Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-31
past year. although the-combined value

past car, dItHOuSH tHe~ cOfnDlueu NdAuC
Of all the principal crops showed very
considerable increase as compared with
1910. The greatest reduction in point Of
yield occurred II corn, which sustained
loss OF over 3J0O0O,O00 bushels from the
unprecedented harvest of the previous sea-
son. yet the higher prices received
brought the money return up to a figure
seldom attained. Still ranking second by
liberal margin. notwithstanding the mark,
ed decline in quotations, cotton added
some $770.O0O.O00 to the nations wealth,
while the 100000 tons Of hay cut con-
shrinkage In the total quantity of wheat
raised amounted to about 14.OOO.OOO
bushels. with a. consequent depreciation
Of roughly 900 in value; but the
bushels. rose over ssOO0.Ooo. Much bet
ter prices on barley offset the contrac-
ton of fully 1900. 600 bushels in the pro-
duction. and. as buckwheat and rye to-
gether showed a moderate gain. all the
prominent cereal crops We're worth a good
deal more than in the preceding year. IN
spite Of the much smaller output
While there was cause for disappoint-
mont In the fact that the grain harvests
in 1911 did not fulfill early sanguine ex-
pectations. the results were fairy satis-
factory on the whole and provided am
pie supplies for all requirements. Prices
Of wheat were strongly held for time,
but the statistical position was against
subsequently occurred, although at the
close of December the market stood about
on parity with the previous year. In
the case of corn. quotations were some
what depressed in the early months, yet
there was a rapid advance when reports
Of serious damage to the new crop were
officially confirmed. the final range at
Chicago being about Is cents bushel
above the values current at the end OF
1910.
The Money Market.
Exceptional ease prevailed in the New
York money market last year until
around the close Of November, when
there occurred an abrupt rise in call
loans to 6 per cent that was accompa-
MED by a sympathetic advance in time
accommodation. This change in the sit
uation had its inception in the large
Withdrawals Of gold from this city during
that month. which were supplemented by
preparations for the disbursement of
some 500, Coz. 600 in connection with the
December 1 settlements. These heavy
demands combined to seriously deplete
local bank reserves, a deficit being re-
ported for the first occasion since late
In 1907, and lenders were consequently
unwilling to release their supplies at
former terms.
The higher charges ruling. however.
quickly stimulated increased offerings
from outside channels and concessions
were soon granted, the banking position
meanwhile having been greatly strength
ened The previous low quotations were
not again repeated: yet conditions were
decidedly In the borrowers favor
throughout the year. as from the middle
Of January on day-to-day funds had sell
dom gone above 21s per cent. and time
facilities were often available under per
cent Developments abroad were of over
Shadowing importance after midsummer,
the almost simultaneous advance In Of
fetal discounts at each of the Leading
foreign centers being a most signiflcant
occurrence.
The Stock Market.
Another heavy liquidating movement
broke out in the stock market during
the latter half of 1911. and under ex-
ceptional pressure prices declined with
pronounced activity. The reaction then
was accelerated by vigorous short selling
and the average of sixty railway issues
fell to $685. September q. but subse-
quently a sharp rally set in that finally
resulted in the recovery of large part
of the earlier losses. Previously ag-
gressive operations on the long side had
been held in check by the many disturb
ing factors that appeared. and most OF
the activity was witnessed on the down.
ward swing of quotations, the aggregate
dealings for the year being the smallest
In over a decade past. There were occa-
sions, however, when transactions in GER
tain specialtieS We're noteworthy in vol
ume and at the elimination OF the great
break in the fall business was on a
larger scale than at any time since the
spring Of 1901. over 1,6SS,0OO shares
changing hands in a single day.
Following arc the average quotations OF sixty
active railway stocks: