The Washington herald., 1910-08-03
WALL STREET NEWS
Heavy Buying on Good Corn
and Cotton Reports.
GAINS By STANDARD STOCK
Henviness in the SO-caIIed HawIey-
Shares Chief Feature of the Morn
ing-copiOus Rains in Nebraska
and Parts of Kansas Give Pleasing
View 20 Agricultural Conditions.

New York, Aug. 2-seemingly in its
gloomy. hesitating. or vacillating MOODS
yesterday and this morning It YVES assur-
ance Of fair yield OF cotton that the
market awaits. Such assurance was sup
piled in the first OF the series OF gov
eminent crop reports for August which
every Spectator and investor considers
OF exceptional interest this year because
OF a general though moderate business
reaction and because OF the confirmed re-
port OF damage to spring wheat
Before the government cotton report
was published at midday. the market
drifted aimlessly 70 the accompaniment
OF purely professional trading. and dis
played no feature except heaviness In
some Of the so-called Hawley stocks.
which again sold OF IN accordance with
reports that were not so popular late in
the day.
After the publication Of the report. ag-
gressive buying set in and continued 10
the close. increasing in volume as the
session continued. reaching its maximum
in the late trading. and showing the most
impulsive upward movements Just before
and at the close.
UhlnH tome Rapidly.
Under the stimulus OF this buying move
ment, which could not have been more
general had ~ been concerted and which
extended to all the active stocks on the
list, gains OF more than three points from
the low prices of the morning were made
in many OF the standard active stocks.
and at the close there were such net gains
on the day as in New York Central,
81 points: Pennsylvania, 2; Southern
Pacific, ? rs; Union Pacific, 10; Steel
Common 2 5-S; Amalgamated Copper, > 3-S;
Atchison, SIS; Chesapeake and Ohio.
S-S; St. Paul. 2 rs; Consolidated Gas.
3. and Shelters, 3 as
The government cotton report. immedl-
ately preceding this buying movement. in
dicates approximately a crop Of 1900. OOO
bales. The amount is far short OF the
yields OF 1905. 1906 and 1904, when crops of
more than 100000 bales were harvested
Copious rains in Nebraska and some Of
the sections Of Kansas, IN which the long
drought had threatened grave damage 10
the corn crop. and excellent harvest Of
spring wheat also produced a more pleas
ing view OF agricultural conditions. The
wheat and corn markets, declining rather
decidedly. reflected the improved weather
conditions shortly before the cotton re-
port appeared.
shorts Begin Covering.
When that was analysed II seemed 10
occur simultaneously to a great number
that the stock market had gone much
farther in the direction Of dlscounting
unfavorable crop returns than the evil
dence warranted. Operators short OF
stocks obviously so reasoned. and their
covering. no doubt, largely Influenced a
rally
Above that there was important buying
by men or wealth and Importance in Wall
street who considered that the market
had overdiscounted unfavorable develop
ments and tendencies in other directions.
and awaited only fair evidence Of a really
good cotton crop 10 make substantial
purchases Of securities. For such pur-
chases there were additional reasons in
assurances that the heavy liquidation
which produced an abnormally low level
OF prices last month was over.