The Birmingham age-herald., 1920-06-12
Daily Wall Street Gossip
BY HOLLAND.

New York, June 1.-CSpecial )-After the somewhat depressing reports that
 have come officially from Washington,
 which referred to the promise of the
 wheat harvest. there seems now to be a fairiy good forecast which, if the event should justify it, will again tell story ] of depressing government forecasts re- specting the crops which the climate and
 the farmers demonstrated to have been Cnfounded. Reports have come to New ' ork within a few days from the far west and from the northwest which give encouragement to all who have been ap- prehensive lest there be a shortage in our food supplies next winter. According to these reports Kansas and Oklahoma and other. wheat growing states of the far west areA likely to harvest an average crop so that some who have been giving study to agricultural conditions now say that we are likely to have a wheat crop of S00NO0,000 bushels.
 That is far from the record crop but it will be sufficient to meet our own needs, and with the wheat that is carried over will provide large amount for export.
 In fact, the agricultural promise of to- day 'justifies the hope that in the pres idential campaign which will actively be- gin in September no serious interference with campaign activity will be occasioned by any danger of shortage in the crops. Of course the corn harvest is far in the future, but there are many who will be astonished if, weather conditions being favorable, the harvest of corn of this year does not show a yield of perhaps B. 00o, ,000o 900 bushels.
 THE CAMPAIGN AND BUSINESS
 Whatever the personalities and the is- sues in the presidential campaign may be it is now deemed fairly certain that the politics of the fall which will culminate in the presidential election will not be to any extent embarrassed by business diff ficuties. The reasons are many for this opinion. One of them is to be found in the fact that the public is ready to invest capital in new issues of bonds or stocks provided the terms nominated in the bonds and stocks are satisfactory Un- doubtedly rates upon new issues will be high, as they have been high during the spring This, however, is to be att tributed to money market conditions. The conspicuous feature of the moment is to be found in the fact that the public is now ready to buy provided the security Is good and the rates are attractive.
 FROM PARIS TO UNITED STATES
 Some ten years ago large blocks of American railroad securities were mar keted upon favorable terms in Paris The New Haven Railroad Company success fully negotiated with the French bankers for the purchase of a large issue of the New Haven securities. So also bonds which were issued by the St. Louis and San Francisco Railroad Company were readily taken in France and were car ried through the war Probably the French bankers and the French govern ment were of the opinion that these se- curities might be utilized in an effort to stabilize financial relations between France and the United States If that was the expectation it is now realized. But the peculiar feature of the transac- tion is to be found in the manner in which it was consummated. For these railroad bonds were bought by local banking syndicate and undoubtedly will be in due time in the hands of American investors
 The transaction was purely voluntary one. No pressure was needed in order to make it successful. Therefore, it is to be