The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-07-13
Grain Yield for the United
States This Year Will Be
Of Bumper Proportions.
OTHER THINGS FAVORABLE.
EASY MONEY AND THE DiSSlPA-
TIoN OF POLITICAL UNCER-
TAlNTY AID GENERAL SiTUA-
TON, SAYS HENRY CLEWS.

strengthen the stock market last week
were a good crop report, the dissipa-
ton 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, 100000 bush.
els of corn. which would be 100000
600 bushels more than last year and
has been exceeded but once. and that
by the bumper crop of 1927 900, 900 in
1905. The wheat crop is estimated at
692,790, 900 bushels, or 5S,000,000 bush
els In excess Of last year, and closely
approaches the largest crop on record.
The promise for oats is 1,012 900, 900,
bumper yield and comparing with
TEA, 100000 bushels year ago. In adj
dition to a full grain harvest the cot
ton crop promises to be abundant,
prevalent estimates being about 49,
900, 900 bales; and we have already
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 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 pro-
duoing states. But these two leading
~,
ago; and, with larger acreage and bet
ter condition than existed at this time
IN 1907, there is ample ground for
hopefulness regarding the crop situa
ton. Since prices for nearly all agri-
cultural products are high, especially
corn, our farmers are assured of an
other prosperous year. Cotton 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 time
than good harvest, for nothing could
contribute more effectually toward
general revival of business than large
and profitable crops. The wheat crop
will stimulate railroad traffic, and the
probability of a good export demand
will strengthen our credit abroad.
Corn Is a product that will be turned
largely into pork and beef; also giving
a big tonnage to the railroads and
tending ere long to lower the present
high and burdensome prices for meat
products. Surely the country is jus
titled in taking on a spirit of hopeful
ness as long as nature continues as
special partner.
Outside of the agricultural situation,
there are also visible signs of i'm
provement. Mr.. Gary's optimistic in
terview regarding the steel trade had
a good effect; for while it was evident
ly made as hopeful as possible. 1t
really had basis of facts, inasmuch
as the reduction in prices stimulated
orders and placed the steel situation
on a sounder basis
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 re-
turns 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 improv-
ed traffic returns during the coming
weeks as result of the harvest and
trade betterments. Another satisfac-
tory indication was in bank clearings
which in June showed a loss of only
p 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 chat
ter and mental healing" treatment
Of our well meaning prosperity boom
ers, who evidently wanted others to
take risks which they themselves
were unwilling or unable to assume
In view of all these favorable de-
velopments 1t is not surprising that
the market took on a wider and
ctAoriSSI dStiSilS- AT the HlOUle MT the
indications are that the present rise
may be carried to still higher level;
there being no hindrance in sight ex-
cept the possibility of realizing which
naturally increases as the advance
progresses. The present advance
however. is being conducted by big
operators who have immense none.
tary resources behind them. The pub
lie is not in the market to any extent,
and never does enter until pronounc.
ed rise has begun to take place. II
Is not likely. therefore, that the pre-
sent leaders will let so until a period
for safe unloading has arrived.
History shows that presidential
campaigns have not usually exerted
the detrimental influence upon bust
ness that is generally supposed. II
is only when some grave issue was
at stake. such as the silver craze in
1895. that business has been seriously
In danger. The memory, however, OF
such an experience is lasting. and
tends to unnecessarily stimulate doubt
when occasion suggests. The oper
atoms of market leaders are Just now
greatly facilitated nv eYresSiya radop