The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-07-31
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|. HENRY cLEWs' VIEWS
!. ON FINANCIAL AND
!. MARKET SITUATIONS.

s.-.'' '.''.''.-'.-'.''.''.'. N''''''''-'''
on our side Of the water there now
remain but two definite features that
are calculated 20 restrain business in
the financial. mercantile and indus
trial activities of the country. These
influences are the waning session OF
Congress and the possibilities of tariff
revision that stiH remain. Congress
has already enacted the specific legis-
lation for which Il was called IN eN-
traordinary session, namely, tire reel
procal trade agreement with Canada
ana has now before IL for probable ac-
ton the Farmers Free List the Wool
Schedule and possibly also the Cotton
and Iron and Steel schedules OF the
last two named. however, there Is con-
siderable doubt whether any radical
action win be taken and best Wash
ineton adviccs give no reason 10
change the statements recently made
in these aGvices that Congress will
adjourn very close 10 August 10.
when this adjournment has taken
Mace the general financial situation
viii be I'm "a position in which IL VIII
be Influenced By the day-to-day new,
developments All the old restraints
viii have passed into history includ-
mo the celebrated trust cases, the
Union Pacific merger. the Spokane ana
Reuo cases. the uncertainty regarding
tho holdings of securities by insurance
COMPANIES and a number of other IN
euences that have been talked OF so
frequently during the last year that
they have almost become ures"me'
The controlling factors from now on
viii be the developments of the crops
and the prospect of the money sltua-
tion. Rains have this week been so.
General and beneficial that very little Is
now heard of crop failure, even In To-
cal sections. The cotton outlook still.
fayors a new record in volume oil
production, a factor that has eNercis-
ed recently a distinct degree VI de-
pression of prices Tor the staple.
Wheat and corn prices have also de-
clined and have in this way reflected
the imuroved conditions IN the grain
fields. In fact the general harvest
outlook has reached such stage that
ne must indeed be pessimlst VINO
will fail TO recognize that we have
before Us another season OF great agll-
cultural prosperity, and in turn the
benefits of this prosperity, namely the
ability of our farming sections to buy
the products of our factories and thus
produce "a revival in general business.
Exports of merchandise are continuing
on a highly satisfactory scale and are
constantly adding to our already large
international trade balance.
our banks are beginning to expert
ence their usual annual demands for
funds to move the crops, but there is
no practical hardening of interest
charges and prospects certainly con-
tinue To favor the position that the
harvesls viii be financed this year
without any serious strain on money
rates and without the important IL
uhdation of securities that suca a
strain would entail Crop money will
undoubtedly be very extensively re-
leased before the demands of trade
and industry become insistent and Our
ability To promptly call in balances
from abroad is a constant guarantee
that The money situation for a cOnsid-
cradle period ahead need not be con-
siderod an adverse factor in the gem
eral stock market
Any substantial reaction in the price
level would create a much stronger
position later on and would prove
beneficial. Meanwhile it is not inn
probable that fluctuations In the more
speculative class Of securities viii be-
sufficient wide 10 make during the
next few weeks a good trading mar
kct We are not yet out of the woods
SO far as the spring wheat and corn
crops are concerned. and these may
De expected 10 furnish incentive for
the fluctuations already referred TO.
The fact may again be emphasized
however that both spring wheat and
corn are this year particularly early inI
point Of maturity and shat the annual
threat of damage by early frosts is,
therefore. much less than usual-HeH-
w CLOVIS