The Calumet news., 1911-06-19
HENRY CLEWS ON CROPS,
TARIFF AND MARKET.
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While some degree OF irregularity
has resulted from disposition of for
tunatr holders To realize profits, Moth
ing of Importance has occurred 20
change the favorable outlook i'm the
financial markets. The winter wheat
crop has proven "a particularly early
one. and Is for all practical purposes
made" Reliable reports from the
leading spring wheat sections con-
tain little of discouragins character
though some damage by drouth ana
heat has been reported i'm "a limited
erea. II is always well To bear i'm
mind. however, that i'm view of the
tremendous acreage devoted TO our
gains. local damage can be particular
ly severe and get not adversely affect
the general rcsJlt In fact damage re-
ports SO far us our newspapers are
concerned are news; but ideal con-
ditions covering many millions Of
acres are merely commonplace and
attract no special attention. Interest
now centers. so far as harvest pros
poets are concerned, upon the condi
tion of corn. which will be officially
reported upon by the Washington au-
thoriues early next month. The best
information available from state and
unofficial sources IS that last years
large acreage planted 10 corn has been
well exceeded. which is natural in |
view of the high prices that have been
current for the product. The seed
went into the ground un'er partlcu-
larly auspicious conditions and while
some nervousness has since resulted /
from dry weather there is no reason |
10 believe that the result will be other
than a highly favorable one. Cotton
prospects win also bear the same fav-
orable Interpretation
Thus the crop situation, which is
the fundamental factor in the stock /
market II the moment IS one of ex-
ceuent promise and the underlying !
hrmness I'm stock exchange values
may bee con idercd "A reflection OF this
important feature Next i'm import
ance. as a stimulating influence, may
be mentioned tha continued abundance
of money and the promise that muut3s
viii ,lapse before the demand for
funds will affect the situation adverse
d. Tariff legislation. Il now seems
certain. viii not be radical, and maI-
ufacturcrs by their increased activi-
ties are already beginning 20 cyinee
signs of relief This is especially true
I'm the great iron and steel Industry
and in textile circles there is also a
better undertone apparent II will not
take long for this potential improve
ment 90 spread to distributing circles
We have been going through q proc
Iongcd period Of necessary mercantile
and Industrial contraction that has no
reduced supplies in consumers hands
that when business does begin 20 picN
lr the movement can hardly fail az
once to assume active momentum.
Railroads for instance. have been fore
ad to pursue most conservative poll
cy I'm purchasing supplies FOR upkecp /
ana repairs and have practically done +
nothing I'm the way Of new expansion.
This was largely the result of their
inability 20 secure caital on terms
heir managers believed To be- defir-
able. There has, however, recently
,een a workcd Improvement i'm the u
nveetmer and for new securities. o
our railrD again able 10 secure
he new Gag they require on SUI G
iciently favorable terms TO justify
hem i'm proceeding on normal lines, ,
ma their purchases of steel rails and 10
construction material generally prom 2
se i'm the near future To become dis
inct stimulus in the great metal i'm 8
lustry \