The Birmingham age-herald., 1910-10-17
GOOD CROP REPORTS
 STIMULATE TRADE
Encouraging Reports on Corn,
 Wheat and Cotton
STEEL TRADE IS QUIET
Approach of Election Period EnlIvens Interest in Politics and stock Mar ket Operations Do Not Like
 the Prospects

New York, October 16.-The government crop report last week proved to be of potent effect in crystallizing the specula- tive confidence which has been in course of slow restoration for many days pre- ceding. An assured crop of more than 3,O0O,00O bushels of corn. an improvement in spring wheat condition sufficient to bring the estimate of the final total crop to less than 1O,OOO,0O0 bushels below 700,- 000, GOO bushels, a record oats crop of over 1000 COG, 900, and worlds requirements for cotton sufficient to insure highly profit able marketing for the total available supply, this list made so imposing an evidence of the years enormous incre- ment of wealth for. the country as to encourage market operations on the as- sumption of restored values and early correction of the ills complained of
 From the marketing of these bountiful harvests there is expected to follow an extensive scaling down of credits, which were the occasion for solicitude during most of the present year. The creation of new capital supplies should afford re- plenishment in the market and further revival of that investment demand on which enterprise and fresh industrial ex- pansian are waiting. This assured pros pect of new capital supplies coming to meet the measures of retrenchment and economy which have been in force ion many months through all the channels in financial fabric appealed so strongly to the spirit of hope that the speculative spirit was quick to awaken in the stock market after it's prolonged lethargy.
 The narrow and diminishing resources of the immediate money supplies were ignored in the longer view of favor able conditions expected to follow the temporary restriction of banking credits.
 The advance in call loan rates proved attractive to other lenders than the clear ing house banks and the calling down of the credits of those institutions proceed ed with the further drafts on their cash holdings. Some relief was thus afforded to the showing of the banks themselves, but none to the real credit position The withdrawal of cash to the banks, owing to crop moving requirements, made heavy drain on resources. The harden ing tendency. at the same time, or mar, kets abroad was an obstacle to the usual .ecourse by New York in anticipation
 crop exports.
 'uppiementing the influence of the crop
 
 co ditions was the conviction that indus trial conditions would work out favor ably as a consequence. The present quiet in the steel trade, asr reflected in the September 90 report of thrilled tonnage of the United States Steel corporation at low record figure save for that reported on September 30, 1904 was passed over for the promise of future heavy demands from the railroads, now almost totally suspended. Reinforcing this hope was the belief that the problem of rail- road rate advances will be worked out to A compromise which will afford the railroads the necessary increase of reve- nue, although not expected to grant the full petition of the companies for h. crease.
 | The approach of the election period kept alive an interest in politics which was viewed as holding moderate pros poets for the radical tendencies which | are dreaded by stock market operators.