Bisbee daily review., 1911-06-29
CROPS AT CRITICAL STAGE, WITH MARKET
 SOMEWHAT NERVOUS


 ments in the market for stock ex-
 change securities this week have
 been more or less sessonable. This
 is to say, we have at last definitely
 reached rhe stage where our crops
 are at tue critical point; and the
 future of the market, if, as in the
 past. il is to be determined by the
 volume and quality Of our farm
 products, is distinctly at issue. There
 fore. disposition has developed
 among market operators who have
 accumulated profits to secure them
 and avoid further immediate risk.
 It is worth while for operators to
 take a calm view of the agricultural
 conditions that now prevail In the
 first place. winter wheat has been
 fully harvested and in quality and
 quantity is very close to a bumper
 harvest. if it does not, in fact, reach
 that distinction. Spring wheat and
 corn have reached their sensitive
 point of growth, and protracted
 arouth has already become perma-
 aent in the event of necessary rams
 being much longer delayed. There is
 a lack ot reserve moisture in the
 spring wheat states. and from
 south Dakota the best adyices in- dicate that some degree of irrepar- able damage has already been done, possibly reaching 40 per cent of that
 states normal yield. Indications are also present undesirable condl- tons on the borderline of North Dakota. and also in southwestern Minnesota. But in North Dakota as a whole and also Minnesota as whole the conditions are still in broad sense ideal. and there re- mains sufficient leway for further depression in spring wheat territory as whole without bringing the nrospects down to the level of last last wears harvest. In corn. Wnlch' Q! course is the most important Of all our crous from the stock market viewuoint the damage thus lar ls irrespective rather than actual Both corn and spring wheat are particular ly early this year-a factor or mucn importance. since it means less dan ger from frosts at the tail-end oi the season. Hay and goats are not up 70 ! the average, which will mean great l CT demand for corn as a substitute for these items as feed.
 Damage OVerststed.
 As A general proposition crop dam | age reports are usually congregations ! and due allowance should be made | for this fact. It is worth while recall i ing that the total spring wheat crop | Of South Dakota was last year less | than 47.gO0.OOO bushels, so that 1T present predictions are confirmed, | and there should be a loss of, say | 50 per cent tor 23.5O0,00O bushels), it l would not be a particularly disas- | trous matter when we consider that | conditions otherwise arc so favorable 1 and that the total wheat harvest prom ises. according to the June report Of the department of agriculture, to eX- ceed 76I. .O00. 900 bushels.
 The price level of securities has i necessarily been much larger to make 1 this average and, therefore, there has l been active announcement to take l profits Furthermore, it is worth re- calling that We are now at the hoii- day season when large operators and ] many small ones are going abroad or ] elsewhere for recreation and deyoting | completely 10 holiday | pursuits. This in itself is responsible ! for quite a sUbtantial amount of gen | eral liquidation.
 May import Gold.
 Basic cO1ditiCus. hO have not ] materially Ctsug-5 En -r reaction l that has taken ..e in he market ]! seems to suE- a temporary recession to e-. f.e upward move ] ment tC secure q better foOthold for ] | further advance later on. The stim- | ulatin- feature of abundant money 1 reualu- unchecked, with no immed- ! fate prospect Of @ change iu tbis di- | rection Should there be a sufficient l demand for banking accommodation l either iT the stock market or in gen eral trade or industry tO appreciably | strengthen interest rates, this de l uand will automatically start the l Of gold from London to ] New York because of the large baI-i ances that American bankers are at present carrying in the London mar- ket. lt would be surprising if the | month of July should Uass this year without seeing an inward movement of the preCiols metal on a substan- l tial scale. and gold imports it should , be recalled. usually contribute a fac 1 tor O. distinctly favorable impulse in the stock exchange speculative circles. l fn fact should speculative leaders feel It necessary tJ arrihciafy stim- ulate the market. they have at their command tle usually effective ageu- cy Cf lruEuE it the precious 1 metal lt s hardly probable that l merchants or manufacturers will re- 0Uire fgLGs iu large quantities off i several months. for the onward prog ress Ct trade and industry must | nece sszrilv te gradual from it's | side. Therefore there is no 1 reason tg expect that any difficulty wlI bt experienced in financing the l crops this year. even should foreign | funds not he made available in the 1 form Of gold importations Any l fnis way Ot the metal l therefore promises increased sup plies of money for the purchase or ! securities
 Disturbing Factors.
 In addition to the nervousness | amanating from the crop uncertain .ies there have been a number Of |