The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-09-26
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

Notwithstanding some degree of If.
regularity late in the week, recent
in the market for stock
exchange securities contain distinct
suggestion of a brighter outlook. Were
it not for the acute strain in the polit-
ical situation the financial position as
q whole could be considered highly
It is fundamental that
the prosperity of our great country is
predicted upon the new wealth pro-
duced each year by our farms. Not
withstanding the unfavorable weather
early in the summer, the
elimination of the growing season
has been SO highly favorable that. TAX
ing our great crops collectively. the
harvests of 1910 will come very close
to establishing new high water
mark. II they do not in fact do So
Every day that frost is delayed
brings the king of our crops-Corn-
nearer the three billion bushel mark;
and the danger point 80 tar as frost
is concerned has already been passed
in by far the major part of the tremen.
dous area of our great corn belt. In
other words, whatever damage may
now be encountered will undoubtedly
be local and comparatively slight; and
it is not at this time, counting our
chickens before they are Matched. to
view briefly the benefits that may be
expected Of corn harvest that for
the first time in the history of our
country exceeds the three billion BUSH
ell mark. Corn today Is selling in Chi
cago at more than SO cents per bushel
on which basis the value of the crop
in dollars and cents is very close to
500. 000. 000-an almost unthinkable
sum, exceeding the value of our wheat
and cotton crops combined. This will
give the west particularly. a renewal
of purchasing power, affecting not
only its ability to take freely of pro-
ducts of our factories, but will at the
same time means large traffic for the
railroads and extends to qualifications
far too numerous to attempt to men,
ton in detail. Corn today enters SO
largely into food for man and beast
that the Importance of a tremendous
production can scarcely be overesti-
mated. It's uses for human consump-
ton are 80 rapidly multiplying that
the transportation Of prepared food
products 10 each year gaining rapidly
in importance as an item Of railroad
transportation. Corn. too. enters into
the transportation problem in many
indirect ways. As the real basis of
cattle and provisions 1t becomes a
particularly large item Of transporta-
ton. to say nothing of corn itself,
which is one of the most bulky of rail-
road commodities.
A satisfactory corn harvest at prof
table prices, backed adequately by
other favorable agricultural develop
ments provides an antidote that must
prove highly effective in counterfeit
ing developments of less favorable
ly been such an unusual array. To
this must be added as a fundamental
favorable feature the recommends
tons of Judge Otis Of st. Paul, who,
acting as master in chancery for the
United States circuit court of appeals
rules that state legislatures cannot
infringe on interstate trafiic rates:
also that low rates that railroads were
forced by the state commission OF
Minnesota to charge in that common.
wealth were confiscatory and the Law
under whose provisions the order was
given unconstitutional. The recon.
mendations of Judge Otis must yet
receive the Endorsement of the court !:
but they are based 30 palpably on
common sense, which Is the real
foundation Of common law, and Judge
Otis IL jurist of such high distinc
ton. that 1t is much more than ran
dom guess to predict that the court
will recognize the sound wisdom al
the ruling. The far reaching effect OF
q federal court ruling on these lines
can hardly be appreciated at Arst
glance Our railroads have during
the last few years borne the brunt OF
active antagonism by national and
state governments. not to mention
municipal and even smaller subdivi
sions Of governmental activity. State
legislatures have In many instances
decided that they had the right TO "A
the rate Of remuneration that rail
roads should receive for transporting
passengers and merchandise In and
through states. This ruling by Judge
OtiA II confirmed. win remove ct onl
swoop the state legislation and inter
ference that has % gradually grown
into . severe handicap against rail