The Washington herald., 1909-06-28
WALL STREET NEWS
Declines in Market Not Con-
sidered as UnfavOrable.
CROP CONDITIONS EXCELLENT
Report for July 1 Expected to Be
Considerably More Favorable Than
n Month ASo-RaiIrOad Earnings
on the Increase, While the Steel
Trade IL Fairly Rushing.

New York, June 27-It was discovered
In Wan street last week both that it was
possible for the weather 70 get warmer
and for the stock market 70 go down
The decline in the market chiefly took
place IN the fore part Of the week. and
did not amount TO much at most Indeed
Just as the cold snap a little while ago
proved 10 be a prelude 20 the hot wave
that soon followed IL. SO the drop In the
market that occurred last Monday
seemed only to prepare the way for a
renewal Of the advance.
a good many peple in the financial
district thought that the decline would
go farther than it did. and no doubt
many more hoped that il would
A recession Of 3ia points has occurred
IN the average prices. this meaning. Of
course, that a much larger fan has taken
place in the case Of many individual
stocks. Reading has declined over 10
points. United States Steel common near
" 6. and 50 on, and with conditions
favoring prosperity so tremendously as
they do, and with the money market so
easy, those who are looking for any great
further drop IN values during the present
period Of market waiting may very likely
find themselves disappointed. IL is not
improbable that the market Will keep
step for some time TO come with the
developments concerning the crops. These
are the most important OF any develop
ments that can occur. The tariff debate,
the corporation tax measure. the propO-
sitiOn 10 list the steel shares IN Paris.
and the Ike are all trivial matters com
pared with the daily unfolding OF the
prospects for the seasons harvest.
Favorable for Crops.
It is therefore with delight that it Is
noted that the last week was again highly
favorable in an agricultural sense Hot
weather ruled all over the country from
the MISSISSIPPI Valley eastward. From all
classes Of critics and observers the casual
travellers. the crop experts. the railway
authorities. and the numerous travelling
statesmen for the Western mercantile and
manufacturing houses. part Of whose bus
mess II is 70 inform their firms regarding
crop conditions. and from a great variety
OF other sources comes a consensus as to
the splendor OF the present crop outlook.
Il Is regarded as practically certain that
the government crop report OF growing
conditions as OF July I will, when II ap-
pears. place all crops on a considerably
higher average than a month ago; and
the most convincing testimony as 90 this
that has yet been offered was the Kansas
State crop report. issued last week. which
indicated a winter wheat harvest IA the
State this year fully as large as that
year ago. and place the corn crop con-
ditiOn as high as il was in 1902, the year
Of the 100000 bushel crop. and the
acreage Of the corn crop larger than az
any time since 1889. If these conditions
are typical Of the general situation. the
promise Is as 1t stands for q $4,000 corn
crop this year So, too, the record IS
still OF improving general business
The railroad earnings keep up. and the
iron and steel business may be said 10
be fairly rushing Railroad orders are
the feature Of transactions here. and the
tendency in al lines is toward an in
crease OF specifications upon old orders,
whose beginning. observed several weeks
ago, is now becoming pronounced. Ac-
cording to all present data. the iron and
steel mills will be operated through the
usual summer vacation season this year
10 an extent rarely II ever known before.