The Washington herald., 1909-07-13
WALL STREET NEWS
Stock Market Shows Further
Tendency to Rally.
BUYING OF GOOD" CHARACTER
Crop Prospects Excellent, which Is
the Chief Consideration - Rains
Throughout West Favorable for
Spring Wheat and COrn-ActEaI
surplus Reserve at a High Figure.

New York. July I2-The stock market
which was s--cli0ed 10 sag on Thursday
and Friday OF last week, but showed
some signs OF a rallying tendency on
Saturday, was to-day distinctly strong.
The market. too. was broader, interest
extending not merely TO two or three
prominent issues. but 10 practically all
'1he leading stocks on the list OF both
industrial and railway securities.
It was said by close observers of stock
exchange transaction that the buying in
tO-day's market was Of an exceptionally
good" character. not only of stocks, but
Of bonds. and that In good part I: rep
resented apparently investment pur-
chases delayed from the first OF the
month Presumably the strength Of to-
days market was caused by over sun
day consideration Of the general facts
of the present financial situation, which
are unquestionably such as 10 result in
optimistic views concerning the future
OF values,
Crop Prospects Good.
Occupying the principal place in these
consideration. is. Of course. the CROP
prospects. While there are chances that
the harvest may be injured before the
time comes for their final ingathering
yet the weight OF probability as 1t now
stands that fairly good crops will be
gathered IN all Instances, and bumper
crops in some instances with the tota
quantity OF the crops measured in
bushels larger than ever before known
The money value Of the years volume
Of farm products also promises TO be
much IN excess Of any previously known
Rains continued to-day in the shape
Of showers in different sections. accom-
lanied with a fair number of cyclones
Ind tOrnadOes with which people in the
:. Western part Of the country have been
accustomed. Il is realized. however. that
most Of the cOuntry's winter wheat crop
has been cut. 50 that the weather now
can do little more than delay thrashing
operations. and what is more important
Is that rains during the present month
will be favorable for spring wheat and
corn.
Plenty of Moisture.
August is the month as regards both
these staples when hot, dry weather If
due, and II is safe 10 say that when this
weather comes that even the crop ex-
.perts for the Chicago commission houses
who can put as bold face on things
as any one, will be slow in sending out
stories Of damage 10 the crop from lach
Of moisture.
Again to-day financial sentiment wa
helped by a proper amount OF thought
taking OF last Saturdays magnificent
bank statement, which placed the actua
surplus reserve at the highest figure, witt
but two exceptions. in the last ten years
Further encouragement was derived from
the fact that there is every promise tha'
the new tariff blu viii be passed within
little more than a fortnight's time, The
iDe3cations being that the ccnferees be
tween the Senate and the House on the
matter will have less difficulty in reach
Ing an agreement than has been com
monty supposed.
It seems to be also accepted as likely
\ that the tax on corporations provided foi
in the bin will be heavily reduced. and
that the additional tax on corporation
holding companies, as now provided for
Will be entirely eliminated
All reports regarding business In gen
eral that came 10 hand to-day in TIT
usual Monday summaries were Of highl!
welcome tenor.