New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-10
FINANCIAL MARKET
Large Pool Holdings in Stocks
Have Been Absorbed by
Bankina Interests.

According to the government figures
showing the condition Of the countrys
crops. based on percentages. on August |
climatic changes in July played havoc
ley. The report was one of the poorest
ever issued at this period in recent
years. corn presenting a falling off az
more than 10 per cent from July |.
spring wheat a falling off Of IA per cent,
while oats and barley percentages like
wise were substantially lowered. On
it's face the statement is discouraging,
but il should be borne in mind that the
government generally underestimate
crop yields, and that since the compila
ton Of July conditions was made there
has been improvement in the general
crop situation. On a basis of 69.6 per
cent shown for corn by the government
the Weld would be 1921 100000 bushels.
against an actual harvest last year of
3125,713,O00 bushels. while spring wheat
at 09s per cent indicates yield II
200. $40, 600 bushels. compared with the
total crop OF 1910 Of 233, $780, 900 bushels.
Winter wheat makes the best exhibit of
any cereal, the estimated crop being
465, 100000 bushels against an actual
crop Of 484. 100000 last year.
Until the publication Of the crop fig
ures the general market showed
tendency in the direction Of higher
prices. but when It became known that
government estimates indicated an ex-
tremely poor yield Of most grains prices
sold off rapidly. last quotations being
well under the closing of the preceding
day. The country is a long way from
famine. despite the disappointing har-
vest outlook. We have been through
many years of big crops, farmers profits
have been large and general underlying
conditions are strong. Furthermore,
there is fair surplus of grain In the
United States from last years harvests,
while current prospects promise the
largest cotton yield on record. with
our increasing population we need large
crops, and it is encouraging to note the
growing tendency 10 widen crop areas
There will be enough grain TO go around
but the surplus available for export may
he small. The lowest prices were MADE
In the last ten minutes Of trading, the
chief weakness being reported In Anal
gamated Copper, Atchison. Canadian Pa
cifc. Chesapeake & Ohio, St. Paul.
Great Northern. Lehigh Valley, missouri
Pacific, Northern Pacific, Reading, the
Hartman shares and Steel common In
which losses ran from more than l TO
more than 3 points
A considerable amount Of stock held
by certain pool interests in the stock
market has been taken over in recent
dave by substantial banking houses.
which are not at all apprehensive re-
garding the future Of money and bust
ness in this country. Bankers see moth
,ng in the situation that warrants I'M
easiness and they evidently are quite
willing to relieve spectators Of hold
ings at time when basic conditions are
sound, Notwithstanding poor crop re-
norts and the mosquitolike activity or
our Democratic friends In Congress, who,
doubtless from n false sense Of duty to
their constituents, are attacking cor
porations on the silly theory that any
combination Of capital is inimical to the
best interests cf the people. Our Con-
eressmen apparently do not realize that
the corporations OF this country supply
the bread and butter for many millions
of people, and that when corporations
onerate In violation Of the law the peo-
nile have recourse to the courts, which
arc in a position TO compel the corpora
tons to walk the chalk line. Legitimate
concentration OF capital promotes the
interest Of the masses; and that the
average man of moderate means VINO
has idle capital on hand is not inclined
m accept the idea that corporations are
working against the public veal Is re-
fected in the movement of such capital
into the shares of railroad and indus
trial corporations whenever through
speculative operations prices are de-
pressed.
Stocks I'm recent years have been going
from speculative account TO investment
account. and unless politicians destroy
confidence among the counuy's great