The Washington herald., 1909-07-12
WALL STREET NEWS
Week Dull Because of Gov
ernment Crop Report.
DECLINE FOLLOWS THE NEWS
Security Market Seemed Governed
by the Influences Attendant Upon
that Inevitable Period - Copper
Figures Weak, but Declines Not
Caused by Cessation OF Demand.

New York. July u-No one IN Wall
Street hsd eyes or ears for anything
last week except news Of the crops. nor
indeed was there much news outside of
this In any quarter
The business week. shortened by one
day, passed quickly. and al its close
stock market prices were not greatly
changed from those az the beginning
The market exhibited the same strong
and resilient undertone that Il had
throughout the last month, even Il the
trading in stocks was stiil professional
and the change IN the prices 50 small
that the market was unmistakably Of
narrow sort
Narrow as IL was, however. IL was still
a market in which buying OF stocks In
creased upon recessions. so that specula-
tors for the fan managed 20 extract little
profit out OF H. while on Wednesday the
average price OF the leading railroad
shares was only lower by a small fraction
than the highest Of the year. The hest
tatioR which the market has displayed
since The sharp advance and more or
less excited dealings which eliminated
on June II has obviously had the result
OF making many OF the habitual market
traders "bearish"
These persons live upon excitement. so
that when stock exchange activity Quiets
down after a lively uprush IN prices they
are fcnd of believing or seeming 70 be-
lleve that The market "a all over and
al these times they indulge temporarily
in the most lugubrlOus views concerning
Z q aa-r~
But such opinions do not deserve the
name They are only the product Of the
restless minds OF gamblers that are con-
tent with nothing except wide fiuctaa-
/ lions In values What We had last week.
/ have had for some time. and are likely
10 have Tor some further time stil is
I a typical July market a period OF rest
and of waiting for the unfolding % the
7 business year so near al hand
Decline Follows Report.
Prices declined a little last week as
soon as the details Of the governments
July crop report became available. there
/ by once more attesting the truth Of the
old maxim that the stock market usually
/ discounts. al least in temporary fashion.
either good or bad news that he's east
/ SIS shadow any measurable distance in
( advance. and yet the report was a dOcu-
uent calculated 70 produce greater Op-
! timism IN the minds Of thoughtful peo-
/ pie than any similar publication that
/ has been issued IN our country for many
7 years. Earlier IN the spring We were
! told that the winter wheat crop had SUI
Z fered signal disaster. and that the har-
vest OF the crops IN the present year
w0uld not reach S50,000010 bushels Last
weeks government estimates were for a
/ crop OF 10000. .000 bushels. and for a com
bined winter and spring wheat crop Of
L 663. so. .000 bushels. OF substantially the
I same as last year I is 20 Be borne
| in mind. too, that, according 20 the
method OF calculation used IN all years
| except the present one, the present in
/ dication Is for q total wheat crop oi
/ 703, o0o.090 bushels, or 100000 bushels
more than least years finaF crop figures.
Summing up the situation. our security
market seemed 20 be again governed last
week by the Influences attendant upon
that Inevitable period OF pause that must
/ be gone through with before L IS known
I that the crops this year are secure.
/ cheered and inspired. however. BY the
/ knowledge that the prospect for the
| harvest IS one Of spIenGor
/ Naturally. under these circumstances,
/ especial strength has manifested !tself
I IN the shares OF some OF the railroads
| that would be most agreeGbly affected
/ by a prosperous agricultural outcome
1 Notable among these stocks were the
I Rock Island issues Steady accumulation
OF the Southern Pacific and Atchison COM
mon stocks was no doubt due % the gen
l eraI impression that on both OF these
l stocks an Increase OF dividend disTibu-
ton may be said 70 be reasonably i'm
minent, while an upward movement a
the Interborough-Metr 41-2s was
due, doubtless, 20 the progress making IN
the plans for the reorganization OF local
I traction affairs
Copper Market Weak.
The copper market has been a little