The Washington times., 1910-07-10

NEW YORK, July I0--Stoels were
irregular during Wall Streets bust
ness week
Upon the resumption OF trading on
Tuesday, after the triple holiday.
prices broke severely. Influenced by
three developments. namely, the IN
favorable bank statement of the pre-
ce6iug Saturday. the death Of Chief
Justice Fuller, which. il was argued,
would further delay the action Of the
Supreme Court in the American To-
bacco and Standard Oil cases, and
the continued Unfavorable reports
concerning the growing crops in the
Northwest, which resulted in a fur
Their sharp advance in wheat
But the speculative market was
able TO throw OF the influences Of
these factors on the succeeding day,
and. aided by an initial gold import
engagement Of S1.T5O,OOO. the result
Of a special operation" and later
on by the declaration Of dividends
at unchanged rates by the St Paul
and Atchison roads. prices recovered
Speculative sentiment. while mixed
was more hopefully inclined UITu
the upward movement was sudden =
Z checked on Friday By the unfavo--
able Government crop report Al
/ though prices rallied again in yes
terday's short session, the feeling
among traders as to the continuance
+ Of the speculative advance was less
confident. Throughout the interval
the bond market lansuished.
Buying Improved.
In the early days OF the week one
( heard that some buying Of a better
character than Of late had appeared
I In the market This was probably
! the case. for. as pointed out In this
1 column last week. despite very much
I uncertainty. and the presence OF uu-
solved problems in the market, the
prices Of many high-grade issues
/ have been forced 10 a level where
1 discriminating purchases upon a cash
/ basis can be made.
4 In all probability the improvement
lin speculative sentiment reflected
/ some little buying on a scale down.
/ by large interests This Is the way
/ bankers operate in accumulaJiug
! their lines of securities in a dis
: rur5ed market
such purchases do not Of necessity
1 imply a belief that liquidation has
r-n its fun course, but they do re-
feet the opinion that gilt edged
/ stocks have reached a level which,
under normal conditions, would rem
/ der them attractive. II liquidation
1 breaks out afresh, and prices re-
! Iause. il probably suits the bankers
! books the better
/ Scaled buying orders make frequent
/ short-Iived rec0veries possible, as
& bear traders cover on passingly IA
vorabIe developments and Il is also
{ fruitful Of shOrt-Iived relapses. FOR
+ those bent upon accommodating stock
have no desire 20 stimulate specu
+ Iative advance in the face Of impeud-
ing business contraction. and general
industrial, political and monetary
uncertainty. a condition which
makes cash purchases possible does
not Of necessity make foT confident
/ speculative operation on borrowed
money
Wheat Crop Shortage
The overshadovying development OF
Wal Streets business week was re-
served until Friday, when the Govern
{ r1ert crop report made its appearance
. So gar as spring wheat is concerned
the official figures of the Department
los Agriculture more than confirmed
the worst expectations of the fiuan-
cial and produce markets.
/ Without taking into consideration
the deterioration that has occurred
since July 1. the report shows thai
one-third Of the CoUutry's sprlne
wheat harvest was destroyed within
the month of June The June con
clifton Of g2.S per cent indicating q
Weld Of ZTS,S62.Go0 bushels Of sprinE
wheat, Is reduced to a condition OF
= GIG per cent. as Of July I, indicating
a harvest of 1SS.523.000 bushels s.
large a loss in one OF the country
Ereat cereal crops has not occurred II
many years
White wheat. il is gratifying u
state, held its own, and in fact I'm
proved a JTifie during the month
showing a condition of S1-5 per cent
as against 50 per cent on June I, and
indicating a total winter wheat Cr5I
Of t35.660.0 600 bushels The Govern
|neut figures indicated on July a tOS
4 tai spring and winter wheat harves
OF 625.1c3. 600 bushels, compared viii
an actual harvest OF 13T.1S9, 900 bush
els last year
( This reduction Of III, DOS, 600 busheL
IN wheat is serious matter Il en-
+ tails a money loss to the country o
I approximately 100000. coo. CrueIll
bard IS the loss IL imposes upon TIT
farmers of the Northwest who ar
the chief sufferers. The shortage Il