White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1912-06-30
ALL SIGNS POINT.
TO PROSPERITY
CHICAGO CONVENTION HAD NO
EFFECT ON STOCK MARKET,
AND BUSINESS PROSPECTS ARE
BRIGHT.

BRIGHI.
It is worthy of note that the Re-
publican convention in Chicago last
week has not changed the tenor OF
the reports coming from business
centers. The convention was mark
ed by many scenes of disorder and
the third-term candidate issued mani
festo after manifesto, making threats
and calling his followers to the for
nation of a third party. The doings of
the convention were watched closely,
but the reports from business circles
indicate a strange indifference to the
whole performance and the same can
be said of the stock market, says the
Boston Financial News. Nothing
could give a better illustration of the
strength of underlying conditions,
for if either business or speculation
had been overextended or the news
from the western crop regions had
been unfavorable, the actions of the
delegates in Chicago could have fur
nished the impetus for a backward
movement.
The foreign trade statement for
May showed a new level and that the
excess of exports over imports for the
year ending with this month will
be near the record figures even
though it will not break through.
We have found a splendid market
for a huge cotton crop this year and
it has become evident that the
amount carried over will not be ex-
cessive, Notwithstanding the tremen-
dous crop picked last year. This
shows that the worlds consumption
of our principal export commodity is
increasing. rapidly, and means much
to the United States, which raises
about 10 per cent of all the worlds
cotton. The situation in steel is little
short of a boom and 1t is becoming
evident that prices must soon ad-
vance to figures that will allow of a
large margin of profit.
The strength in the copper metal
situation is obvious and there are al
ready complaints of a shortage of
labor at some of the camps while
there is the same complaint at GER
tain steel centers. There are no great
strikes at present and labor has APP
parently settled down to be quiet
until spring, when the strike fever
always takes hold of the men. Ii Is
clear that the buying power of the
people of the United States was never
as large as IL is at present and this
cannot but force a larger demand for
all forms of merchandise as well as
for the necessities of life. The ur-
gent need of the day is a large pro-
duction of food products to relieve
the high cost of living and, as the
government irrigation plans bring in
new territory for cultivation and
more scientific farming is resorted TO,
this QUESTION may be solved.
Wheat and corn have reflected the
bright crop prospects by a continuous
decline during the past two weeks
and unless there is a sudden change
In the character of the weather in the
western states We shall harvest a
large total of farm products. The
shortage In winter wheat cannot be
made up, but 1t will be Offset by a
larger output of spring wheat, corn
and oats. TO say nothing of a tre-
mendous hay crop and plenty of
grass. The outlook is undoubtedly
more than encouraging, and In fact,
seems to warrant the predictions that
we shall start In soon on a long pc
riod of greater prosperity, in fact,
that We have already started. The
full strength of the movement will
not be realized, however, until the
uncertainty regarding the crops has
been passed or in other words until
the autumn.