Bisbee daily review., 1911-06-14
MARKET BROADENS
 WITH BETTER NEWS
Harvest Outlook and Other Things Encourage Tak-
 ing Hopeful View

NEW YORK; further broaden ing tendency has been shown in the financial situation this week. The markss for stock exchange securi- ties may now be regarded as hay ing reached the stage where it is performing it's usual function of dis counting not alone the agricultural prospects, but also the improvement in trade and industry that in turn will follow the satisfactory yields of eur farm laads that are in prospect. On Thursday he government issued its grain report, showing conditions as Of June l. As usual there was some deterioration in winter wheat during he month of May, but the outlook, in view of the increased acreage this year, is for an outturn of approximately 4S0.000.90D bush els This if fulfilled will mean har- vest that has not been equalled since 1906 It Is worth recalling that at this season the winter wheat crop is fairly well assured. Harvest ing Is already in progress in Texas, Oklahoma. Missouri and Kansas and another fortnight or three weeks will place winter whe5t as an as- sured asset for 1911. The govern ment's initial report on spring wheat. just issued. is also an encour- ing feature. the condition of 94.6 confirming the fact of favorable seeding conditions. The area showed an increase of a million acres, and the outlook is for a yield of 2S4.S1O,- 900 bushels, which compares with the final harvest return O 23S,399,oO0 bushels last year No official report on the area planted O corn will be available until a month from now, but usually reliable advices from the leading centers of the corn befI suggest that this. which is the most important crop. will also demand recognition in he list of favorable stock. market factors. As was. noted last week. he corn crop, as well as the condition oi the plant are well above the average. so tha to those who look to the agricuf ural sections of the country as their guide for stock market operations the outlook is one of dis inct encouragement. Bu we should not fon2et that it would be an abnormal year if we did not have the usual crop scares aid congregations. Thus we are upon the hreshhold of what may be termed the crop market season, which means a period Of active flac nations in security values ana opportunities for aler and well-in- formed traders 10 make substantial profits.
 Large Dividends.
 Some part of the weeks early firm ness undoubtedly repTeser ed prep arations by experienced operators to take advantage of the semiannual dividend and interest disbursements
 O be made in July. Last year these disbursements amounted to S205,- 600 900 and it is probable that this years totals will exceed tha, figure bv a considerable amount. The policy of discounting the reinvestment or some part of these dis ributiOns is one of the oldest proessiOnal prac- tices in financial circles. IL is true a highly indefinite question of how large a propor ion of these dis tribut.ons are each recurring season reinvested in securitits; but there can be no question that in normal times the amount is sufficient to jus tffv careful recognition as a factor in the market. Experienced operat- ors. therefore. antic'N their own purchases that will be made Of these dividends ar payments when the latier a1y have their cash in hand. January and July are he months of greatest volume in this respect
 General Business Laes.
 General business, it is true, has not vet shown aprpeciable increase fin volume. and the iron and steel industry seems to be awaiting to some extent on the result of the congress Ional investigation, that is now in progress, of the position ana influence of he United states steel corporation. The market has been ten1porarilv influenced from time to time during the week by reports that the government had decideu upou legal ac ions in connection with the operations of the steer corporation. But these reports car ried their own refutation in the fact that as long as the ihvestiga- tion was in progress and no report had been submitted by the commit tee that is conducting it, it is high iv unlikely that she department or iusrica would take definite steps in instifutine new suf.s With the taY- orable harvest prospects, however, there is every reason to believe that a demand from consumers for the rroducts Of industry will begin to make itself felt in the near future. s ocks of goods in the hands Of wholesale distributors are not large
 r s-~osf7r~a4iou in retail circles shows a like condition Therefore when the consumer begins to pur- chare merchandise fo meet his ac- fnal requirements he will be apt to start "a movement in merchandise dis. ribution that will promptly ex- tend through the various channels rom retailer 10 profucer, and not onlv win retail S ock have 10 be ,n- creased 10 normal proportions, but fbe various other channels wnca have been drawn upon in the day fo dav demand tha has been the fe.+nrs of the last few months will