New-York tribune., 1912-08-26
PROSPECTS PLEASING
Crops and Business Continue to
Offer Greater encouragement.

1nefe IS another ldycT VI plopi VI o"i
broadening prosperity in the reports Of
the commercial agencies for the week.
Dams Review" says:
with crop prospects increasingly bril-
liant, with the principal industries work
ing to full normal capacity, with trade
distribution continuously expanding, ano
with business sentiment becoming daiy
more and more confident and buoyaht' the
whole situation, both i'm fundamental con-
ditions and In volume OF transactions, ls
better than II has been for years. Inc
problems now are not those OF depres-
sion, but becoming those of prosperity
1t is no longer a shortage Of orders. out
OF capacity to supply demand, and In
some cases consumers offer premiums tor
prompt delivery. A shortage OF laoor' not
alone in the wheat fields. but In some OF
the Industries, is reported. The RAILROADS
are buying literally OF supplies ana are
placing heavy advance orders. out tnere
is a prospect OF shortage OF cars TO carry
the traffic of the country. An actuai
shortage OF money has not been reached
but a threefold demand for money to pro-
vide for business, TO move the crops, and
to finance new enterprise and speculation.
is beginning to make an impression on
rates for loans. II IS noticeable that ner-
chants are now disposed to buy more
freely for advance needs. High or uh-
settled prices still. however. complicate
conditions I'm some trades. Although the
drygoods trade is very active, especially
in the West, South and Northwest. yet
there is considerable disposition In cot
ton goods to await more stability In the
price of raw cotton. II Is noteworthy
that the outlook for a large crop or cot
ton is improving with the continuance or
better weather conditions. The shoe trade
is retarded 10y the continued hlBh prices
Of leather and hides. From the iron aud
steel industry nothing but the most iaNor
able reports are forthcoming; plants are
working to capacity, stocks or pig iro"
are being reduced and the demand by the
railroads and other consumers ~ large
and urgent. Building operations are
active. The copper market reflects the
prevailing advancing state or trade ana
the current use OF copper by some OF the
largest consumers Is said 10 be the heaV-
lest on record. Tho hardware trade IL
pointing toward increased activity. crop
and weather reports indicate even better
conditions than were disclosed by the
latest government statements. Naturally.
the statistics OF bank clearings reflect this
general advance in business activity; tho
total this week shows gains OF $50 per
cent over 1911 and OF 1872 per cent over
1910 Railroad gross earnings In the hrst
two weeks OF August increased ~ per
cent over last year. In foreign commerce
the feature OF the situation Is the expan-
sion IN imports. At New York in the
latest week the imports were Ns,i+s.SSZ
which is nearly 100000 greater than In
1911 and more than 100000 above those or
1910 Exports were 50, 9,f3l. .567 against sli,-
500. 462 In 1911 and S2l05,S66 in 1910.
''In finished materials Of iron and steel
most OF the leading plants are working
close to capacity, while the smaller con-
Germs are fully employed. and the output
would be larger were IL not for the short
age OF labor. Prices tend upward. with
the movement more noticeable East and
West than I'm the Pittsburgh district. In
addition to the 22O. 0oo tons OF rails which
have been reported placed for next year,
orders for over 10000 tons more are re-
ported to be pending. The best reffec-
ton OF the prevailing activity in the
steel mills is the readiness OF buyers to
pay premiums for prompt delivery, but
many of the larger corporations are op-
posed 10 the acceptance OF this premium
business. believing that rapid advance
I'm quotations would initiate against the
prosperous conditions that now prevail"
In the review OF "Bradstreet's" the fol-
lowing Is published:
Expansion is the key word OF the trade
situation as the month draws to close
and buyers feel the seasonal spur to the
laying in of supplies for fall and winter.
This is, OF course, largely predicated upon
the prospect OF assured or expected large
crop yields. and finds chief expression
in the West, Northwest and Southwest,
where crop certainty has, generally
speaking. supplanted prediction. Coinci-
IDENTIFY with the marketing of the early
gathered crops, collections show ten
dency TO improve, and the money market
Likewise gives evidence of increased ac-
tlvity and strength of quotations. Per-
haps the only possible check to full pres
cnt or near future activity is found In
the gradually enivening political cam
paign. but il Is matter of widespread
remark that political discussion is appar-
emily given less than expected weight,
while trade and industrial attention Is
largely riveted upon the more solid de-
velopments arising from the practical as
surance of good crops and the expansion
of human activities that usher In the au-
tumn season
Weather conditions have not been alto
gether favorable to trade this week.
heavy rains having visited most sections
Of the country, but particularly the
Northwest. where spring wheat harvest
ing, thrashing and movement have been
interfered with, and also the corn belt.
where. however the rains are regarded
as a favorable feature. I'm that a supply
OF moisture sufficient to mature that crop
has now fallen. Warm, dry weather is
the chief desideratum there and I'm the
South, where cotton is conceded TO have
gained ground during August and a next
to-record crop Of the South's chief staple
Is apparently in the making. Trade de-
mand has expanded noticeably In dry
goods. lumber. coal, WOOL shoes, leather.
and last but by no means least, In iron
and steel, where higher prices have ap-
parently not acted as a bar to further
booking. Most pronounced activity is re-