The Washington times., 1910-07-10

the wheat crop Is most unfortunate 20 ,
the couT try in general, for the indi-
Gated yield is barely more than suf- ]
hcient FOR domestic use and MILLING
II makes for higher prices for bread
stuffs and most products at a time
traF lower commodity prices are much ]
10 be desired, and it leaves very littIe
wheat Tor export at a time that ahun-
oont shipments are necessary TO cor
rect the adverse tendency Of interna-
tlonai trade
Corn and Cotton Promising.
tt is pleasant 90 note in contrast that
the Government report contains the
promise of an excellent corn crop the
condition Of 81 per cent given for cC.H
on july I. compares with a condition Of
S3.3 per cent ON july J. 1903. but a large
increased acreage Of corn under cult
walton indicates a yield This year very
nearly as large as that Of 1893 at this
time Tho higher July condition on a
smaller area last year indicated a Yield
Of 3,11,174.51j which contrasts with an
Indica-ed Weld this year OF 3.1If, 46b,fJ3
Corn IS q crop Of very slow maturity.
terioration from the FIRST estimate But.
given favorable weather conditions,
. there Is every prospect OF mai har-
vest or coin nearly as large as lasl
years which was 2,T5S.3l6,Plp bushels
That the serious loss sustained IN
wheat. and TO a lesser extent IN oats is
calculated To render both the stock and
commodity markets increasingly nervous
from now on as 20 the progress Of 9TH
eT crops can scarcely re questioned. ana
particularly IS this tr1e OF The corn CroT-
for although the country was neE er able
20 regain the position occupied nE corn,
as an rNVOrtalle COMMODITY after the
corn crop failure Of 1901. the crop y
enormously fed 20 live stock and thus
. d. a--4- FL. Il .a=rrs Hr-er
eiEu MARKETS in the shape OF meat
products
since the wheat shortage and Tire
{ high prices likely to follow as a result.
must OF necessity curtaH exports the
corn -rCu and the cotton CTOT' move into
commanding u5sitious IN the influence
q they may exert on the international
money market Fortunately both give
q promise % abundant WELD The cotton
I crop as u June . showed c0ndiligh
/ of ST. or very nearly as high as me
. Tuae condition. which gave the l4,9H.e'3
/ bale crop IN 1903
vexing Money Problems
As was stated in this column q week
ago. the unfavorabIe bank statmeut Of
july .. showed a cash loss Of nearly
$1,000 90, served 20 direct attention TO
/ the money market. The future OF money
/ is. OF course. very much wrapped up in
I the harvest outcome. In banking circles
1.-THE opinion prevails that despite the
B spring wheat shortage a heavy demand
I for funds for crop moving purposes may
I be expected from the West and South
! ia connection with the other crops In
( fact. this has already developed With
3 en- the last two weeks. bank othcerS estl-
{ mate that New York has transferred as
{ large an amount OF currency 10 the IN
/ terror as we usually ship thirty days
3 later To what extent THIS anticipated
: movement viii help the situation later
I on remains 80 Be seen.
Undoubtedly some light VIII be thrown
! upon the situation when the compilation
( is made OF the condition Of the nallondi
] banks under the Comptroller Of -hs
: Currency caH OF June ~ IoI very
much depends upon the c0I0lJ0n OF
4 loans and cash resources OF the in
{ terror banks
That the better class Of banks in the
I interior have been putting tDernsely >
/ In shape 90 meet the narTet demand IS
{ uuuues-ioua IDLY true They have been re-
! GiScouuriuE commercial paper with their
/ agents In reserve and central FeSeE e
I cities upon an unusual scale |SecenJlF
( also they have been borrowing heavily
! for IL has been made clear 70 Jnern,
I AID this IS perfectly true or southern
} hanks thar the tremendous sums lost
{ through fraudulent bills OF lading. apc
J fra UduIeut warehouse receipts are golns
I 20 render II additionally 0lInCuit 20
4 move the crops to market
what the EnEIishmen viii do on
through bills of IadiuE remains 10 De
determined but both they ana the inter
national banking houses. who were rob
{ bed OF between 100000 and Sl5.41.9.
on fraudulent bills last season are not
likely u be caught again New YORK
Z banks have made It clear tC their cor
respondents that they VIII not. as here
ltofcre. shin currency on a mere tele-
I s-rau1ir message that so many bales Of
fr0rT0n were loaded on the cars and THAI
the bills Of ladins and other documents
were in the mails.
Abnormal Money Conditions.
! While but an incident in the general
crop moving demand. the biIl Of fading
/ feature is a very important matter i
IS destined 70 play prominent part II
the autumn money market This year,
for II is going 10 require more money
than ever before for interior banks u
finance their end o. the shipments. To
what extent the loans OF interior in
StitutiOns have BEEN reduced can be d.
Jermined only by the COmptroller's re-
port It Is quite apparent 70 any one
familiar with the subject however, tha'
il IS a difficult matter 10 liCuidate loans
on real estate and farm lands and il
these have played a part as important
in the Si6S,0l0 600 expansion reported ir
national banks within the year t.
March ., IL viii be surprising Il she
volume of loans throughout the interio