442 POPULAR SCIENCE MONTHLY. 



by a partial failure of the corn crop in the southwest, such as the 

 Atchison and the Eock Island. Eeports that rain was likely to fall 

 in Kansas caused a rally from the low figures. During the week ending 

 July 20, in spite of the short corn crop, the large wheat yield made it 

 evident that the cereal production of the west as a whole would furnish 

 abundant traffic for the railroads. The appearance of rain in parts 

 of the west led to considerable repurchasing of railroad stocks by 

 capitalists who had sold Granger and Pacific stocks on the unfavorable 

 crop outlook of two weeks before. Atchison common stock rose ten 

 points; Eock Island was a very strong feature, ' and the Grangers gen- 

 erally responded promptly to the improvement in the corn-crop outlook. ' 



The highest non-corner prices for corn since 1894 were paid during 

 the week ending July 27. The damage to crops in the territory tribu- 

 tary to the Union Pacific in Kansas and Nebraska 'raised strong 

 doubts as to the possibility of any increase in the four per cent, divi- 

 dend on the common stock.' Union Pacific was one of the most 

 prominent stocks in volume of transactions, and sold down very sharply 

 from 1041/2 to 931/4. St. Paul fell from 164 to 152i/ 2 , and the other 

 Grangers were similarly affected. 



Under the influence of the extreme heat, summer travel was reported 

 as the heaviest in years; this gave the transportation interests large 

 earnings, while the hotels and stores in sections frequented by sum- 

 mer visitors did an excellent business. Much money was left in summer 

 resorts, and collections there were consequently good during succeeding 

 months. While the carriage of wheat and of live-stock by the Granger 

 roads during July was very heavy, the shipments of oats and corn fell 

 off sharply, the movement of corn to seaboard points declining 72 per 

 cent, as compared with that in July, 1900. Foreign commerce was 

 seriously affected. In Scotland, Eussian and Algerian maize practically 

 supplanted American corn. The heat interfered with building, so trade 

 in paints, oils and other building requisites was checked. Meats were 

 in less demand, and wholesalers in some cases reduced prices in order 

 to move fresh meats in storage. The hot weather was unfavorable for 

 the curing of fish. The consumption of milk increased, and there was 

 a scarcity in many cities. The demand for ice was so great that there 

 was difficulty in chartering vessels in which to ship ice from Maine. 



After about a month of intense heat and of drought, lower tem- 

 peratures and good rains were experienced over most of the drought- 

 stricken districts. The relief to trade was immediate and general. 

 In the great corn States, more than usual of the year's crop had been 

 planted late, and this late corn improved greatly, although early corn 

 was practically ruined. A large spring-wheat crop was assured by 

 the rains. Cotton-crop conditions at the south were also improved, and 



