The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-30

reasonably look Tor.
A development during the week just
closed that cannot have other than help
ful influence is the reported betterment IN
the condition of the corn and cotton crops.
Lamentations loud and many were few
weeks ago in order, because Of the great
injury that was threatened TO both crops
by unfavorable weather conditions. I'm
| questio.ably at that tine the weather
was not good growing weather, and
| the crops, as the Government reports
! showed, we're in some measure threatened.
But pessin.ists were building their argu-
ments upon foundations more tickle than
! the drifting sands. The task of discour' :
! ing nature was TO them an easy one. Ext
conditions have changed Rains where
| rains have been most needed have come,
and have brought with them marked crop
Improvement. Perhaps not all the damage
has been remedied; perhaps even yet IL
is too early to say that Substantially large
crops are assured. But the indications all
point in the direction of betterment.
The very gratifying showing made by
the New oYrk banks through the clear
ing house statements shows the growing
strength Of the several institutions, and
impresses their ability to meet, without
any serious financial disturbance here, the
demands that will shortly be put upon
them by the West and the South for money
for crop-moVing purposes. Even, too,
should further exports Of gold follow in the
near future, there is no reason why the
money markets should not be able
to bear the strain well. That such ex-
ports are not improbable, the position OF
the money markets abroad suggests. Rus-
sia and Japan are pressed for funds, while
if the Chinese troubles continue, Germany,
England, and France will need each no
inconsidera5le sum for war purposes. At
the present moment this country seems
best able to furnish this gold, and no doubt
the demand will be made upon it. But
with gold coming from Alaska and Aus
tralia that demand can well be met. Bank
reserves may perhaps be eaten into some
what, and the very large loan account
some $500 GOO, 0e0-reduced OF necessity;
but beyond the incidental stiffening of
money rates it is hard TO agree with the
gloomy views held in some quarters of the
probable effects Of such exports.
One of the most significant phases OF the
growth OF the countTy's foreign trade is the
rapidly Increasing demand for our coal from
abroad. The trade possibilities suggested in
this development are nothing short OF rev.
dictionary. New transportation companiss
are involved. Coal and iron go together.
The favor that they will find abroad will be
another step forward in the establishment
OF the nations commercial supremacy. Inc
immediate effect OF this growth of coal ex-
port, however, should be strength AID Ier-
haps buoyancy in both the anthracite and
the soft coal railway securities.
The outlook for the iron industry is most
Interestingly discussed by Gorge H. Hull in
an article on Industrial Depression aud
the Pig Iron Reserve in the "Er gineeiiag
Magazine" Mr.. Hull contends that the
sharp advances in the price of pig iron
from time to time are the direct cause Of
industrial depressions. He says:
There is wonderful future for the iron
business the day these violent fluctuations
in its price are ended. The annual con-
sumption Of iron in the United States is
growing with a cumulative force. Fifty
years ago it was 100 pounds per capita,
two years ago 800 pounds. and last year
400 pounds per capita. Whiting twenty
five years it should be 1000 pounds. Not
one-twentieth OF the inhabitants of the
earth are comfortably housed. fed, and
clothed. The world is not finished. There
is plenty for all to do. Lex every one work
who will. It requires certain number OF
workers to produce the daily necessities
of the people. Every additional producer
put to work adds TO wealth. When the
price of iron is under control the manu-
featuring nations will make such regular
and uninterrupted progress as will aston
ish the world. Iron is the most valuable
gift nature ever bestowed upon a nation.
The owners OF the great iron properties
have an opportunity of untold wealth with
in their grasp. They may, by wise action,
change q business which in the past has
been attended by one or two years of profit,
followed by seven or eight years Of LOSE,
10 business of uninterrupted profit"