The citizen. (Frederick City, Md.) 1895-1923, 1910-09-23
Business and the Outlook.

NiNH hNNo - SOOO. ~lPllllS wheat dIlQ
oats made better showing on the first of
this month than at the beginning of Aug
ust. Corn showed a trifling deterioration,
while last year the falling off during Aug
ust was considerable. Spring wheat esti-
mates are now 1000, 600 bushels better
than month ago; the winter wheat har-
vest was large; the total wheat yield,
while exceeded in few years, makes a
good crop, and with the SO, 600, 900 bushels
believed to have been brought over from
last year the supply is adequate for all
domestic requirements and will afford as
large surplus for export as Europe is
likely to require. One estimate of this
surplus is $1,000, 600 bushels, but this
involves per capita consumption that is
improbable. If we allow a consumption
for food a third larger than was accepted
twenty or thirty years ago. and add
liberal allowance for seed we shall hardly
reach local requirement of 600. 900. 900
bushels, while the new and old wheat
together is likely to exceed $4,000, 600
bushels.
Oats are likely to yield Lose, ,ooo, 900
bushels and to beat the record, and the
corn crop will come close to the three
million mark, so that there is every pros
pect for plenty of money in the pockets
of the farmers and large business for
the railroads.
But financial business, speculation. new
enterprises and all that sort of thing
are pretty quiet The New York Stock
Exchange had the dullest day last Satur-
day it has known in six years. There is
a good deal of irregularity in trade; it is
much better in some lines and some
places than in others. But taken alto
gether there is good distribution. though
production is still greatly curtailed. Cop
per production in August was larger than
in any previous month, but pig iron
showed further curtailment. There is
still dullness in the dry goods trade, and
the output of cotton goods is kept down.
Bank clearings show considerable de-
crease from the previous week and from
a year ago. Money rates in New York
are easy, loans for six months are little
cheaper than for four, and per cent. was
maximum rate for call loans last week.
Railroad gross earnings in August were
less than 10 per cent. above last year, but
as the earnings in the last week of the
month were nearly 10 per cent. better
than year ago it is evident that the
transportation business is experiencing a
stimulus. Dun's statement of CONNER
cial failures in August was better than
that Of July but it is not SO good as the
statement of year ago.
The annual rate of production of pig
iron has fallen off 22.5 per cent. for seven
months but it should be remembered
that last fall and winter there was a great
spurt in pig production Prices are not
-af Snllorc ~
get fifty cents to a dollar advance for de-
liveries next year, but buyers are not
willing to pay it. Specifications for fin
ished materials are increasing in volume,
and shipments that were suspended have
been resumed, Current shipments in
most lines are up TO the August rate but
there is comparatively little new buying.
There has been more cotton specula-
ton at lower prices. The Boston wool
market is quiet. Some business is going
on all the tim, but the aggregate is not
large The Philadelphia wool market
was without life Demand for current
supplies is about the only feature OF the
dry goods market. Iobbers' stocks are
believed to be exceedingly low, but the
jobbers show little disposition to buy ex-
cept for immediate requirements. Cur
tailment OF production of cotton and
wooden goods will continue till there is a
marked increase in demand All coarse
cottons are without material change in
price. There is a little Improvement in
the demand for mems wear woolens and
worstedS; more duplicate orders are COM
ing in for spring as we'll as immediate
delivery. There is some encouragement
IN the demand for staple lines of dress
goods. In boots and shoes jobbers buy
cautiously, and wholesalers wait for lower
prices. Leather is quiet, and there has
been no increase in the demand for
week. Packer branded hides are trihe
higher, but pretty much all other hides,
including South American, are lower.
Wheat is lower under the influence Of
good weather, favorable official report
and hammering by the bear element.
Corn declined on assurances of big
crop, partially Offset by reports Of frosts
under which the market rallied. Lard
has moved slowly at an advance.-FHila-
deIbRi0 Record