The Owosso times. (Owosso, Mich.) 1897-1926, 1910-10-21
Conditions Good.

ty on the Stock Exchange increased
in spite of Intervention of the holt
days, and the undertone of the mar
ket was strong. the tendency of
lprices being steadily upwards. The
Influence contributing chiefly to-
wards reviving confidence was the
October crop report. This removed
all doubt concerning the corn crop;
the government report exceeding ev-
en- the most sanguine expectations Of
a 100000 bushel crop. Corn is
king, not only because If its great
money value, but because of the nu-
merous directions in which it is used
both for domestic and Industrial pur-
poses. In money value 1t exceeds
both wheat and cotton combined.
The wheat yield, though not what
was desired, has exceeded early ex-
pectations, and large crop of oats
has also been garnered. The yield
OF cotton has been disappointing;
but, so far as the South in concerned
this will be fully compensated for
by enhanced prices. All doubts con-
corning the crops are now out of the
way, except cotton, which will be
subject to danger from early frost
for at least another two weeks. Since
the harvest in the most important
element in our national prosperity.
1t Is source of satisfaction that this
factor of uncertainty is now perma-
nently eliminated.
The political outlook, another we'll
worn element of doubt, Is steadily
| improving. Radicalism is being re-
buked in all directions; issues have
now been clearly defined, and seem
to depend very largely upon person
ality. The comparative lack of in
terests in election issues is shown by
the falling off in registration in all
parts OF the country compared with
previous years. 1t is taken for
granted that Republicans will have
to face considerable losses at the
polls in November, and there is some
probability that the next congress
may become Democratic. This fact,
however, appears to cause little un.
easiness, and the elections are GER
tainly much less threatening ele
ment than two or three months ago
1t is also a noticeable fact that pub
lie opinion is becoming less hostile
to corporations; this being due part
ly to public recognition of the fact
that corporations are here to stay,
and partly to the fact that managers
of the latter recognize that they must
submit to some form of regulation,
obey the law and show decent re-
gard for public opinion. The change
in the latter respect manifested in
various quarters is highly encourag-
ing as tending to disarm much of
public criticism. No one now serious
iy fears the forthcoming Supreme
Court decisions on the oil, tobacco
and other cases. The Court may
force reorganization but is not GO
ing to destroy property values. The
decisions when issued will probably
have no further injurious effect than
the famous Northern Securities case
No harm but good followed that de-
cision. The prospects of the rail-
roads securing reasonable treatment |
from the Interstate Commerce Com
mission are daily increasing. So |
that question Is also nearing solu- |
ticn. In this connection President |
McCrea's address on behalf of the |
Pennsylvania before the Interstate |
Commerce Commission was strik-
ing feature. His argument for bet
ter rates was temperate, strong and |
based upon well known facts. 1t |
will no doubt have much weight |
with the commission and do much
towards securing reasonable treat
ment for the railroads.
The money situation is much bet
ter than expected; the stringency
this fall having thus far
not materialized. The surplus re-
serve of New York banks is now
down to a rather low level, but reg
ular trade demands are less than US
ual, and bankers are persistently
undue speculation. 1t
is quite possible that firm spells may
be experienced between now and the
III OF VI JahudIy, DuL uO CTlSlS is all
ticipated. Perhaps the worst fea-
ture in the situation is the excess of
loans over deposits observed in re.
cent bank statements in various
parts Of the country. This Is a sig
nificant development and will bear
Money Is firm in Europe,
which will tend to discourage gold
exports to this country. Our foreign
trade, however, is assuming more
normal proportions, and our exports
Of agricultural products especially
are increasing noticeably. In Septem-
Der they were ahead of last year, and
1t would cause no surprise If in Oct
ober they would also exceed last
year in value. Cotton shipments
have been rushed forward in antici-
patton of deadlock over the cotton
bill controversy. After October 81
British bankers will discontinue
cotton bills, unless some
agreement is made with bankers on
this side. OF course some settlement
Is inevitable; for Britain is Just az
much In need Of our cotton as we of