The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-07-16
Increased Acreage Certain to
Overcome the Unfayorable
Drought Conditions.
STEEL TRADE SHOWS
SIGNS OF RECOVERY
Building Operations Increasing
and the Copper Industry Do
ing Somewhat Better.
By Leased Wire to The Tribune.

Leased WlFc 70 Inc
NEW YORK. July 15.-The all I'M
portant question OF the country harvests
was brought to tho attention OF the busi-
ness world this week in a more forclble
manner than heretofore through the
July summary of the government on the
condition Of the grain crops
The sensational drop Of over 20 points
in spring wheat from the Juno report
and loss Of nearly points In the con-
diton OF corn. as compared with last
year. were disappointing The deteriora-
ton, especially In spring wheat. showed
clearly the havoc made by the intense
heat and drought.
Notwithstanding this. the estimated
out-turn OF corn and wheat Is well above
the average because OF increased acre
age and there has been considerable re-
covery since the report was compiled.
The action Of the commodity markets
throughout the week in quickly reactinG
from each upward squirt affords ample
proof OF moro satisfactory conditions.
/ The cotton prospect has really the
brightest outlook OF the whole crop stu
alton. Cultivation thus far this season has
and at different points during the week
rains have fallen over the entire belt
and fewer, complaints than usual are
heard. All this naturally strengthens
cotton harvest of $4,000, 900 bales would
be OF the highest Importance to the
country this year from several points OF
view.
AT the present time new crop options
are ruling close to 13 cents. On this
basis such crop would have market
value Of 500, 600 and. counting seed
the total would be 1000 100000. Taking
IL cents as the prospective value the re-
suit would be sS40, 900 600 without any
allowance for seed. Judging the future
likely that cotton is going to give the
country another large crop balance
abroad and also great wealth to the
eona to ns make ba st dS for tn the %hoe
From trade standpoint the greatest
impression in the business mind this
week was the continued Improvement in
the steel industry. In a general way this
was expressed in an increase in the un-
filled orders OF the United States Steel
corporation Of 247.ooo tons The COM
er. TO capacity than any previous time
this year; wire mills are working II
per cent; some other mills 70 per cent
and steel ingots are being produced on
the basis OF u, 900, 900 tons a year
Railroads are not entirely responsible
for this. as building operations show an
increase all over the country,
The copper industry is also doing bet
ter. which is reflected In the June re-
duction in stocks on hand Of S,561.000
pounds.
the extreme heat and a disposition to
await further DEVELOPMENTS as TO thu
crops.
The stock market dwlndled down to a
narrow basis. The daily average OF
transactions was only 100000 shares and
near the close they were at the low point
Of the year Sentiment was influenced
by the daily crop reports but every time
the list was sold down 1t came back
quickly and the undertone OF f!rmness
was shown in general advance of about
a point over a week ago.
Some special bull movements were
made here and there but they failed to
enlist public participation 1t Is univer-
sally conceded that nothing can be ex-
pected from prominent interests until
August at least.
The money question promises TO loom
into Increased prominence as the season
advances. There IS a growing belief that
the crops will be marketed on a higher
basis of interest rates than the current
figures OF 2s to ~ per cent for call loaIB
and 81 to 80 for over the year funds