The Washington times., 1911-07-09
FOREIGN AFFAIRS AND SPELL OF
HOT WEATHER DISTURB WALL STREET
News Factor Throughout the Past Weeks Reports Damage
Causing Slump PrSurprngly Government Re-
Cheers the Traders Upsets Pemsc Predictions
BIZ JOHN GRANT DATEa,


| to the fact that the Government fig
ures, made up on June %, do not reflect
the excessive temperature of recent
days, and as an instance. they cite the
fact that while the report of the Agri-
cultural Department assigns a condition
or 81 per cent for Oklahoma, the Okla
homa State bureau made the condition
on July rs per cent, or points lower
than the Government figures. Despite
features of this kind the best informed
men are content to accept the Govern
lnent estimate, and bankers and mer-
chants generally regard the promise of
bumper cotton crop as the most i'm
portant development of the week.
quite naturally the first effect of a
large predicted crop of cotton is to re-
tard rather than to stimulate the tex
tile industry, for both manufacturers
and 1obbers look for some decline in
the price of staple cotton as a result,
and neither care to stock up with raw
material or manufacture goods until
something is determined as to price re-
vision. But this is 4 temporary matter,
and in the promise of bounteous cot
ton harvest there is the basis for real
encouragement First, II assures a fur
ther augmentation OF the country's ex-
banding credit balance, for the bulk of
the cotton crop is exported; while the
benenclal effects on the textile indus
Try try are ins inestitnable for it is YeI-known
has arisen from the fact that manu-
facturers have been unable to obtain
a price for their finished products COM
mensurate with the cost of the raw ma
terial and the expenses OF manufac-
ture.
Business Scraping Bottom.
Aside from the crop and weather ad-
vices and the threatened foreign compu-
cations, there has been very little in
the way Of important news develop
ments affecting the security market.
According to trade authorities general
industry shows little or no change, and
is naturally waiting upon the harvest |
outcome. The reported slow improve |
ment in iron and steel continues and |
the ratio of production to capacity of !
the chief producer has advanced slight /
ly. Foreign trade Is the one particular
bright spot in the business world, but
domestic industry, If bank clearances,
surplus railway equipment. and gross
railway earnings afford a proper basis
Of determining the question, is not now
1t appears to be scraping
bottom. and many changes seem to be
In the nature of betterment, while the
basis Of distinctive improvement, If the
crops are favorable, assuredly exists in
the low stocks of merchandise every
where.
1t was not TO be expected of course
hat the week could pass without some
development illustrative of the attitude
of the Government toward big bust
ness" This has gotten to be a regu-
ar feature and Wall Street would feel
ost II a week should pass without
bringing some new suit or some new in
5estigstion against a railway corpora
ion or an Industrial concern. II is
loted. however. that the financial dis
rict is paying less attention to these
eatures now than in the past, but II
s thought not unlikely that the Gov
eminent activities play an important
,art in keeping the public out of Wall
Street. as such features are disturbing
o business men, sentimentally II not {
otherwise.
Antitrust Matters. L
AS to the diminishing force of such
matters in the financial district proper,
Iowever,/ ut may be said that the report
4 the Bureau of Corporations on the ;
'teel trust. concerning the effects Of !
which Wall Street expressed some doubt :
week ago. was found. after thorough {
DIGESTION, to be void of adverse in 9
uence. In fact, II was construed as a .
ullish document, and one on which it (
you'd be difficult to attack the Steel s