The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-07-20
WALL STREET NEWS
Sharp Drop in Cotton Options
and in Wheat.
DAYS TRADING PROVES LIGHT
transactions In Stocks of Little In
terest and siEnifcance-Course Of
Market substantially as Monday.
Tendency Toward Improvement in
the Money situation.

New York. July 1s.-Attention was at
tracted 20 the cotton and grain markets
to-day. In sharp contrast to the calm
ness and composure OF the stock market.
these produce markets were turbulent
and excited. The intense speculation
which had carried all the cotton options
20 new nigh prices for the year collapsed,
for the time being. at least. and such
maximum losses were recorded as 81 a
bale in the July option and from 81 to &
a bale IN the new crop months.
Very likely 1t was a movement sympa-
thetic with the wide break in the July
option that was principally responsible
for the decline in the others, just as the
previous advance in those others had
been due principally to the intense bull
fish speculation in July. But crop news
was favorable, and even if the greater
part Of the declines were brought about
by a weakened speculative position
among the bull forces. the break was
still helpful 20 security values.
improvements Are Noted.
In wheat the declines. averaging cents
a bushel for the new crop months. were
traceable directly to Improvement In crop
conditions From the spring wheat sec
tons of this country more favorable
weather was reported. and the reports
from winter wheat showed the crop
much above previous estimates in both
quality and yield per acre.
Only in the Canadian Northwest was
there a continuation OF the extraordi-
narily bad weather which had previously
wrought extraordinary damage 10 spring
wheat.
In the stock market this damage was
again reflected by liquidation from
Canadian sources. liquidation that was
principally evidenced in declines In
Canadian Pacific and its principal sub
sidiarS, Minneapolis. st. Paul and Saul,
Ste. Marie. Otherwise. transactions In
stocks were of little interest and signif-
canoe.
Small Days Trading.
The turnover amounted TO only 21s0O0
shares. which is the lowest total for a
fun market session since June y. The
course OF the market was substantially
the same as yesterday. professional sell
Ing and some little liquidation depressing
prices IN the morning and short covering
and some little buying for investment
and from the commission houses bring
ing about an advance IN the afternoon.
The only differences were that the up
ward movement in the afternoon re-
suited In greater average net gains than
followed yesterdays advance. and that
the market at all times yielded much less
TO professional attack.
In addition TO the declines in wheat
and cotton, the days news was entirely
favorable. and the worst that could be
said Of the market was that good news
altogether failed to inspire bullish ac-
tlvity But at any rate nothing at ell
happened. excepting only the Canadian
crop reports. to encourage further liqui-
dation. and whatever change was noted
in the relative positions OF the market
forces showed the buying power gradu-
ally overcoming the pressure OF Gales.
In the money situation there was again
seen a tendency toward Improvement on
the same lines as in the past ten days.
The banks again gained heavily on
operations with the subtreasury. An
other engagement Of gold for import
from London was made. bringing the
total for the movement to s4.50o000. and
sterling exchange rates remained at a
level assuring further importations. It
now seems to be evident that as much
gold as may be needed can be had
abroad at fair prices.
Call money loaned down to IL per
cent in the afternoon. but this low rate
was due TO the fact that the inactivity
OF the stock market greatly slackened
the demand