The Oskaloosa herald., 1908-07-16

abundant, prevalent estimates being
about 13,000.yo0 bales; and we have al
ready secured good crop Of hay. The
fruit crops, too, are better than usual.
There is, of course, the probability Of
these estimates being reduced by UNI
favorable weather. July and August
are often months of deterioration,
and in September there is always dan
ger of early frosts of both cotton and
corn in the northedly sections Of the
producing states. But these two lead
| ing crops are not so backward as
year ago; and. with larger acreage
and better condition than existed at
this time in 1907, there is ample
ground for hopefulness regarding the
crop situation. Since prices for near
ly all agricultural products are high,
respectfully corn, our farmers are assur-
ed of another prosperous year. Cot
| ton and wheat are cheaper than year
ago, but current prices still afford a
liberal profit to the grower. Nothing
more fortunate could happen at this
|
could contribute more effectually to-
ward a general revival of business
than large and profitable crops. The
wheat crop will stimulate railroad traf-
| fic, and the probability of good ex-
port demand viii strengthen our credit
abroad. Corn is product that VIII be
turned largely into pork and beef; also
giving big tonnage TO the railroads,
and tending ere long to lower Tie pres
emit high and burdensome prices for
meat products. Surely the country is
justified in taking on spirit of hope
fulness as long as nature continues as
special partner.
"Ontside of the agricultural situa-
ton there are also visible signs of inn
provement Mr.. Gray's optimistic. in
teryiew regarding the steel trade had
good effect; for while it was evident
ly made as hopeful as possible, it real
ly had basis of facts, inasmuch as
the reduction in prices stimulated or
ders, and placed the steel situation on
sounder basis. Perhaps new orders
have come in. less rapidly than eX-
pected; because the railroads persist
count of crippled financial conditions,
and waiting for the steel market to
touch bottom. The next largest con-
sumner of iron is the building industry.
And here, too, there are hopeful and
satisfactory signs OF revival. For
pf h,,Sl1 No
in all parts of the country have shown
declines in aggregate of contracts vary
ing from 80 to As per cent. In June
however, the reports from ~ cities
showed a reduction compared with
last year of only per cent. The inn
provement was largely due to the re-
sumption of work in this city, where
the depression in building has been
keenest. In the entire country there
has been a reduction of fully 80 per
cent in building expenditures during
the past six months, so that the June
returns were decidedly encouraging.
| Still another sign of Improvement was
| the decrease of $4,000 in the number
of unemployed cars during the month
of June. Railroad officials are now
beginning to emerge from their slough
of despond, and to anticipate improy-
ed traffic returns during the coming
weeks as a result of the harvest and
trade betterments. Another satisfac-
tory indication was in bank clearings,
which in June showed a loss of only
% per cent compared with losses OF
% or 30 per cent and over in earlier
months. The losses in bank clearings
are at last becoming less pronounced
| in the eastern cities, and more visible
in the west, showing that the panic
wave is gradually passing westward,
and should in due time be lost in the
Pacific Ocean. Facts such as these
are of infinitely greater value as a
basis of judgment than all the chatter
and mental healing" treatment of
our well meaning prosperity boomers,
who evidently wanted others to take
risks which they themselves were un-
willing or unable to assume.
''In view of all these favorable de-
yelopments it is not surprising that the
market took on a wider and stronger
activity. At the moment indications
are that the present rise may be car
ried to a still higher level, there being
no hindrance in sight except the pos
! sibility of realizing which naturally
! increases as the advance progresses.
| The present advance however, is be-
! ing conducted by big operators who
/ have immense monetary resources be-
hind them. The public is not in the
| market TO any extent, and never does
enter until pronounced rise has be-
| gun to take place. 1t is not likely,
therefore, that the present leaders Will
let go until period for safe unloading
has arrived. Considering the removal
of important political uncertainties,
| and that the worst effects of the panic
are behind us, and that everybody be-
| lieves the situation is more likely to
improve than retrograde, the condi-
/ tons are certainly favorable in inn
portant respects for bullish manipulS
tions. The political campaign involves
no critical issues such as the integrity
of our currency system; and the tariif