The Washington herald., 1910-06-23
WALL STREET NEWS
Crop Conditions Improving
and Market Is Stronger.
WHEAT IN a VIOLENT BREAK
Favorable News from Many Sources
Responsible for Largest Days
Dealings in Ten Days-COmins Adj
tournment of Congress One of the
Observation-Disclosures bonds Sell.

New York, June 22-Private dispatches
were received in quantity in Wall street
before the opening OF business to-day
stating that overnight there had been a
decided fall in temperatures IN Minnesota,
the Dakotas. and other parts OF the
spring wheat country that had been late
ly afflicted with drought and hot weather;
and also that scattered rains had fallen
which, II mostly local In character, were
yet SUFFICIENT 10 give general relief.
This news was backed up a little later
in the day by the Issuance Of a special
bulletin by the Weather Bureau at Wash
ington stating that the hot wave in the
Northwest had been effectually broken,
and that the indications were for mod
crate temperatures and a moderate
amount OF rainfall IN this section from
now on.
PeHsimists Are Routed.
Spectators for the rise IN the grain
markets. OF course. declared that the
rains in the Northwest had been INSULT
cient. and that the general condition OF
the spring wheat crop was still parlous.
But the wheat market, nevertheless.
broke violently as soon as operations In
it began and continued weak throughout
the day.
Meantime, kilograms came TO hand from
many reputable crop experts declaring
that even at their worst yesterday and
the day before conditions in the spring
wheat district were in no way alarming,
No doubt a greater amount Of rain in
the Northwest Is still needed. but the
fair chances OF the moment seem TO be
that the needed moisture will be afforded.
The stock market did not make an I'm
mediate response to-day 10 this favorable
news and at the outside there was some
pressure brought TO bear against It IN
the shape Of selling orders based, ap-
parently upon yesterdays agricultural
news. This. however. did not last very
long. Decided strength began 10 be eX-
hibited by Consolidated Gas stock. whose
advance yesterday was one OF the fea-
lures OF the market and there was a
continuation Of the steady buying OF the
traction issues. which was also partic-
ularly noticeable on the day before.
News Is Cheering.
Then, upon the announcement that an
immediate sale had been made of the
SO. 200 900 Equipment Trust bonds. offered
this morning BY the banking agents OF
the New York Central lines. the whole
market rose vigorously.
The announcement referred 10 was
especially encouraging because 1t seemed
TO indicate the presence of a rather firmel
Undertone in the investment market
proper than has lately been shown, and
the feeling has undoubtedly made con-
siderable Roadway in the higher financial
circles that give the assurance OF a ces-
sation OF political troubles with the ad-
tournament Of Congress, a fair crop pros
pect and a continual heaping up of idle
money in the banks. the present very
low prices for investment securities
OF the first grade must begin within a
reasonably short time 10 stimulate pUr-
ehases IN this quarter.
Dealings in stocks to-day were 40, 600
the largest total In the last ten business
days.