The Washington herald., 1909-07-26

VI outside Broad Public Interest
isnpPears-DecIines in Grain Fol
lowing Favorable Crop Reports.
New York. July @--In the stock mar
ket last week prices were at a new high
level on the first two days, declined
sharply on Wednesday. and, although
there were advances in the last three
days Of the week. they we're small: so
that while in only one day Of the week
was there a reaction. the net result was
that In the railroad stocks prices at the
close were at about the same level as al
the end OF the previous week. and in the
industrials there was but a slight gain.
The tendency Of the trading was to-
ward decreased activity. the week open
Ing With rather more brisk business from
the commission houses than has been
noted for several weeks previously. This
evidence Of outside broad public interest
IN stocks became gradually less observ-
able, until. at the close on Saturday. It
had quite faded away.
Undoubtedly a moderate subsistence IN
the intense interest Of the previous week
and or the early part OF this week IN
steel common was the principal cause
OF this decrease in business from the
public.
More and more as the week advanced
II was appreciated that the reports OF a
decision on the part Of the directors OF
the Steel Corporation 10 Increase the
dividend on the common stock sprang
from no responsible quarter. so that.
after the first two days Of the week. the
trading In common was in smaller vol
ume than In other stocks. notably Union
Pacific.
Developments Insignfhcant.
In respect to other stocks. develop
ments having relation to market values
or equities were few and OF no great
known significance Probably as much
interest was taken by spectators in the
sale by the Union Pacific Of It's $4,000. 900
holdings Of Atchison preferred stock as
In anything else. for this transaction fol-
lowed sale OF S35,O0O,Q00 southern Pa
citc convertible bonds by the same COM
pany. and thus placed In Union Paclfc's
treasury approximately $50. O00.O00 which
may be used or may have been used for
the purchase OF the securities OF other
companies
II was recalled that when the Union
Pacific acquired the Atchlson stock lust
sold, as well as important holdings OF
New York Central, Chicago. Milwaukee
and ST. Paul. Chicago and Northwestern.
and Illinois Central. II did so unobtru-
sively and the purchases only became
known when the information came from
l.. Al
state Commerce Commission investigation
OF the financial and business methods CT
the company.
Declines I'm Grain.
Al the close OF the previous week July
wheat in the Chicago market sold at
1904 September wheat at Ill Is. and
December at 1O7 rs Closing prices Sat
urday were los for July, los ID for Sep
tember. and 1.O4 3-8 for December. show
Ing declines OF PA In July wheat. SIS
in September. and II IN the December
option.
Throughout the week the tendency OF
wheat prices was generally downward
and such sharp declines as were made
could not Of course be more than par
TALLY explained by the transactions OF
confirmed and important spectators IN
grain. These reflected. undoubtedly and
10 a greater extent than had the wheat
markets I'm previous weeks. the favor
able reports from the crop sections
which almost without exception were ex-
tremely favorable Maturity Of the wheat
crops was favored by ideal weather
throughout the week. and from no sec
tions did there come a single alarmist
report Of damage by blight or insect
Favorable for Harvesting.
The weather was as favorable for the
harvesting and thrashlng Of the winter
wheat crop as It was propltious for the
growth OF spring wheat. In the previous
week harvesting had been delayed by
heavy rains and the movement OF the
crop into many important centers had
been retarded or actually stopped by
the floods In Missouri and Kansas With
the damage from the floods repaired rail-
roads moved the new wheat into market
with increased rapidity. and It was con-
fidently predicted at the close OF the
week that the new crop would be moved
with extreme rap.dlty In the week 10
come
In this connection IL should be OBJ
served that Notwithstanding a decline
OF II IA cents I'm the price Of July wheat
41SA NFFhi AaA AAAelS WIZ dlNs VI cur Sc
the best judges Of yield and crop pros
poets in their particular localities are
everywhere selling the newly harvested
wheat as promptly as possible, and are
seemingly anxious 10 take advantage Of
prices which are now but a few cents
over dollar a bushel. The reports OF
corn, barley, oats, and other crops were
generally favorable, although in the corn
market there was no such decline IN
prices as in wheat
The prospects Tor a large yield OF cot
ton improved greatly after a wide and
sufficient rainfall, which relieved the
Texas crop Of about a third OF this years
total Of damage threatened by long con-
tlnued drought IN addition to the re-
ports from crop experts and 20 the action
Of the crop markets, substantial corrobo-
rative evidence OF ideal crop conditions
was contained in reports gathered by the
Chicago Milwaukee and st. Paul and by
the Union Pacific system. so that no
where is there any doubt that the devol-
opment Of all the important cereals and
cotton has justified the most sangulne
expectations.
''ThiH Is the StOne"
Prom the Cleveland Leader.
AIowondnr Wright brOthar of the co11n-