The morning journal-courier., 1908-07-13
MONEY AND TRADE
Signs of Revival in Building In dustry Aid Real Boom
 in Steel.
GOOD NEWS FROM CROPS
Presidential Campaign Not Likely to Be Great Disturber, Thinks
 Henry Clews.
Special oorrc-pondence.o

Special Correspondence)
 New York, July 1.-The three most important influences contributing to strengthen the stock market this week were a good crop report, the dlssipa- tion of political uncertainty and an easy money market. Added to these developments were signs of business Improvement and rising confidence In various quarters.
 Good news of the right sort was forthcoming in the form of favorable crop reports. The July government estimates indicated 2,726,OOO,OOO bushels of corn. which would be 190000,00O bushels more than last year and has been exceeded but once, and that by tho bumper crop of 2,a27OOO,OOO in 1906. The wheat crop is estimated at 692, 790,- 900 bushels, or 5s.oOO,OOO bushels In ex- cess of last year. and closely approach es the largest crop on record. The pro mise for oats Is 1.o120oO,OOO, a bumper yield and comparing with 75i,00O, GOO bushels a year ago. In addition to full grain harvest the cotton crop promises to be abundant. prevalent es- inmates being aboue 13.0O00oO bales. and we have already secured a good crop of hay. The fruit crops, too. are better than usual. There Is. of course. the probability of these estimates be- ing reduced by unfavorable weather. Cotton and wheat are cheaper than a year ago. but current prices stlll af- ford liberal profit to the grower.
 Outside of the agricultural situation there are also visible signs of improve ment. Mir Garys optimistic interview regarding the steel trade had a good effect; for while 1t was evidently made as hopeful as possible 1t really had a basis of facts. inasmuch as the reduc- tion in prices stimulated orders. and placed the steel situation on n sounder basis. Perhaps new orders have come in less rapidly than expected: because the railroads persist in keeping out of the market on account of crippled fn- ancial conditions, and waiting for the steel market to touch bottom. The next largest consumer of iron is the build. ing industry And here, too. there are hopeful and satisfactory signs of re. vlval. For months past the reports o building in all parts of the country have shown declines in aggregate of contracts varying from 30 to a5 peI cent. In June, however, the report. from 72 cities showed a reduction com. pared with last year of only 8 per cent. Ths Improvement was largel, due to the resumption of work in thi city, where the depression in bulldlnj has been keenest. In the entire coun try there has been a reduction of full 80 per cent. fin building expenditures during the past six months, so that tn June returns were decidedly encourag ing. Still another sign of improvement was the decrease of 36,00O in the mum Der of unemployed cars during tn month of June. Railroad officials ar now beginning to emerge from thei slough of despond. and to anticipat improved traffic returns during tn coming weeks as result of the har vest and trade hetterments Anothe V satisfactory indication was in ban cearings which in June showed q los of only 22 per cent. compared with loss es of 25 or 30 per cent and over in cal Her months. The lossese in bank clear ings are at last becoming less pro nounced in the eastern cities. and nor visible in the west, showing that th panic wave is gradually passing west ward, and should in due time be To, in the Pacific Ocean. Facts such 2 these are of infinitely greater value a a basis of judgment than all the cha ter and "mental healing" treatment , our well meaning prosperity boomer who evidently wanted others 10 tal risks which they themselves were III willing or unable to assume.
 History shows that presidential can paigns have not usually exerted th detrimental influence upon businet that is generally supposed II is onl when some grave issue was at stalk such as the silver craze In 1896, thu business has been seriously in dange The memory however, of such an a perience is lasting and tends to unn cessarily stimulate doubt when occ sion suggests The operations of ma ket leaders are just now greatly facl tated by excessive redundancy in il money market which practical amounts to a considerable degree of fl f1ation. Our banks are congested wi
 idle money, which they will lend on to borrowers of unquestionable cree and upon the best collateral
 The maintenance of Baltimore
 Ohio dividend was hardly step in [ right direction and a reduction in 3 cordance with the times would ha' inspired more confidence
 HENRY CLEWs