The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1911-07-17

FNVN . w ~ - dli - W NV W Nti
in financial circles has once agar
demonstrated how highly sensitive
to crop news is the market for Sc
curities at this season OF the year
The July report of the Department
Of Agriculture, ISIS ued on Monday
vas specifically, at least, dsap
pointing At first 1t exercised a de-
pressing influence on the Stock Nix.
hange price level and later the
situation became one OF extreme
lullness. 1t is significant, however
hat some degree Of recovery in quo.
ations ensued and that there wa,
10 evidence of the pressure of gen.
raj liquidation, A fair interpreta.
ion of these developments is that
perators are disposed to await
more mature development OF thu
crops, but are not as a rule disposed
% sell out their securities.
The importance of the crop fac
or in the market justities at this
.ime calm examination OF the agri-
cultural situation II is desirable
bear in mind that the Govern
nents presentation Of harvest pros
)ects probably showed conditions at
heir worst Both corn and spring
wheat had been subjected to a pro
racted period of drouth that had
eliminated in heat weave of great
Intensity. But the Departments
igures cover only conditions UP to
July / and in some instances are not
wen as late as that date Conse-
luently, the very general rains that
subsequently occurred throughout
he corn and spring wheat areas,
nd which warded off the impending
erious injury to the crops, We're
lot considered Recognition of this
act is probably the real basis for
he stubborn firmness that prevailed
n the market during the closing
,ays of the week, Notwithstanding
he extreme dullness already re-
erred to.
But taking the grain report at It's
ace value, and, for argument, ig-
ioring the favorable developments
hat have since resulted, the harvest
prospects must still be regarded far
lbove the average. The Govern
nents report indicates that the
inter wheat harvest will reach
$4,000, 600 bushels. which is with
n 5000, 600 bushels of the actual
harvest of last year The spring
wheat promise is estimated at PAS
100000 bushels, or 100000 bu-
shells, in excess of last years spring
wheat product, making the total
wheat outlook 100000 bushels
IT $4,000 bushels in excess OF
he 1910 harvest. To properly APP
)reciate the favorable character OF
hese figures it may be stated that
he present outlook, notwithstand.
ng the damage, has only been eX-
,eeded thrice in the records of the
Department of Agriculture; namely.
~ the wheat harvests of 1909. 1906.
md 1901.
The same general remarks apply
TO corn If we exclude the bumper
2rop of last year. the present pros
pects for this year have never been
Exceeded; and in view of the inn
proyement that has taken place
since the first Of the month, ii Is
not yet certain that the yield this
year will fail to finally become a
The present out
look for 2,956,000,000 bushels is
less than 170,000,000 bushels be.
low last years product, and we have
this year the highly important feat
ure OF the crop being fully a fort
night early, which means that it
will all be gathered, and will not
rs is usually the case, have a SON
siderable growth suddenly cut off
by frosts at the end of the season
The feed crops, and hay, are I'M
questionably much below last year
And this is a fact that will mean a
large increase in the demand for
corn as a substitute,
Taking a broad view, therefore, Of
the agricultural prospects, with a
bumper yield of cotton between
100000 and 100000 bales
almost assured with corn MT nm