The Washington herald., 1909-07-09
WALL STREET NEWS
Crop Report Has Little Ell
feet on Market.
LARGEST ACREAGE OF CORN
Publication OF Figures Causes an Ad-
vance in Price OF Nearby Grain
OPtiOns-Strength OF Grain Ex-
change Helped by News of Floods
IN West-wheat supply Small.

New York. July S.-Habitual traders IN
|, stock regarded it as an almost foregone
conclusion to-day that the security mar
ket would, the day through, experience
fair II not a considerable react1ozA
The market has risen every das with
one exception. since Monday a week ago.
and although the rise in prices IN this
period has not been great, !t has stlII
been sufficient to invite the usual amount
Of selling by spectators in such a mar
row market as at present admittedly ex-
fists
Anticipation had been general that the
governments July crop report, due to be
published at 2 o'clock this afternoon.
would be Of extremely favorable charac-
Ter, and although there were held to be
no reasons for thinking that these ex-
pectauons would be In any way disap-
pointed, It was yet obvious that the ac-
tual announcement OF good news would
induce large number OF resltzlng sales
by those whose daily occupation it is to
buy and sell stocks
Heavy from Outset.
Therefore, to-day the market was heavy
1rom the outset. and the government
crop report when It appeared. seemed
70 change the aspect OF the dealings but
little.
The report itself simply fuIhrled every
reasonably optimistic belief previously
entertained concerning it The condition
OF winter wheat was placed at s24 as
against So7 on June /. and sos last year.
indicating a yield OF the staple Of 4O9.7O4.-
0oO bushels. as against SOs,o00o0O indicated
last month.
The spring wheat condition showed q
slight falling OF for the month. declining
from So to s27.
The total crop prospect for wheat is
thus 663,50o,Ooo bushels or about the same
as last years harvest The most in
portant part OF the report was. Of course.
that as regards corn The present con-
diuon OF the years crop is placed at Ss.3
as compared with S2-3 last month and
S0.2 on July last year.
With the largest acreage planted 10
corn ever known 109O06,0OO acres. the
prophecy Is for a crop OF 316 ia O.0
bushels. The largest quantity OF corn
ever gathered IN the country heretofore
was IN 1906, when the harvest was ASH /
100000 bushels.
Figures Caused Advance.
The publication Of these figures caused
an advance to-day IN the price OF nearby /
grain options not so much because they
had been discontinued in a decided fan I
in these contracts in the last ten days. as 4
because they were accompanied by gov
ernment estimates OF the amount Of
wheat remaining IN farmers hands on
July OF only 15.062.O0O bushels compared
with s3,7s7ooO bushels on July /. 1905. and
54,S43,O00 on July l. 1907.
The existing supply OF last years
wheat Is. in other words. but little more
than 2 per cent OF the crop. Manifesuy
the Spectators for the rise IN the op-
ton calling for the delivery OF the staple /
in the present month does not have 70 \
fear that he VIII be overwhelmed with /
offerings from the farmers bins; and 4
something Of the same condition undoubt- 4
edly applies IN the case OF corn. The /
strength OF the grain market was helped 4
naturally by the news OF foods In tho /
West