The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-06-26
$1,000. a~a%a@4...:.. :,
CLEWS' LETTER.
**** $3.50. ,..:...ss:.:*+ 49,

New York. June 26.-The uncertain
movements in the market for Stock
Exchange securities last week were
more or less seasonable That Is
To- say we have at .ast definitely
reached the stage where our crops are
al the critical point; and the future
of the market. H. as in the past, Il Is
o. be determined by the volume and
quality OF our farm products, Is dis
sition has developed among market
operators who have accumulated prof
it's 10 secure them and avoid further
immediate risk.
II is worth while for operators to
take a calm view of the agricultural
conditions that now prevail. In the
first place. winter wheat has been
fully harvested and in quality and
quantity Is very close TO bumper
harvest If IL does not, In fact. reach
that distinction. Spring wheat and
corn have reached their sensitive
point Of growth, and prutractod drouth
has already done some potential dam
manent in the event Of necessary
rains being much longer delayed
There Is lack of reserve moisture
In the spring wheat states. and from
South Dakota the best advices indi-
cate that some degree OF irreparable
damage has already been done, pos
sibly reaching 40 per cent of that
statcs normal yield. Indications are
also present of undesirable conditions
on the bordcrlne of North Dakota.
and also in Southwestern Minnesota.
But In North Dakota as a whole and
also Minnesota as a whole the condi-
tions are SIN In broad sense ideal.
and there remains sufficient leeway
for further depression In spring wheat
territory as whole without bringing
| the prospects down 20 the level Of last
years harvest. In corn, which, Of
course. IS the most important of all Of
our crops from the stock MARKET
/ viewpoint, the damage thus far is
prospective rather than actual. Both
corn and spring wheat are particularly
| early this year-a factor Of much inn
| portance. since IL means less danger
/ from frosts at the tail-cnd Of the sea-
son Hay and oats are not up to the
average. which will mean a greater
demand for corn as a substitute for
these items as feed.
A. general proposition crop dam
age reports are usually cxaggcrations
and due allowance should De made
/ for this fact. II Is worth while re-
/ calling that the total spring wheat
| crop of South Dakota was last year
less than 100000 bushels. 50 that
! if present predictions are confirmed,
and there should be- a loss Of. say, 80
per cent Cor 23.5O0.O0O bushels). II
would not be "a particularly disastrous
matter when we consider that con-
! ditiOns otherwise are so favorable and
that the total wheat harvest promises.
according to the June report Of the
Department Of Agriculture, to exceed
10000, 600 bushels.
In addition 10 the nervousness epa
mating from the crop uncertainties
there have been number of other
features exercising an unsettling IN
nuence. The circuit court decree thai
the powder combination Is an organ
ization in restraint OF trade follows
the same lines AZ the supreme cour
rulings in the standard oil and To
bacco cases. and IL another indica
tion that our industrial corporation
must be conducted on lines that WI
bear full examination. The repor
that the local grand jury mas pee
investigating the steel corporation
the behcst of the Interstate commerc
| -. t....s... -, .barCes that " Ia