The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-11
CROP REPORT IS
FINE FOR BEARS
THEIR FROLIC, HOWEVER. EN-
PEcTED TO BE or VERY
SHORT DURATION.
CROP SCARE JUSTIFIED
CHANGED CONDITIONS INDICATE
AN EARLY RECOVERY STEEL
GIVES STRENGTH TO THE
MARKET.
BY THOMAS c. sHoTWElL.)

NEW YORK, July 1e--Report OF
the government to-day on the corn.
oats and wheat crops proved that the
sharp break In the stock market on
July 8, and the advance thai day in
prices OF grain were justified by con-
ditions prevailing at that time. The
government report collected under date
Of July !, WIS go unfavorable that even
though conditions havt improved very
materially In the pas; week the stock
market declined sharply on its publ
cation. The report caught stocks near
the high prices of the day with Union
Pacific and Steel leading IN advance
that had been in progress since last
Thursday morning. Wittin fifteen
MINUTES after publication of the re-
port Union Pacific haC ,ost 2 point ana
other STANDARD issues had ia -N.t-t in
proportion.
Buv!ag on the decline to-day V as
better than the selling because II Is
wei l-ntwr that weather conditions
hae improved so materially since Ike
government gathered information -0r
90 DAYS .rt as to insure larger
average of crops than FOR the previous
.ear. Tie Governments estimate for
tn-dsy gives promise OF cora crop OF
a.s.a o9d,neo bushels but he rata OF The
past week have added at least 200.
Gao lea bushels to the corn erap so
that the largest yield IN the his,e~y +
the n'ry may nav DC confidently
expected The yield OF wheat indi-
Gated by the government is easily In
excess Of 1o0.1eo.ooo bushels. With
reciprocity, Canada will become part
of the United States for crop purposes
and Canada Is raising a record break
ing crop of wheat this year Experts
figure that from the surplus OF both
countries there will be more than $780,
600, u0n<bushels for export. Cnder the
reciprocity arrangement greater pro-
portion OF this than usual will pass
over the railroads OF the United States
and that means larger earnings ana
especially for the railroads of the
northwest.
Scare Was Justified.
Oats is something of a failure only
little more than 500. 900 600 bushels
being indicated ny the government and
the good weather of July has not nefp-
ed oats or hay which has suffered a real
disaster. Hay is selling at from s25 to
$50 ton in the country. Because hay
Is not dealt In on the exchanges to any
extent the public forgets that it is
equal in value TO the Gotten crop. The
cotton crop this year promises 10 he
the greatest on record, present con
diti0fs Indicating something Ike f5,pdo,
600 bales.
The Important thing about 10 days
crop report from d Aptt9t2ktfS PoiH&
of view is that by Justifying the crop
scare of last week il will make the
public take other crop seares mare ser
/ iously and it will he surprising II there
are not some in July and August. The
big scare of last year came at the end
OF July.
But however, full the crop report
o-day may be of ammunition for the
bear party bread view OF 1t COM
! ps4s4. the conc laasian THAT, ii. is h9llsh
on the stock market because its fig
ures taken in connection with the inn
proved weather conditions since they
were gathered insure larger tonnage
for the railroads than they had last
year.
Steel Strengthens Market.
Strength of the market in the early
trading sXas due to favorable re-
port made by the steel trust of the
volume of untitled orders on hand
July /. This shows an increase of
24I,S71 tons, as compared with June
t 1. IT is unofficialiy stated that the
trust Is operating about IL per cent.
of capacity OF all its mills. These
figures taken in connection with the
Organization of the international steel
and iron institute at Brussels puts
steel shares in a very strong market
position.
The Copper Producers Association
contributed some ammunition to the
bull party, with an announcement
that there had been decrease of s.
561,S76 pounds Of copper metal in
stock ON July l, as compared with
f. June L.. Production was 4.161.6IA
pounds daily. compared with 1855
g565 the previous month. Stocks on
hand In foreign countries have also
been reduced. and on the face of the
figures there is an indication of grow