Daily capital journal. (Salem, Oregon) 1903-1919, 1904-08-19
MONEY MARKETS
ARE EASY

Henry Clews, the New York brok
er sends out the following fnancia
letter under date of August 49,
Another week has passed without
any very serious damage to crops, or
without materially reducing earlier
estimates of the harvest. Wheat has
risen to an unusual figure, $1.07, owing
to reports Of injury by rust. The gov
ernment report of August has been
issued, indicating a crop of sos 900 900
bushels of wheat and 2,564,00O 900
bushels of corn. Some deterioration
has taken place in wheat since the
above report and private estimates
are current as low as $50 900 900
bushels. High prices for wheat seem
reasonably certain, since a short crop
and increasing home consumption
means less surplus for export at time
when Europe's necessities are urgent;
the worlds wheat crop being anywhere
from so to 100 millions less than last
year Growers, therefore, should re-
ceive good prices for their product in
compensation for a shortage. Cotton
we are likely to have in plenty; and
as this years heavy curtailment by
the mills is depicting the supply of
cotton goods, the worlds visible sup
ply Of cotton also being much re-
duced, there is every reason to be-
lieve that the planter will receive a
fair price for his product, even though
a bit below last years fancy and ic.
titious figures August is almost in,
variably a month of declining cnodi.
tion in cotton, but allowing for that
fact, the trade estimates of 10000, 900
bales on this staple are not far from
government figures. There is a dispo-
sition to create a scare concerning the
boil weevil, also on the scarcity OF
labor; but the former seems to be
doing less harm than last year. and
the latter problem is one that will
probably settle itself. A slight rise in |
the wages OF cotton pickers, which |
planters can easily afford, will very
likely attract an ample supply OF la !
Dor which has temporarily gone to
the cities where employment was
easier to obtain. The oats barley. |
hay and potato crops all promise bet |
ter than year ago, and allowing /,
for ordinary setbacks. the outlook re- /
mains for a be,ter harvest than in
1908, The corn crop is still the sub
ject OF most concern, for while the
condition is reported al S7, or nearly
. points better than last year. the
crop is late and exposed to early frost.
II should be borne In mind. however,
that this Is the period of extreme sen
sitiyeness to weather conditions; and.
as the crops have reached stage of
maturity where any damage is likely
TO be beyond repair, the markets will
be particularly exposed to crop scares
and eNaggeratiOns. The whole coun-
try is most anxious for a good harvest
ON whica To base a sound business
recovery, and such a contingency
seemo almost within grasp. hence
much OF the hopefulness which now
prevails; and II the next four weeks
pass without disaster all reasonable
hopes are likely TO be realized.
The stock market continues to show
a good uudertone. chiefly because of
improved business conditions and the
satisfactory crop outlook, In addi.
ton tae strnegth Of the traction
stocks infused fresh interest in the
and even some Of the long
neglected lndustrials showed a dispo
Sitlon 10 respond TO better business
prospects. The iron trade gradually
improves. aud It seems certain that
The last quarter OF the year is going
to be the best Tor this branch OF in
tustry Railroad managers look for
heavy trahic during the fan and win
Ter, and as labor agitation subsidies
he business Improvement seems like
y 90 extend Our political situation
presents no disturbing issues, so that
'ppVAensions on this score are need
less The monetary situation also
continues favorable. inasmueh as the
'rop demands, which will begin short.
y, are not likely to interfere with
'asy rates for money Funds are rel
''iyely plentiful In all parts OF the
,ountIy. and the New York hanks are W