The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-24

quarter Is sure tC show a consider
able Improvement over the half year
Just past. Pig iron production has
oeen decreased on account of slow
oefnand and low prices and visible
supply is comparatively small. The
iron ore tonnage Is estimated at
100000 70 5000. 600 below last year.
With the small visible supply of pig
iron. a renewed activity In steel and
iron business generally must bring
about a greatly Increased shipment
of ore.
railroad earnings for the combined
railroad mileage of the country have
shown a falling off in both gross
n MT. Expenses for the same
period nave decreased In proportion
and the total net shows a smaller
proportionate decrease than the total
gross. The decrease Of the prin-
cipal trunk lines has been very small
and on a few of them an increase
has been shown.
Although the Railway Association
reports a much larger numbar of
IDLE cars than We're shown a year
ago, dependable railway journals
state that many of these cars are
out OF service, having been replaced
by new equipment. It is probably
1'Hfti iAd iilt HD1ttt'I VI
serviceable idte cars is less than
1t has been at. this period for some
years. 1t is expected that large or
ders for new cars, and particularly
steel ears, viii be placed during the
current quarter. Some sizeable or
ders have already been placed.
Large rail tonnage and other
equipment orders are undeA con-
sideration and enough bids have been
called to justify the belief that the
steel business will be materially hene-
fitted by renewed railway activity. and
that the railroads. are preparing for
unusually heavy crops.
This brings us to the crop condi-
tion which is a potent factor in to-
days general business situation. The
gross earnings of railroads depend
upon crops largely and the volume
of steel and iron business depends
AargelY upon the railroads, while
general trade seems to follow steel
and iron very closely, The crop sit
uation then is the vital factor,
Crop Conditions.
This government crop report issued
July 10, compared and averaged
with reports of the separate States,
of crop experts, information gather
ed by railroads along their respec-
tive lines, II the reports of pirate
statistiCiaus. indicates the following
crop condition.
WtH'ef heat is proving up a1)ut
) per cent h'!ow last year ani aobu'
th7 same pe,tcntage below the ten
ysar average with an acreage Of
1000, obs in excess of normal. and
al estimated Yield OF probaoy -
eco. Geo ttsheL less than laSt y:er.
.rl "a .taL I "A 49, H. " -
year aves4ge
Spring vHtat IS Is per ent. below,
the ten year average and 10 per
cent. better than last year. which
with the slight increased acreage,
should produce about 10000. 00e
bushels over last years crop.
Although the comparison with
other crop reports show the govern
ment report @ hat too optimistic
on wheat and oats, the government
figures on corn appear low, and 1t is
believed that corn will show about )
per cent. below last year. and 2 per
cent. below the ten year average,
With an increase of more than a
million acres, the crop would esti-
mate at close to three billion bushels.
The oats crop Is 20 per cent below
the ten year average and nearly tn"
same below last years showing with
approximately the same acreage, and
estimates range from lower figures
to as high as 500, 900, 600 bushels.
While there Is plenty OF time fer
tho situation Il change. reports
brought together on cotton sho"
the government figure at $50 en-
itrely too strong and the c~oncensus
of opinion seems to be that with a
million and a half more acres in
cotton than we had last year, a yte!a
or f2,500,o0o bales would lie a fair
estimate and would show the present
col EDITION to be slightly above the
ten Yer average, but considerably be-
low the government estimate. The
late planting In some sections ani
the lack. of rain in others may yet
be offset, but the present cotton crop
condition cannot be a to be more
than Q per cent. better THIN last year,
ana approximately the same amoon
above the ten year average.
The potato and vegetable crop Ia
far below normal and higher prices
viii rule for ali canned vegetables
In the belief Of leading producers
and manufacturers.
During the past quarter we have
seen a further decline In general
business to about the middle OF the
quarter and the reaction since that
time. which Is still in progress,
!. sr.Au.Sses .~senerally. Increasing and
improving business for the next Few
months.
Government investigation OF large
corporations, prospective tarin iesis-
lation, and preparations for next
years political campaign. need not
necessarily curtail business and me
outlook is very far from discouraginS
IN the f~ar-seetng business man.