The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-07-04
REPORTS ON CROPS
bU0YS MARKET UP
q PROFESSIONAL TRADERS rRY TO
BREAK PRICES. But THEIR
DRIVES CAUSE LITTLE
POLITICS DON'T EFFECT
EFFORT To MAKE 1T Az rSFLUES-
TYAL FACTOR FAILs--CoTTcS
REPORT NOT FAVORABLE.
Ry THOMAS c. sHerwEa.T.

NEW YORK, July S.--Frot esaiona3
traders tried hard today TO break
the stock market but their various
drives caused little alarm. The crop
news, with tho exception Of cotton,
was so good that II counteracted any
1nalign influence political matters
might have had
Fiji stocks both the Great North
ern and the Ore Land certificates,
were strong. rising more than two
points. The railroad stock advanced
Because the spring wheat crop is now
practically safe, the abundaslt rains Of
the last few days having settled all
doubt. Incidentally other crops are
in splendid shape. and an expert sum
mary Of the situation 10 date shows
that the crops ~ this year will be
greater than those az last- YEAR the
equivalent of n billion two hundred
million bushels OF corn The half
billion bushels Of corn and the four
teen million tons Of hay which II has
been contended in this column will be
necessary TO Justify and sustain the
advance of business and OF stock
prices are now conceded by most au-
thorities.
Great Northern sold higher than
Northwestern fer tho first time on
record. At almost the same moment
that Northwestern dropped from 49,
Ia 10 1917 Ii. Great Northern adj
vancsd from 1917 Ia 10 1871 IL. There
have been two successive failures OF
the spring wheat crop In Great North
ern territory, and the record crop of
this year makes the stock look alb
sardly cheap. The next twelve months
are destined TO be boom times for tho
Northwestern part OF thu country,
and Canadas wheat crop has per
versely refused to he destroyed Thus
the whole Northwest Will be ram
panty rich and Northern Pacific. 500
and st. Paul. and Canadian Pacific
viii cause tho calamity hoHIers 10
lose more sleep by making sharp adj
vAnces from time 10 time
Price rnoyern enta IN the market
were of only secondary Importance TO
the crop news. The government 8
report on cotton was disappointing
ss Il failed to confirm the optimistic
report eff WIFI street. authority or
the previous DAY. Cotton advanced "A
dollar and half "A bale on the re-
port. But the report stated that Texas
had shown an improvement OF 8 per
cent. in the last month. That may
not break the cotton market, but It
Ia evidence that other crops In the
southwest are getting ideal conditions,
The corn fields OF Oklahoma, Kansas,
Texas and Missouri and Arkansas
could not have better conditions In
view of these conditions stocks of
Rock Island. Atchison Frisco and
other compa MES serving that territory
shouId be watched with care. The
railroads need an increase OF freight
rates but II the business lutereSs can
tolerate the delays that will attend
The freight congestion sure TO come
this fall when these cnops aat into
motion, the roads, even al present
rates. Will be able to earn enough 10
put themselves In good physical con.
dition next year The heavy traffic of
the fall can he handled with bat
slight increase Of operating expenses.
Tobacco stocks were quiet follow
ing the announcements that the Amer
ican tobacco directors had taken TO
action on the extra disburse mcnt that
had been expected for months West
inghous was quiet, although II was
apparent the stock was being absorb
ed as result OF the remarkably
large earnings that are coming from
the new management, There IL some
talk that the next dividend declara-
ton will be a per cent payment 10
make LID full payment thus making
per cent for the year
The copper producers u}ll meet
next Tuesday to announce stocks on
hand Al the first OF the month and
on Wednesday the steel corporation
viii announce the orders on hand