| Show WHEAT PEAT CROP GROP IS ABOVE Reports From the Government Show Marked Improvement Over Last Month MONEY MARKET UNCERTAIN ll c no I i tig Market In Tor FOI Securities i los lour Hut lint No Xu Serious HIcl lie lie- cl cession of Or Prices I K Is irolia Probable ble N Now York May Uil 18 The Tue The govern govern- lent Jont ont winter wheat report showing A condition or of of 91 n per cent compared with O C I per iier r cent cent at the me time timela la Jail hut t year was an nn encouraging feature in fn taut last weeks week's market market development Ile Tills ThIs wa was al also o an Improvement of or nearly nearly near near- Iy ly two p per r rent cent In the lie condition over ove Jut iatt month and while the crop does doe not promise to be he an extraordinary one Indications suggest Bt a crop con- con above the av average rage A year ear yearl l the Indicated crop was bushels l. l and the actual crop 4 Present Indications are arc so RO that allowing for 01 or the usual depreciation the outlook Is la still satisfactory satisfactory sat sat- since th the continuance of ot I hUM bus UH- UH Incas prosperity depends fJ nth more upon the lie crop outlook than upon any o other I single singh r feature atur ant and the feature o of this should not be lie ed cd As for fOI the monetary outlook that IB Ia till sun somewhat uncertain Cheap money could not 1 be l' l anticipated for weeks ce 8 or months to come but the acute stringency observed ed In April Is certainly over O and not likely to be lie iop repeated until the regular autumn autumn requirements set et In The disturbance to the money market arising from the SItu Sin Francl Francisco co fire rue also ft seems practically ally cally over Rn Son San n Francl Francisco co has hM more than titan enough to mc meet cl present emer ciner- A great deal al of or money is still locked up In excessive t I real estate speculation which ought to receive c the same Rame sort t of or rebuke that excessive e speculation In securities 8 has already received If It moderation can bo be only secured in this respect and prices of or both commodities and securities kept within a reasonable level levI there Is la no reason to apprehend any early termination Litton of oC present PlO prosperity Prior to the fall Call elections w we uve may expect a period of ot doubt and delay If Ir not depression de do- but these contingencies iea are nrc too far Car away awny to ha have any present effect ef of- feet On Onal al values Bond Market The rue bond market maret is inactive antI and not In an entirely satisfactory shape to tu 1 holders for Cor the reason that large I amounts are alC awaiting Investors In who In lU a n 6 5 j per ier cent mont money market are an not nut or very cry JI hungry for Cor 4 per pel cent Investments Invest invest- l- l ments especially as ns further important I K of securities tle are nr tending which may limy have u to 14 be bo floated at somewhat lower Iter 1 ar figures figure than liali orl originally Intended J In Iii order oller to find ready reidy takers The Immediate Im In- mediate J ol IK for tor a fluctuating I market Adverse features have hae been bem am amply Illy dl discounted counted for nr the present and antl anda a a. conservative additional recovery 1 Is 11 justified while no further serious recession recession re rc- re- re cession seems probable unless adverse adverse- conditions not at rut present foreseen foresee change chango the current tendency All An known n unfavorable circumstances circum stances appear ar to hn have been discounted discounted dis dis- counted b by the decline which culminated culminated culini- culini natel a it acel week cel n ago tI anti and which resulted In a depreciation estimated at nt nearly one billion of oC dollars After such a prolonged and radical decline r recovery co cry ery was vas perfectly natural A large short Interest lund had been created ert and buying on this account not only In Induced Induced Induced In- In a n rally but satisfied temporarily tempera tempora rily at least the bear operators who ha had made malle very considerable profits The he fact too that the market marlN could not withstand such a series of or shocks us have been encountered during the thelast thelast thelast last few weeks some of them of or a rather rathel violent nature gave c a confidence nce to the th undertone of or the market I General Outlook I Is Good Liquidation has icon been 1 very severe ere and the technical tr situation considerably considerably consider consider- ably Improved thereby A year ear ago it was wan thought Impossible to ha have such depreciation depredation de de- de- de made anybody believe that a predation as ha has Just jUtt been experienced could take place without precipitating serious trouble j if not actual panic That the market has hn withstood these ext extraordinary sh shocks w without I thou t a sing single e failure of importance is remarkable testimony of ot general financial sU strength and soundness The t general outlook therefore i is of the thc be best t. t ant und and prices R should continue to advance this week I I I |
