The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-18
BUMPER COTTON
CROP ALARMING
BANKERS FEAR INCREASED Ex-
PORTS IN BALEs WILL MEAN
LESS MONEY.
CANADIAN PACIFIC UP
STEEL BUSINESS INCREASES AS
ROADS REBUILD AND RKrAiR
rundown sys-
TENS.
gv THOMAS c. sHoTwE1I..

NEW YORK, July l7.-some lib
erai rains in the corn belt broke the
price OF corn to-day, but failed to
revive the stock market All the
financial world IL watching the har-
vests now that IL is known that even
with the Increased acreage the total
yield of ali crops VIII not he as great
rs IL was last year. Aside from this,
most attention is being paid to the
very large Investments that the banks
are carrying in securities. very largely
in bonds that have no active market.
The stock market to-day displayed a
heavy tone and net losses were re-
corded in most issues, Canadian Pa
cfffc being one notable expectation.
that stock making new high record,
Several freak movements were seen
among speciaities, Quicksilver dou-
bled in price. National Biscuit ad-
vanccd on a single transaction.
In connection with the advance Of
Canadian Pacific a higher dividend
vas talked Of. The company Is sell
ing land rapidly and at constantly
increasing prices. As it has about
90 ,aea.ooo acres still TO dispose OF.
IL seems certain that IL will be only
a question of time when some extra
disbursement will have 10 he made
from the land department of the com
pany The Canadian Pacific is re-
fusing to decker with land specu lators
unless they are honestly trying to get
farmers to so on TO the land The
land holdings of the company are 80
valuable that the prospect of the
Grand TrunG Pacific as a competitor
within two years has no influence
on the outlook of the company. II
is the wonderful agricultural outlook
in Canada that is helping hold prices
oT stock up in the United States. The
Canadian business will find its @sy
to parts of the States under reel
procity
Can Westinghouse Come Back:
George Westinghouse is trying To
return To power to the company that
bears his name. he vas ousted
na9gr.hS age aHs big com FaTieG are
ma king so much money that he feels
that dividends should he paid, West
inghouse says Ii per cent. is being
paid.
Another cut price In cottcn goods
La due TO the bumper cotton crop that
is being produced in the South. 1t
Ia expected that this reduction in
price will start considerable business.
Some kinds Of cloth are at the lowest
prices ever seen in this generation.
Steel men say that business is grad
nailx increasing. Several new .fur-
naces are being blown in. Railroads,
now that the fiscal year has ended,
are beginning To place orders. Most
OF them have economical To the dan
ger point and the frequency OF acct
dents Will force them to get new
equipment. They have used up all
their old Junk and must buy heavily.
The United States government an
nounced to-day that fer the fiscal
year ended July l exports from the
United States were s52o. GOO, 900
greater than i'm gssfts. This compares
with excess of $ias.03s, the preyi-
Gus year. II is contended by some
bankers that letters OF credit and
money taken abroad by Americans
this summer also broke all records
and almose wiped out the balance OF
trade. The large cotton crop of this
year is proving a source OF real wor-
~ to the bankers. who fear that, even
though 4 greater number of bales
are exported. less money will come
into the country fer cotton than came
in the fiscal year just closed.