Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-07-16
Three important Influences
Strengthen Quotations on
The Street This Week.
CROP REPORTS FAVORABLE
July Government Estimates Indicate
Bumper Agricultural Returns
Redundancy in Market.

| New York, July 1.-THE three most
important influences contributing TO
| strengthen the stock market this week
| were good crop report. the dissipation
of political uncertainty and an easy
| money market. Added to these devel-
opments were signs of business i'm
provement and rising confidence in
various quarters.
Good news OF the right sort was
forthcoming In the form of faVorabie
crop reports. The July government es'
Inmates indicated 2.T26,000,0 900 bushels
OF corn. which would be l3O,00O,OO0 bush
els more than last year and has been
exceeded but once, and that by the
bumper crop of 2,927, 100000 in 1906. The
wheat crop Is estimated at 692, 100000
bushels, or IS, 100000 bushels in excess
of last year, and closely approaches the
largest crop on record. The promise
for oats is 1.0l2, 100000, bumper yield
and comparing with 754,O00.O0O bushels
a year ago. In addition to full grain
harvest, the cotton crop promises 10
be abundant, prevalent estimates being
about 100000 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 or
these estimates being reduced by I'M
favorable weather. July and August
are often months OF deterioration, and
in September there Is always danger
of early frosts to both cotton and
corn In the northerly 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 stua-
ton Since prices for nearly all agricul-
tural products are high, especially corn,
our farmers are assured of another
prosperous year Cotton and wheat
are cheaper than a year ago, but cur
rent prices still afford liberal profit
to the grower. Nothing more unfortu-
nate could happen at this time than
good harvest. for nothing could contrib
ute more effectually toward general
revival of business than large and
profitable crops The wheat crop VIII
stimulate railroad traffic, and the prob
ability of a good export demand will
strengthen our credit abroad. Corn is
a product that will be turned largely in
to pork and beef. also giving big
tonnage to the railroads, and tending
ere long to lower the present high and
burdensome prices for meat products
Surely the country is justified in taking
on a spirit of hopefulness as long as
nature continues as a special partner.
SIGNS OF IMPROVEMENT
outside of the agricultural situa-
ton there are also visible signs of I'M
provement. Mr.. Gary's optimistic in
terview regarding the steel trade had
good effect; for while 1t was evidently
made as hopeful as possible, 1t really
had a basis of facts, inasmuch as the
reduction in prices stimulated ORDERS
and placed the steel situation on
sounder basis. Perhaps new orders
have come in less rapidly than expect
han no n
keeping out of the market on account
of crippled financial conditions, and
waiting for the steel market to touch
bottom. The next largest consumer Of
iron is the building industry. And
here too. there are hopeful and salts
factory signs of revival. For months
past the reports of building in all parts
of the country have shown declines IN
aggregate of contracts varying from 30
to As per cent. In June, however, the
reports from ~ cities show a reduction
compared with last lear of only per
cent. The Improvement was largely
due TO the resumption of work in this
city. where the depression in building
has been keenest. In the entire coun-
try there has been reduction of fully
so per cent in building expenditures
during the past six months, so that the
June returns were decidedly encourage
ing Still another sign of Improvement
was the decrease of $4,000 In the num-
Der of unemployed cars during the
month of June. Railroad officials are
now beginning to emerge from their
slough OF despond. and to an
ticipate improved traffic returns
during the coming weeks as
result OF the harvest and
trade betterments. Another satlsfao-
tory indication was in bank cleaiings.
which in June showed a loss of only
20 per cent compared with losses of 20
or so 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
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 unwilling
or unable to assume.
INDICATIONS OF RISE.
In view of all these favorable de-
velopments II Is not surprising that
the market took on a wider and
Indications are that the present rise
may be carried 10 a stlll higher level.
there being no hindrance I'm sight ex-
cept the possibility OF realizing which
naturally lncreaes as the advance pro-
crosses. The present advance, how
ever, is being conducted by big oper-
ators who have Immense monetary re-
sources behind them. The public Is
not In the market 10 any extent. and
never does enter until n pronounced
rise has begun to take place. IL IL
not likely therefore, that the present
leaders VIII let go until period for
safe unloading has arrived Consider
Ing the removal Of important political
uncertainties, ana that the worst eff
reefs OF the panic are behind us. ana
that everybody believes the situation
Is more likely To improve than retro
grade. TIE conditions are certainly Ia
vorable In important respects for bull
ish manipulations. The political cam
paign Involves no critical issues such
AS the Integrity Of our currency sys-
tenn and the tariff question, the only
one likely to unsotte business, is pref
~ sure to be handled In conservative
fashion and with az little disturbance
To trade and Industry as possible. HIS
tory shows that presidential campaigns
have not usually cxerted the detrl-
mental influence upon business that Is
generally supposed. II ls only when
some grave issue Was M stake such
as the silver craze In 1896. that husl-
ness has been seriously IN danger. Tie
memory, however Of such an expsri-