The sun., 1905-08-21
THE FINANCIAL SITUATION.

Inst week, the mere fact that the favorable
condition Of the crops continued to be sus-
tanned was, OF course, a development of the
most substantial importance possible. As
each day passes we come nearer and nearer
to the realization Of tho largest crops ever
harvested In our country and worth. 1t is
estimated, but little short Of four billion
dollars. It has been pointed out that our
farmers for many years have had good
wheat, or corn, or hay, or oats crop sinely.
but that occasions have been rare indeed
when great yields Of all theso Itaples have
been gathered. Cotton appears to present
the only exception just now. and may not
present It after all, to the rule OF abundant
harvests, and here large compensation ID
made by the unsold supplies Of cotton staple
still remaining in producers hands and by
the high prices obtained for tho commodity
The rainy weather which In general pre-
vailed over the eastern section OF the counv
try from the 10th inst. up to the latter part
OF last week perhaps delayed in some trifing
way tho spring wheat harvest, but there Is
universal testimony that 1t helped corn very
much and that the corn crop is now 70 DO
regarded as practically made. The way In
which the weather this year has been
favorable for the grown OF corn-which Is,
considering the various uses to which IL ID
put, our mostvaluable agricultural product
has been little less than wonderful. Inc
condition OF corn has steadily improved
throughout the season. whereas It almost
always steadily decreases, and this reversal
of the usual order Of things Is due, as seems,
to the fact that the weather this year over
Ill hns aH nj altaYnAttnR
periods Of rains and hot spells, which. singu-
larly enough have been accompanied py =
virtual absence OF harmful insect me-
Many experts on the corn situation now
expect,to see, IL the crop can be spared from
damage by early frosts. yield OF corn
this year aggregating S,0o0,OOo,Ooo ousnes.
Conservative estimate now are that our
exportable surplus OF wheat will amount to
200 600 OOO bushels, and evidence accumulates
daily that owing to the shortage OF the crops
abroad we shall sell this surplus at high
price, Statistics OF similar meaning come
from all quarters OF the agriculturalworld. In
business circles proper attention has chiefly
converged upon the increase OF orders IN
the iron and steel trade and OF the general
strength assumed by all lines Of metal pro-
duction and manufacture. Advices re-
parding the crops have stimulated the rail-
road companies to enlarge Their purchases,
which would have been Of good size any
way, OF cars, steel rails and similar sup
plies II Is said that orders for rails alone
will aggregate during the month more than
$50, COO tons. All this has in turn naturally
caused the steel manufacturing concerns
themselves greatly to increase their requi-
sitions upon other producers, 80 that .
swelling Of the volume OF general steel
production. especially in items OF heavy
tonnage, has gone on Conditions IN tne
copper market are such that 10 cents
pound ia now being offered for cash cop
per and the metal Is being sold at 1sZ cents
a pound for delivery as far away as next
January. 1t is in this self-same article OF
copper that there is to be found ono OF the
clearest illustrations OF that growth OF the
wealth of our country Of which vague re-
mark is 80 often made, but Of which specified
proof and understanding Is not always had.
Within the memory Of many men now
living fifty tons Of copper OF American
manufacture could not possibly have been
collected in the entire country. 1t was not
twenty years ago that the total production
Of the copper in the United States was not
equal to our exports Of the commodity
during the last six months; yet In the pros
ent year the value OF the copper metal pro-
duoed within our borders is estimated at
over $50 900 900. The present firm foun-
dations Of the copper market are also ip-
teresting as being thoroughly typical Of
those of all our commodity markets and
those which underlie business as q whole.
Prevailing conditions in every important
line of our business and induatrial life arc
absolutely natural and the result Of slow
and cautious growth. The development Mt
of business with US in recent years bas pro-
ceeded conservatively and almost timidly.
There has been no plunging or gambling or
endeavor to run prices to extortionate
levels and there Is not the slightest hint in
any way of an over extension Of business
credit. In iron and STEEL indeed, prices
are almost invariably below those ruling
two years ago, though the volume OF busl-
ness is larger. The result Is healthy tone
in our business life such as has rarely II
ever been equalled at time when business
itself was go active.
The news from the peace conference at
Portsmouth blew hot and cold during tho
week, but save until the latter part Of the
week it was really not an influential factor
in the stock market. Perhaps this was
because analysis Of the various predictions
made as to the results Of the conference
showed that these rested on very slender
grounds and were, in fact. no more than
patches Of guesswork. But the real reason
for tho indifference shown by financial
interests was their conviction that the
Japanese and Russian envoys must, by
the operation Of circumstances Of obvious
compulsion, come to an agreement sooner
or later. and that even il they did not come
to an agreement the present unexampled
conditions of American prosperity could
not be seriously or even temporarily dis
turbed thereby. There would be disap-
pointment felt, naturally, II 1t developed
that the two countries involved were so
blind to common sense and to the ele-
mentary considerations Of prudence as not
to see that their mutual national we'll being
demanded that the eighteen months Of
war that has passed should not bc pro-
longed.
In the stock market the feature Of the
week was the increased interest taken in
1t by the general public, the larger number