The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-02
WEATHER IN WEST
RULING MARKET
Lack of Moisture in Corn Belt
Is Causing Serious
Situation.
CROP IS NEAR DISASTER
Bureau of Corporations Report
on Steel Is Very Bullish-
Document.
CROP is NEAR DISASTER
Especial to The Times-pispatcn. ,

tSpeclai 10 Inc lmes-Dispatch.1
New York, July l.-Strength of
grain because of q continued lack OF
moisture in the corn belt west of the
Mississippi caused the stock market
to sell down to-day and close at the
lowest prices of the session. Net
losses, however, were not large be-
rally followed the higher prices in
London. The strongest stocks were
Steel and Erie
Owing to the holiday on Tuesday
and the uncertain weather conditions
in the corn belt there was entire lack
or aggressive operations on either side
OF the market. The immediate future
of prices depends almost entirely upon
the weather in the West. 1t is true
as the bears assert, that tha corn
crop is perilously near to a disaster
and that rain in the Immediate future
is an absolute necessity. Dry weather
has continued so long in the corn Sec
tion that it is beginning to deserve
serious attention. The situation in
regard to corn is very much like that
year ago in spring wheat There
was crop scare last year in regard
to corn. but 1t did not have the foun-
dalton of facts that is under the I'M
easiness of this year.
Aside from the corn crop, condi-
tions are excellent. The governments
report on cotton to be issued at noon
on Monday will be so favorable as to
counteract very largely the depressing
influence of the corn situation
Indictment of steel men concerned
with wire pools had no influence
largely because the pools on account
of which indictments were made.
ceased to exist more than a year ago.
!, ~ these indictments did have any real
RI In
teracted by the report of the Bureau
of Corporations on the steel trust.
which WIS an extremely bullish docu-
ment. Advance copies of this report
reached Wall Street ahead or general
publication and caused considerable
buying of steel. II the program begun
by the government in its criminal
prosecutions OF the wire men is car
ried to its logical conclusion practi
cally every business man in the United
States will be under indictment in a
year or two, and there will not be
enough unindicted citizens left to
form juries.
The pooling complained of is of
character that has for generations
been considered a necessary part of
business. 1t has been tolerated by the
government. although perhaps tech
nically in violation of the law. To
try to stop 1t would be like to
change the money standard by cam
paiGn or regulate the rainfall by law.
It is doubtful IL the politicians get
even good campaign argument out
of this series OF prosecutions. How
ever. the general theory of prosecut-
ing trusts in the criminal courts for
Violation of the law is universally APP
p.oved, and after injuring the public
to the extent of a few more hundreds
Of millions of dollars the government
may discover the correct method OF
handling the trust problem.
on the Curb.
American Tobacco Company stock
was very active on the curb market
to-day and advanced So a share.
Standard Oil was inactive and un-
changed, but Manhattan Transit was
freely dealt In around SIS. Changes
in the mining list were unimportant
New York. July Mooney on call
nominal Time loans easier; sixty
days, 21-e42.s-i per cent; ninety
days, 3-4qi, six Inonths. 3l-2@3 5-S.
Prime mercantile paper. to 41-2 per
cent Sterling exchange weak. actual
business in bankers bills at stS4 for
sixty day bills. and at si.S6lo for de-
mand Commercial bils. s4.ss lie. Bar
silver. SO ga Mexican dollars. 45.