New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-09
FINANCIAL MARKET
Poor Condition of Spring Wheat
Weakens Stock Prices.

Government figures showing crop con
ditions as of July / were effective in
bringing about sharp declines in the last
hour of stock dealings. following a period
Of strength in the early operations in
the course Of which maximum gains Of
from ! to points were recorded It
was generally believed that the percent
age condition Of spring wheat would
make a poor showing, but few people IN
the financial community looked for
about the worst exhibit ever presented,
the federal estimate. however. furnish
ing such a record. AT 61.6 per cent
spring wheat conditions compare with
92.7 a month ago and S9.4 at this time
in 1909, but against this poor showing
the percentages of other crops are most
favorab bic and foreshadow bountlful far-
vests The indicated yield Of corn Is
well in excess of the actual crop or a
wear ago. while winter wheat returns
promise a crop that will offset some Of
the loss in the spring wheat states. It
should be borne in mind that Of the total
harvests even d normal spring wheat
WELD supplies only a small proportion,
while il should be recalled that the pres
ent visible supply Of wheat in the world
is larger than at any time at this period
in the last seven years, with the eXcep-
ton Of 1907.
II looks as if the total wheat crop
would be in the neighborhood of 1UO,-
100000 bushels under the harvest Of
1903 The prices Of the stocks of the
DC
weak in the final dealings, Northern Pa
ciffc selling off almost points from its
high point in the morning, st. Paul IA
points and Union Pacific 37s points. The
entire list acted in sympathy, and Atchl-
son, on which the regular quarterly
dividend at the rate OF Is per cent a year
was declared, declined with particular
violence. Atchison would be a fairly
conservative investment on per cent
basis. Activity increased with the down
ward movement and at the close senti-
ment was extremely bearIsh IN specula-
tive circles. Good stocks are worth buy
ing at prevailing figures as investments,
even If prices should go lower On every
decline real capital is going into the
market for the profits that eventually
will develop az a very consequence OF
the current liquidating movement. Most
of the leading shares closed at net losses
According TO the known movement of
money in the week, the Clearing House
hanks have lost almost $S0o0,0to in cash
holdings. due entirely 10 the operations
of the banks with the Sub-Treasury
There was an insignificant gain from the
interior. and the general operations pc
tween the banks and the out town IN
stituticns indicated an increasing de-
mand upon this centre for currency. es-
pecially for the account Of the Middle
West The volume of national bank
notes now being sent to Washington for
redemption shows a decline as compared
with recent weekly totals and supplies
another evidence OF the growing inquiry
for money at interior points. Unless
there has been d substantial contraction
in loans in recent days. the weekly state
ment OF the associated banks doubtless
Will show another heavy decline in re-
serve above legal requirements. which
last week decreased more than Slo,vS'-
900, and # the reserve moves along the
lipes indicated higher rates for money
may be looked for. unless heavy engage
ments OF gold should be made abroad Tor
shipment TO this country. AS an actual
exchange transaction there was no prohl
in the gold import engagement made on
Thursday, and under present sterling ex-
change market conditions the metal can
not be brought in except at loss. The
theory therefore that the metal was
taken on Thursday for effect upon the
stock market found many believers In
Yesterdays dealings in sterling exchange
an active inquiry was reported, for which
the supply Of bills appeared TO be made
cuate. Time money is inactive, as Dor
ropers are not inclined TO pay the rates
demanded by the banks. Six months
money is quoted At per cent. Local
banks are doing little in commercial pa
per, country institutions being the chief
buyers Of rather liberal offerings.