Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-07-16
ALL DEPEND ON THE CROPS
New York Business Circles Confess
Dependence on Farms.
UP TO DATE PROSPECT IS GOOD
Reports of National Banks show q
Big Increase in Deposits 60 Off
set Expanding Loans-In-
crease of Money Noted.
BY PRESTON &. ADAMS

III 1hESION &. ADAMS
NEW YORK, July 15.-(Special TO The
e)-lt all depends on the crops That
Is the invariable answer to the question
or the business outlook.
Despite the tremendous advances made
IN manufactures in the United States OF
late late years, this is still an agricultural
country in so far as the crops bring the
foundation for all business.
Good crops, good business busy fac
tories, great consumption and a prosper
Gus country. Bad crops bad business idle
factories and poverty and discomfort
that's the formula and will be for many
years.
Just now the crop outlook is good on tho
whole. Cotton, the greatest of our money
crops, was never In better shape. A largely
increased acreage. condition of the crops
away above the average, the experts look
for crop of not less than 100000 and
the best OF II is, that by reason OF the
short short crops OF the past. few years, the
world wants every bale OF II and is willing
to pay good price for il. 1t is likely that
this years crop will bring to the cotton
states more than $1,000 100000
me grain crops also are in good shape,
condition.
II is probable that the total of 5000. OOo. 900
by Commissioner Williams last wear will
be beaten this year.
Great Impetus TO Business
This means busy railroads with increased
&c ninss, STEADY demand for all classes
Oh manufactures, active, prosperous mer-
chants and happy working country. Al
reGay we are beginning to feel the impetus.
Inc industrial outlook, based upon state
ments made 10y the leading manufacturers
is brighter at the moment than IL has been
AT any time since January. Producers are
now confident that unless there is a ma
ter1al deterioration in the country crons
the last six months of the year Will be n
period of progress, and that output as well
as earnings, Will increase This in turn
means, OF course, a resumption OF idle
mills and factories and more employment
for labor. '
Thera wac q ep,,rA 90 o..,,t...
quarter Of the year, but 1t was not lasting
Inc steel mills of the country in March
az one time We're operating on an average
OF oO per cent OF capacity. Then new busi-
ness began to fall off, with the result that
operations dropped TO about 20 per cent
Within the last month the United States
steel corporation has increased its opera
lions 10 bS per cent of capacity Including
the independent companies the average
operations or the steel mills of the coun-
try must be close to 70 per cent at present.
30 Tar the Improvement has been due
aTaLrsev TO orders for immediate delivery.
mere mas been an absence of contracts
calling for delivery in the future. This
class OF buying however, is expected 10
develop before the close of the year, when
the steel companies open their books Tor
orders for delivery in 1912.
one disturbing feature that has been
stocks which have been carried for M
last year or more This surplus has shown
q heavy shrinkage within the last six
-'S4NHS' <AhN hO IL sues All along the line.
Imports and Exports.
Collector Loeb has given out a state-
ment Of imports and exports at the port OF
New York for the fiscal year ending June
sUs; o 5slI IL The figures show a decrease of
Use, 25S,i5O in the imports of merchandise
compared with last year, and an increase
OF Sl2l.6O3,O46 in the exports. Gold and sill
srgG lmpUg1S %ese SRProxmStely $4,000
about $69,OO0,OOO.
;, The miscellaneous receipts. which include
ines head tax, tonnage tax, etc, amounted
10 S6,566.249 being $970S04 greater than the
receipts of the previous year. Duties col
ected on merchandise totalled 500, COZ 729
compared with $2lS669,S17 for the fiscal
ear ending June 80, 1910. Withdrawals
rom bonded warehouses were about $1,000
~, less than the previous year.
National Banks Do Wen.
J., The national banks Of the United States
I'D well during the three months between
March and June. 1t is true that their loans
expanded $52,S00.0 600 but individual deposits
ose more than STA, 600 .000 while specie in
II as upwards OF $25OOO,oOO, legal tenders
iS'VOOOO and surplus and profit fully SIS
VOVVO or as much as the addition to the
oan account The latest statistics also
compare very favorably with those of June
year ago. An addition OF $3.50, COO 900 to
oans and discounts has been accompanied
" gain of nearly Sill 100000 In specie,
While individual deposits are $191 900, 900
'reater. or course, decrease rather than
Increase In loans would have excited more
optimistic comment from those who 90 To
ne roots OF things, inasmuch as business
vas very quiet during the three months
preceding June z. But taking the returns
S whole they are quite satisfactory.
Mining Dividends.
In the first six months of the current
ear 1928 American mining companies paid
Ut Ai, go SiS In dividends, which compares
uring the same period in 1911 and eighty
TX companies and S2S AS, 139 in 1909. These
igures are compiled by the Mining and
ully represent the returns made by ali
ompanies, yet the companies reporting are
ufricient in number to give a fairly good
representation of the profits realized as a
nd works
In view Of the fact that there are hum
reds of mines being worked at a profit
o reports are obtainable, the half year
lst completed VIII stand out as probably
he most profitable in point of dividends
aid In the history of the industry.
Adding the T.722.524 distbursed by eight
ecurities- holding corporations. an amount
erived from the holding of shares of other
hitch has gone into the hands of holders
stocks of American mines and works
uring the half year just ended.
New Securities.
Almost 81, 100000 new securities have
cen Issued since January l, against less
sAHN"'fVVufNvS
10 The railroads have been wholly re-
ponsible for the difference, their offerings
his year having exceeded SS55,Oo0,OO0.
gainst less than S670OO0,O 900 "A year ago. Ii
worth noticing that the principal eX-
ression has been in the flotation of short
srm obligations; these have been used 10
he aggregate of well over $3.50 900 900 as
with less than $3.50 OOO, 600 I'm 1910
onds have been put out to a total of about
,25 1900 or $1,000 900 more than I'm the
rst six months OF last year Industrial
publications. for new capital have not
ute reached $3.50 900. Small increases
! bonds and notes have been more than
ffset by a falling off in stock Issues tho
ct decrease amounting TO a few million
ollaTs. During June both the railroads
nd the industrial groups were more active
raising funds than they were a year ago.
he railroad total has been $4,000 900 and
&c industrial figure nearly S75.0OOO00 greater
IAN IN June. 1910.