The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-07-17

LdSI week III uuduCldl NAACICo Aoo
once again demonstrated how highly
sensitive to crop news is the market
for securities at this season Of the
year. The July report of the Depart
ment of Agriculture, issued on Mon
day, was specifically, at least, disap-
pointing. At first it exercised a de-
pressing influence on the Stock Ex-
change price level, and later the stu
alton became one of extreme dullness
1t is significant, however, that some
degree of recovery in quotations en-
sued and that there was no evidence
of the pressure of general liquidation.
A fair Interpretation of these develop
ments is that operators are disposed to
await more mature development of the
crops, but are not as a rule disposed
to sell out their securities.
The Importance of the crop factor
in the market justifies at this time a
calm examination fthe agricultural
situation. 1t is desirable to bear in
mind that the Governments presenta-
ton of harvest prospects probably
showed conditions at their worst Both
corn and spring wheat had been sub
kjscted to a protracted period of drouth
.niRt had eliminated in heat wave Of
grAA intensity. But the Departments
f3ur4s cover only conditions up to Ju-
~ Y ind in some instances are not ev-
en- ayNate as that date. Consequently,
'the Very general rains that subse-
que)dy occurred throughout the corn
va spring wheat areas, and which
pWarded off the impending serious in
jury to the crops, were not considered.
Recognition of this fact is probably
the real basis for the stubborn firm
ness that prevailed in the market dur
ing the closing days of the week. not
ready referred to.
But taking the grain report at its
face value, and, for argument, ignor-
ing the favorable developments that
have since resulted, the harvest pros
poets must still be regarded far above
the average. The Governments report
indicates that the winter wheat har-
vest will reach ass. 100000 bushels,
which is within 100000 bushels of the
actual harvest of last year. The spring
wheat promise is estimated at 245,-
100000 bushels, or 1850, 900 bushels
in excess of last years spring wheat
product, making the total wheat out
look 703, 00O, 900 bushels, or $500, 900
bushels in excess OF the 1910 harvest
To properly appreciate the favorable
character of these figures it may be
stated that the present outlook, not
withstanding the damage, has only
been exceeded thrice in the records
of the Department of Agriculture;
namely, by the wheat harvests of 1909,
1906 and 1901.
The same general remarks apply to
corn. If we exclude the bumper crop
Of last year, the present prospects for
this year have never been exceeded:
and in view of the improvement that
has taken place since the first of the
month, it is not yet certain that the
yield this year will fail to finally be-
come a record-marker. The present
outlook for 1855, 600, 600 bushels in less
than ITO, 100000 bushels below last
years product, and We have this year
the highly important feature of the
crop being fully a fortnight early,
which means that it will all be gather
ed, and will not, as is usually the case,
have a considerable growth suddenly
cut OF by frosts at the end Of the sea-
son. The feed crops, oats and hay, are
unquestionably much below last year.
And this is fact that will mean a
large increase in the demand for corn
as substitute
Taking a broad view, therefore, of