The Washington herald., 1910-06-25
WALL STREET NEWS
Grain and Security Prices
Set Back by Crop Scare.
RECOVERY IN THE AFTERNOON
Renewal Of TeIegraphic Advices
from Grain Experts Declare that
the Hot weather in the Northwest
Has Injured Prospect for All Grain,
and that Rain Was Insufficient.

New York. June 24.-The crop scare in
the spring wheat section again to-day
affected prices OF stocks adversely. Early
dispatches were not al all discouraging.
al testifying 70 further scattered and in
some instances heavy rains in different
localities in Minnesota and the Dakotas.
and also TO a general and decided fall
there IN temperatures.
Opening quotations In the stock mar
kst were not usually above the final ones
OF yesterday, and the grain market, too.
was for time depressed. But in a short
time the wheat options again shot up
violently, and there was correspondingly
heavy selling OF stocks generally by stock
exchange houses having Western con-
nection and doing, as q rule a grain
business, There was still nothing def
nite in the news on which this was based
except renewal of telegraphic adviees
from multitude OF grain exports declar-
ing that the hot weather and dry spell in
the Northwest had materially injured the
prospect for all grain there and that the
rain that had fallen was OF a quantity
insufficient to do any great amount OF
good.
Value OF Agricultural News.
This much. perhaps. deserves 10 be
borne In mind regarding the years sec
ond crop scare just as It should have
been on the occasion of the first develop
ment Of the sort in March. In the last
three or four years the greater number
Of professional operators In grain have
arrayed themselves on the side Of specu-
lation for the rise in the commodity.
They have had excellent leadership and
the general course OF circumstances has
favored them. In the present year a
natural tendency in grain has proved to
be too powerful for them TO combat, but
they are still lighting II vigorously and
taking advantage OF every piece Of IN
Favorable news regarding agricultural
conditions on which to base renewed
commitments for the advance.
To-day, as seemed 10 many observers,
the known extent Of the damage lately
done 70 wheat and small grains in the
Northwest did not at all justify such an
advance in the speculative options in
these commodities as has been engi-
neered, especially as the injury to spring
wheat seems TO be largely Offset by the
improved condition Of winter wheat
AS Il was to-day, wheat prices. after
advancing over two cents a bushel in
the morning. lost a good share OF the
rise. On the other hand, the unfavorabIe
fact had TO be admitted that the Feae-
ton in wheat was not accompanied BY a
corresponding upward reaction in stocks.
The declining movement in the security
market was renewed In the afternoon,
and the leading stocks closed not far
from the days lowest quotations.
Effect OF WickerSham speech.
This made It fairly evident that other
causes beside those pertaining TO agricuI-
tural affairs were in fact influencing Sc
curity valuations. Speculative interests
oontended that a distinct element Of
weakness in the market was due 10 the
lInfavorable impression made IN financial
circles by the speech delivered to-day
before the Illinois State Bar Association
by Attorney General Wickersham. in
which he urged In the most strenuous.
not 10 say violent, manner the enactment
OF law providing for the governmental
supervision Of railway stock and bond
issues. II may be questioned whether q
market influence resulting from this was
more than supposititious.
1t has all along been recognized that
the enactment of a law Of the character
outlined was postponed at the present
session of Congress and that the present
national administration viii urge its
passage at the next session. The stand
taken to-day. therefore by Attorney
General Wickersham could in no sense
have taken Wall street by surprise