying feeling OF op-
tirnlsm IN the minds Of people on the one
hand. due 20 forces 10 which II Is need
less 70 re9er. and tha presence OF a hest
taung attitude on the other. resulting
from desire 70 tread carefully IN a spec
ulative way until the crop prospect Is
more clearly outlined. We have a decided
stake in the present season ia the ouaI-
ity and quantity OF that which comes o-,t
or the ground and during the next six
weeks the stock market must look out
Tor the chapter OF agricultural accidents.
Improvement ia Steel.
Meanwhile the striking feature OF the
stock market and the country's business
relations continues 10 bs the grear i'm
provement IN the iron and steel business
and the strength OF the United States
steel shares, chiefly Of the common stock
or the corporation. The substantial rea-
sons aetaa;ing the advance IN Steel stocks
are as powerful as ever. and may Justly
be expected 10 bring about a large fur
ther rise The stocks have risen not
because OF their present interest return.
or even on account OF near prospect
Of dividend increase. but because Wan
street came 10 realize that stocks were
selling below their intrinsic value. as
judged by a fair even II belated. estima-
ton OF their equities
To a considerable extent q judgment OF
this sort has been and is true OF our
railway and Industrial properties as
whole. but IN no other Instance has IL
been so true as IN tn case OF the United
States Steel Corpora me Steel Cor
poration has emerge =vsr lendent from
the 1871 panic, and the iron and steel
business OF the country IS now plainly on
the way 20 q season % even greater &C
tivity than was Witnessed q few years
since
There were 10 great developments n
financial affairs last week The govern
ment's crop report. published on Wednes-
day. did not have much eject. either f.
the grain or stock market. even 4 II
attested, or presumed 20, that winter
wheat had not improved as much as IN
the last month as had been supposed. and
that the area planted 10 spring wheat
had not been increased as much as pri-
vate calculators had made out II win be
the July and August crop reports 10
which real interest viii attach Mean
while salutary break has occurred in
the price OF the nearby wheat options. /
owing 10 The obvious approach Of the
time when new wheat viii begin 70 come
into the market. and Il seems 10 most
observers hereabouts as II the corn op-
tons were quoted very high IN view OF
the prospects for a large crop Of that
staple.
Tariff Debate Ignored.
The tariff debate IN Congress was. as II
has been for a long time past. only in the
smallest degree OF financial influence. The
report OF the Copper Producers Associa- {
ton Tor the month OF May showed. as had I
been anticipated. that a decrease in stocks /
had occurred during that period. The I
governments statement OF our exports OF I
domestic products In the month OF Nay 4
showed that the total thereof. although /
smaller than that for April. was larger !
han In May OF last year. This has been \
he first time since last September that /
he volume OF any months exports has 4
increased as compared with the CORE 4
iponding month IN the year preceding.
The most prominent aspect Of our for
aign trade OF late has been. as ali viii /
the enlargement % our i'm
ports. and Il will be surprising II the \
'recedents set in former years. and 20 /
which attention has been frequently /
iraWn, in this column. do not again hold 4
rue, that a great increase in imports is /
Usually caused VITA US by preparations
made by manufacturers for expanding
business later on.
As regards our exports Just now. their
quantity IS greatly helped by a large out
yard movement OF cotton. This increased
n May more than 100000. and far more
han onset the falling on in shipments OF
oreadstufEs. There were last week some
signs that the money situation was work
ng closer. Cau money was lust a shade
higher, and time money was quoted a lit \
le more firmly. but there IS still no rea-
'on TO change the prediction that. practi-
ally speaking. money VIII be very easy
With Is until at least the fall OF the
ear
OIL KING AT FUNERAL.