Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-08-05
Crop Yields All Over The
Country Larger Than
Vas Expected
Outlook Now /. For Z Much
Better and More &c.
tive Markets
BY Henry clsWs.

NEW YORh, Aug. 5.-The United
states seems to have taken in mother
nature as a special partner, and once
more the country promises to be ia.
vored with good harvests. II prese1t
calculations are realized We shall
garner a lOO.0O0.0O0 bushel wheat
crop, a 2,900, O00,0 900 bushel corn crop
and a 1,20O, O00, 900 bushel oats crop.
The yield of potatoes and hay Is also
likely to be considered ahead OF last
year. The total value of these five
crops is estimated at $500, 000, 900 or
about 5000, 900 900 ahead OF last year.
In all probability the aggregate of all
agricultural wealth produced this
year will be about $4,000, 100000 as
against $1,000, 900 900, the figures Of
the department OF agriculture last
year. What this annual production OF
new wealth means to this country
may be estimated when 1t is remem-
bered that the capital stock Of all the
railroads in the United States is
placed at s8,470, 900, 900. An increase
of $500, 10000 in agricultural prod
UClo III d yCol NohhOI bus w
powerful stimulus to business.
Bankers in all portions of the West
are agreed that the crop situation is
satisfactory, that business is in more
promising condition for several years
past and that the business men OF the
interior have decided to eliminate
politics from their calculations. This
is a practical expression OF increased
confidence based upon positively i'm
proved intrinsic conditions The cot
ton crop seems likely to fall below
early expectations, but the yield will,
nevertheless, be large, and planters
are securing prices which afford good
profits. The South enjoyed excep-
tional prosperity last year and Is not
likely to fall behind seriously during
the next twelve months. August Is
usually a month of deterioration, so
a 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 lagely attributed to the
absence of genuine leadership. The
stock market is literally taking care
Of itself, and stagnation was increas-.
ed by the fact that the vacation sea-
son 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 amairs. The money mar
ket reflects increasing business &C
tivity. Commercial paper Is more
plentiful. Time money is hardening
and the increased demand for funds
is being felt in all directions. Ac-
cording to the last statement Of the
national banks throughout the coun-
try loans are more than $300,OOO,OOO
in excess of year ago. Canada has
begun to withdraw her balances from
this center. Western and Southern
demands will shortly become more
pressing, and there has been some
expectation that Europe, owing to
strained conditions there, would de-
pend upon New York for gold in set
Element Of its obligations to South
America. Easier conditions, however,
are beginning to prevail in Europe.
Germany has been paying a portion
of her American loans, indicating
partial relief of strain in that quar-
ter, and in both Paris and London
cheaper and more abundant money
is reported. Among the reasons why
New York has been less sanguine
than the West is the tremendous out
put of new securities during the first
six months of the year. While the
distribution # these has been much
more successful than might have
been expected, nevertheless the local
market is somewhat congested BY
such excessive offerings Of high-grade
securities. In time they will doubt.
less be distributed, but August Is not
generally considered good invest
ment month. In July the output OF
new securities was only about 1884,.
600, 1000, as against 130O00,000 q year
ago. This is an unusually small out
put, and proves tn inability Of the
market to take any further new is
sues at this time.
Wall Street is also somewhat con-
cerned about the future of the rail-
roads, arising from the persistent de-
mands of labor. Should the engineers
obtain concessions in the recent ar.
bitration case, it is expected CORE
spending demands will follow from
other classes Of railroad labor. The
railroads have already raised wages
very literally during the past two
years, and in consequence have suf-
fered severly in net earnings. Fur
ther advances could be endured pos.
sibly by q few Of the more prosper
GUS companies. For the weak rail-
roads, however, or those not enjoy
ing an abundance " traffic, any fur
Their advance in wages would be a
serious matter; the theory Of uniform
wages in spite Of varying conditions
on different systems often working
injuriously and un;ustly to those less
favorably situated.
In the steel trade business con-
tinues active. The last quarterly re.
port of the United States Steel cor
poration was fairly encouraging. Steel
prices are constantly advancing in all
directions, and the results OF the next
quarter should show q much more lib
eral profit. Other lines Of industry
have given evidence Of prosperity;