The Washington herald., 1910-06-24
WALL STREET NEWS
Hot Weather Causes RecoY.
cry of Grain Prices.
MONEY REMAINS UNCHANGED
Recession In stocks Causes Loss of
Previous Days Gains, Though
There Is q sharp Rise in COnEOIi-
dated Shares, Giving the Close of
the Marker Unexpected Strength.

New York. June 23.-Weather reports
from the Northwest to-day were declared
by spectators IN the grain market to
Be highly discouraging. and they re-
suited IN a recovery OF the major portion
OF yesterdays break in grain prices.
The reports. with careful reading and
considered in the light OF supplementary
dispatches received from conservative
agricultural and banking people IN the
spring wheat section, did not bear out
the lugubrious views entertained on the
produce exchanges. II was true that
drenching rains did not fall over the
entire spring wheat belt, and the tenn
peratures there are still somewhat above
the normal; but it is also true that good
rains have fallen in many scattered sec
lions, and that the severity Of the hot
spell Is undoubtedly lees than II was.
Moreover, the indications are for a fur
Their and more general fall OF moisture,
and II is evident, too, that the crop dam
age Is not widespread over the entire
spring wheat territory, but is really linz
tied to only certain sections thereof
Conditions Elsewhere Good.
Unfavorable news regarding spring
wheat In the present week is very en-
siderably Offset BY highly favorable news
from practically all other parts of the
agricultural section. Corn IS doing finely
everywhere. and It Is now admitted that
the harvest Of winter wheat is likely TO
meet the earlier expectations of It's guam
tity when bumper crop was looked for.
The cotton market, too, declined upon
renewed large crop promises.
Nevertheless, under these circumstances
to-day and after yesterdays sharp rise
OF full point in the price Of the lead
ing railway stocks. a recession in the
market was unavoidable. In the course
OF It most Of yesterdays gains were lost.
The decline was conducted IN an ex-
tremely listless way, market transae-
lions being reduced from those OF yester-
day. At one time, indeed. il seemed as
IL the market was closing at an advance
rather than a decline, or at least at a
small decline because Of the sympathetic
strength given 70 the general list by a
sharp rise In Consolidated Gas stock,
q security that has IN the last ten days
seemed TO present rather definite signs OF
accumulation. But the effect Of the ad-
vance In the gas shares was OFFSET by the
announcement made in the afternoon OF
the passing OF the semi-annual dividend
OF 21-2 per cent on the Minneapolis and
St Louis preferred stock.
Weakness in Some Shares.
This caused weakness in Iowa Central
Chesapeake and Ohio and some of the
other members of the Hawley group OF
railway shares. The Minneapolis and St
Louis shares are small In number and are
typically inactive. practically all of them
being owned by other corporate inter
ests. The company has always been sub
jeeted to the criticism of having been
an unduly liberal dividend payer.
The directors of the Bank of England
= did not reduce the discount rate to-day
nor was there any substantial expecta-
ton that they would reduce II. But the
bank made a strong statement of condi-
ton. and the feeling appears to be becom-
ing general in the higher financial cir
cles, both here and abroad, that a lower
discount rate by the bank is probable
within fairly short space Of time.
There was no change at all here to-day
in money rates, but sterling exchange
again declined a quarter Of a cent or
the pound. under the pressure OF remit
lance 10 this side. due 10 the proceed!
of foreign purchases Of bond issues and
other securities