Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1910-07-24
CuRTAILMEhT
NOW APPEARS
TO Be CERTAIN
Copper Producers Said to
Have Arrived at Decision
That Only Remedy is to Die
Less Copper,
Henry Clews)

NEW YORK we are now entering
what is usually the dull season in the
stock market owing to the vacation
period, and a disposition to await
more definite prospects concerning
the growing crops The situation Of the
latter is more favorable than has been
generally represented. Warm weather
and beneficial rains during the past
week have materially benefited both
wheat and corn. The shrinkage in
spring wheat, estimated at about 90
000,0 bushels, was, Of course an
unpleasant factor. Thanks to the larg-
or acreage Of winter wheat and gen.
orally fair condition this loss may be
partly recovered. Something of vastly
more importance is the prospect for
corn. which is very encouraging, the
outlook being for a record breaking
crop of 100000 900 bushels or over,
Since the money value of the corn
crop is between two or three times
that Of wheat, the importance of a
big yield of corn can easily be under
stood. Last year our corn of 2,272 .
000,0O bushels was valued at 81 ,653
100000 Our wheat crop of 737, 900, 900
bushels was valued at $4,000 900,
while our cotton crop of a little more
than 100000 bales was valued at
$50 000 600; an unusually high figure.
II viii thus be seen that corn is worth
more than the other two crops com
bined, and twice as much as either
one of them. A big corn crop therefore,
such as is now promised, affords a
most important basis OF encourage
ment. 1t should cheaper meat pro-
ducts, and give the railroads a large
freight traffic. But the crop has still
several weeks TO run, and is always
exposed to danger from early frost.
Moreover. August is usually a month
Of deterioration for the majority OF
crops So that while damage reports
have been exaggerated there is no
reason for indulging in any undue
optimism. Some disappointment will
be felt at our failure to raise other
large crops, because the country real
ly needed a big surplus, not only to
facilitate lower prices at home, but
also 10 afford the desired stimulus to
exporst During the coming year we
may ship comparatively little wheat
to Europe but a liberal increase can
be anticipated in exports OF cotton.
The wheat crop outlook has improved,
due r. scent rains. Our crop yields
are now pretty sure to reach in value
between $4,000, 100000 and SO 900. GEO..
600. If so, continued prosperity for
the coming year will be assured and
in the event of no foreign comulica.
lions the country viii be safe and the
good dividend paying stocks viii ad-
vance from the present liw level.
The money situation is really bet
ter than at one time anticipated, al
though we are APPROACHING a period
when firmer rates must be expected
owing to cEop requirements. The pol
icy Of retrenchments adopted by many
Of the banks, especially in the inter
Tor, is having a beneficiau effect Re
PORTS Of national banks for the last
quarter show that many Of there in
situations have been able to strengthen
/ their reserves compared with the pre-
vious report OF March 20. The improve
ment in bank reserves however has
been chiefly in the East and Central
West Many of the Southern and
Southwestern institutions stin show
I decline in reserve strength. In these
4 sections no doubt further liquidation
will be in order: but the pressure I'm
posed by interior bankers, unwelcoms
as 1t may have been, will inevitably
result in Strengthening the credit
situation. There is still more or les:
apprehension of a money squeeze il
certain sections of the interior
through the increased working power
Of money arising from lower price.
and dull trade viii undoubtedly tent
to mitigate any under stringency Tn,
/ New York banks are now in a bette
position to afford assistance to tn
/ interior, and our ability TO secur,
further assistance from abroad is al
so unquestionable. Gold imports hsv,
commenced earlier than expected an
the prospects are for a considerable
influx Of the precious metal during tn
coming autumn. Money abroad is cas-
and with the declining tendency O
American imports and the PRACTICAL
assured revival of exports, our abilit
to draw gold from London will res
upon natural rather than artificia
causes. In the first six months Of 1911
the London market took about $3.50
100000 Of our new securities, whic
looks as if Europe had more conf
dence in them than we ourselves. A
together the financial situation is dis
tinctly more satisfactory than tire
months ago.
I Some temporary uneasiness wa
., shown at the suspension Of freight az
vences until after the elections b
} order OF the Interstate Commission
; This action, however was not surDri
ing in view of the fact that seyer'
{ Of the Commissioners are no the
vacations. and that the question is &c