The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1912-08-05
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

NEW YORK, Aug. 5.-The United
States seems to have taken in Moth
err Nature as a special partner, and
once more the country promises TO
be favored with good harvests. II
present calculations are realized We
shall garner 700,000,0OO bushel
wheat crop, a 2,900,000,000 bushel
corn crop, and a 1,200,000,000 bushel
oats crop. The yield of potatoes and
hay is also likely to be considerably
ahead of last year. The total value
of these five crops is estimated at
$4,000, 100000, or about S2OO,O0O,OOO
ahead of last year. In all probability
the aggregate of all agricultural
wealth produced this year will be
about $4,000, 100000, as against S.
500000,000, the figures of the Depart
ment of Agriculture last year. What
this annual production of new wealth
means to this country may be esti-
mated when it is remembered that the
capital stock of all the railroads in
the United States is placed at SS,470,-
100000. An increase of s5O0,000,0 900
in agricultural products in a single
year cannot but be a powerful stimu-
lus to business.
Bankers in all portions of the West
are agreed that the crop situation is
satisfactory, that business is in more
promising condition than for several
years past and that the business men
of the interior have decided to elm
mate politics from their calculations.
This is practical expression of in
creased confidence based upon posi-
lively improved intrinsic conditions.
The cotton crop seems likely to fall
below early expectations, but the yield
will, nevertheless, be large, and plant
ers are securing prices which afford
good profits. The South enjoyed ex-
ceptional prosperity last year and is
not likely to fall behind seriously dur
ing the next twelve months. August
is usually month of deterioration, so
moderate falling off in condition
need cause no surprise in the final
reports.
The stock market has been strange
ly backward in rejecting the better
ment of conditions in the interior.
This must be largely attributed to
the absence of genuine leadership.
The stock market is literally taking
care of itself, and stagnation was in
creased by the fact that the vacation
season is now at its height. Wall
Street is not governed alone by crops
and business, as is the case in the in
| terror. Monetary conditions are an
! important influence. So, too, are in
ternational affairs. The money mar
ket reflects increasing business activ-
ity. Commercial paper is more plen-
tiful. Time money is hardening and
the increased demand for funds is
being felt in all directions. Accord
ing to the last statement, of the ma
tional banks throughout the country
loans are more than $300,000,000 in
excess of year ago. Canada has be
gun to draw her balances from this
center. Western and Southern de-
mands will shortly become more
pressing, and there has been some ex-
pectation that Europe, owing to strain
ed conditions there, would depend
upon New York for gold in settlement
of it's obligations to South America
Easier conditions, however, are be.
ginning to prevail in Europe. Ger
many has been paying a portion OF
; her American loans, indicating partial
relief of strain in that quarter, and
in both Paris and London cheaper
and more abundant money is report,
ed. Among the reasons why New
York has been less sanguine than the