The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1909-07-12
WEEKLY REVIEW
BY HENRY CLEWS

in quality than at one time anticipated
Corn was reported Go points better
than last year and As points better
than the ten year average. Winter
wheat was is points better than a
year ago and 2.S points above the ten
year average, while spring wheat was
20 points higher than last year and
1.5 points above the ten year aver
! age. We are also sure of a big hay
crop and a good oats crop. Prices of
all farm products are very high. In
view of the prospects of a good har-
vest, it is possible that some recess
sions may be expected during the next
few months, but since no great sur
plus is in sight, it is quite certain that
the farmers, as a class, will enjoy
another very profitable year. Last
year the value of agricultural products
was estimated by the department of
agriculture at $7,77s,OOO,OOO. In view
of the larger yield this year and bet
ter prices, it seems fair to assume that
our farmers will this year realize fully
$4,000, 100000 of new wealth, a sum
so huge as to almost defy comprehen-
sion. This fact goes far towards ex-
planning the undertone of strength of
the stock market.
There have been no important fluc.
tuations in the security markets dur
ing the past week, and prices have at
times shown considerable strength,
especially in the Pacific and coal
stocks. Apparently the large holders
had stopped distributing stocks;
whether because they found the mar
ket would not absorb amounts or
whether because they found the mar
ket would not absorb further amounts
or whether because they feared they |
would be unable to repurchase at a |
lower level remains to be seen. AL |
though the present price level is ex-
ceedingly high. with conditions so ia
vorable in many respects, 1t is I'M
reasonable to anticipate any pro-
reaction for the present at \
least Bears are practically an un-
known element in the stock market
lust now, and the bulls apparently lack
bold leadership. The prevailing dis
position is to wait. Another element
II support to the market is the fact
hat our leading bankers have i'm
)ortant deals to finance during the
lext two months; there has already
,een very considerable issue of new
securities, and further large sums
must be expected. Under such circum-
stances the banking community is
disposed to discourage any bearish
operations at this issue. Money con
inues very abundant on call at low
ates, and is likely to so continue IN
ii crop demand begin. After that
Iome stiffening in call and time rates
S to be expected, especially If bust
Tess continues to show present recu-
,erative tendencies,
The tariff problem will soon be out
# the way, and no further important
banges are anticipated from the tariff
II, as nassed by the senate. The
work of the conference committee
hould not exceed beyond two weeks
"A opqht to he less. After that
everything depends upon President
Taft. Should he fulfill his pre-elec-
ion PROMISES and insist upon down.
yard revision, it is difficult to say
low he can escape vetoing the present
measure. If he does so, it is impossi-
DE to tell how much further delay
would ensue. This is the chlet I'M
certainty of the future. The preVali
ng belief is he will sign the bill. IL
now looks as if the corporation AK
would be adopted Much as this Is 10
no regretted. the tax upon holding
companies will be a good feaure mi
,smuch as it will enforce puDhclty
these mysteries" and al
ford better knowledge of their oper'
atoms The financial outlook, as
whole, is assuring, and while the
market may be made to advance 10
a higher level, nevertheless we cannot
but persist in advising caution In BUY
ing at present high prices.
HENRY CLEWS