The Washington herald., 1909-06-29
WALL STREET NEWS
Hot Weather Chiefly Respon.
sible for Market TOrpOr.
DULLNESS OF HOLIDAY WEEK
onietins Down Is Accompanied by
confidence, Rather Than by Ap-
PrehensiOn - Wheat Crop Better
Than Predicted Before Harvesting
besan-EurOpean Quotations Lower

New York, June 2S.-Wall street appear
ed 10 be settling down to-day very re-
slgnedly 10 the waiting attitude usually
maintained for some time previous 10 The
definite unfolding OF the midsummer croy
situation and the general do nothing
state into which It often passes IN the
week OF the Fourth OF July holidays. The
holiday this year comes not exactly n
the present week. but the business period
IS. OF course. shortened by the three
days suspension OF work after Friday
The hot weather undoubtedly played
part IN tO-days' market report. It was
nevertheless, clear that the quIeting down
Of the market was accompanied by con-
ndence rather than by apprehension.
It is true that no one can yet say posi-
lively that the years crops are going TO
turn out well. but it is also plain that
the agricultural season. already well IN
der way. carries with II an auspicious
promise so far as it has gone.
slump I'm Grain Prices.
A slump occurred to-day IN tie price
OF wheat and corn and the general grain
market, caused by a failure Of the for
eign markets to renew the quick ad-
vance OF last week that had its origin
IN dismal reports OF the crop outlook in
Argentina and Germany. This left spec
ulators for the rise in grain 70 develop
what ammunition they could for their
purposes out OF home news and the sup
ply here proved 10 be altogether ade-
Quate-
In fact al the grain markets to-day
were filed with news upon the crop
staples Of the most bearish description.
From the Western and Southwestern sec
tons. where the winter wheat harvest IS
well under way-it being stated that the
harvest viii be completed this week in
the neighborhood OF Wichita, Kans.-
came q rush of news 70 the effect that
winter wheat was turning out in every
locality much better than had been ex-
pected- The heads Of the plant are "hill-
ing OUT IN a surprising way and the
general prospect is for a yield very con-
siderably larger than that commonly es-
timated a few weeks ago.
Bigger Crop Than Expected.
An even more encouraging state OF az
fairs was reported from the spring wheat
and corn territory. leading enthusiasts
sS IC6dLuS CDlLAuOllo OF the latter crop
10 declare that If conditions like those
now revealing themselves IN Kansas OBJ
tain In other quarters a 100000 bushel
crop this year is among the possibilities.
On all the European stock exchanges
to-day the tendency IN prices was Slight
ly downward. due 20 the financial liQ-
uldation incident 70 the Paris monthly
settlement. and the various other set
Elements weekly and semi-annual, that
are now In progress abroad. In London
to-day two OF three small failures were
reported, ana the outlook seems 10 be
for slow and more OF less disturbed
stock markets in Europe until these
settlements are over. Such a time Is. OF
course, only a few days of.
With the local market the trend Of
prices throughout the day. in spite of the
dribbIing amount or foreign selling that
occurred, was distinctly upward. There
was an entire absence OF pressure 10
sell stocks. and. as the fall IN the grain
markets was regarded as the most i'm
portant factor OF the moment, mod
crate amount OF buying Of stocks was
encouraged