The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-07-19

international News Service Financial
Editor.
NEW YORK, July 10. Develop
sments IN the grain, cotton and for.
eign exchange markets this week
completely overshadowed the activi.
ties Of the stock market and. except
for the prominence Of railroad
stocks, there was little to commend
the big security market to public
attention.
Disturbing reports about unsatis-
factory crop conditions in Canada,
prediction Of the government de-
spartment Of agriculture that this
country would be compelled to ship
large quantities OF wheat to the
Mediterranean ports. downward re.
vision Of important private esti.
mates OF the wheat and corn crops,
led to violent upturns in prices IN
the principal grain exchanges.
Prices for wheat and corn this week
were the highest for nearly two
years, ana for some provisions the
highest In five years: and the situa-
ton az revealed by these develop.
ments Is the most favorable one for
the great agricultural sections OF
the country since the s'deflation
period" with its attendant distress
and frozen loans"
Big Grain Merger.
simultaneously with the advances
in prices OF foodstuffs comes the
announcement OF the taking over.
by the farmers representatives Of
five OF the largest grain houses Of
the country, to be amalgamated
into a giant cooperative marketing
organization. capitalized az Sg1 900. !
600, and with facilities for handling
5O.0O0.OOO bushels of grain at one
time. This should prove OF ines.
Unable value to the farmers. who
are now receiving their first taste
Of real prosperity IN four years.
AS In the previous week, the rail.
road stocks furnished the most i'm
portant market movements, the in
centive being almost exclusively
speculation over the result OF
merger negotiations and proposals
now under way. While It is true
that the railroads are now going
into their most prosperous season,
freight car loadings in the last few
weeks have made an unfavorable
comparison with the same weeks
last year. and earnings are not
showing No to ar decided ad.
vantage. Active stocks like New
Haven, Pere Marquette. Nickla
Plate. New York Central. Atchison,
st. Paul, Chesapeake and Ohio.
Baltimore and Ohio. ETC., formed
the bulk Of the weeks trading, and
all In new high price territory.
Oil Shares Firm.
That enigma Of the speculative
markets, the oil situation, continued
to BATTLE the best efforts of stock
traders to solve the riddle. Unfay-
orable developments this week in
cluded further cuts in crude oil
and gasoline prices at the points Of
production and consumption, many
OF the large purchasing companies
which heretofore resisted price re.
auctions joining in the lower price
movement. On the favorable side
was the petroleum institutes esti-
mate Of a 1000, 900 gallon reduc.
ton in gasoline stocks, and indi-
Gated increase in daily consumption
and the announced intention Of the
big oil companies to discontinue
pro-rating in mid-continent by Au-
gust Is. Oil stocks held their po-
sition very well, but interest in
these stocks was negligible.
Steel stocks, especially the shares
Of the so-called Independent COM
panies were wobbly this week, AMI
new low records for the year were
established by two Of the most &C.
tive stocks. Bethlehem and Re-
public.
Bethlehem has long been showing
the effects of uncertainty over the
continuance Of its per cent divi.
dend, but selling was precipitated
by the publication of the semi-an.
nua1 report Of the Republic Iron
and Steel Corporation, showing a
dwindling of it's earnings to five
cents q share in the second quar-
ter.
Foreign Exchange Strong.
Irregularities developed in some
Of the speciality stocks like Stewart
Warner, ETC., but these were gem
orally due to special cause. Pool
activities were contracted as eff.
forts Of the pools were concen-
trated on distributing some of their
stocks at current nigh prices.
Foreign exchange markets were
strong in reflection of the hopeful
attitude Of business men with re-
spect to the outcome Of the repara-
tons conference in London. Cot
ton scared on short covering In the
July position and indicated damage
to the crop. Bonds were Irregular as
selling OF prime issues continued
IN e,oo6 volIIna