Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1912-09-10

likely TO get much financial aid in New
York this season. Higher interest
rates are also having the effect Of in
ducing banks 10 lessen their holdings
of high grade bonds. All things con-
sidered the monetary outlook Is sat
isfactory. Current demands are mere
ly for the purpose of satisfying legiti-
mate requirements, not undesirable
speculation. and leaders at least will
secure more profitable rates.
Advices from the interior are In
Creasingly encouraging, bank clearings
for August showing a gain OF over 8
per cent compared with last year.
Mercantile houses with scarcely an ex-
Ception report an active demand by
customers for both necessities and lux
uries Railroad earnings also testify
to trade expansion, 81 roads reporting
for the third week of August an in
crease Of per cent over last year.
Better results should come later. I'm
portatiOns continue very heavy; the
. increases being in raw materials for
American manufactures and also in ar
ticles OF luxury, such as precious
stones. etc. The dry goods trade at
the interior is unusually active. and
jObbers report a satisfactory distribu-
ton in all classes of clothing. both
cotton and wooden. There is no abate-
meut in the activity of steel Orders
al first hand are somewhat less urgent,
/ but many Of the mills are running at
about % per cent of their capacity.
| They have orders for railroad and con-
struCuOn enterprises that will keep
! them fully occupied for months ahead.
and this week a stronger demand ana
higher prices developed for semi-finish-
ed steel products. The steel trade
| continues TO lead all others in point OF
! activity. Nevertheless other lines Of
industry are generally well employed.
This is demonstrated by the satisfac-
tory profits reported by most OF the
large industrials. not TO speak OF the
extra dividends which many Of them
have lately declared
The crop outlook is stu a matter Of
first consequence. for the two most
important items. corn and cotton. are
not yet beyond the reach OF uncer-
tainty. Corn is somewhat late, and
must face the dangers OF frost. Sept.
10 is the usually earliest date for kill
ing frost but this only touches the
northernmost and comparatively unim-
portant producing sections. The zone
OF greatest danger from frosts is that
covered by Iowa, Wisconsin. Mime
sofa. Nebraska and South Dakota,
which states combined raise nearly
one-quarter OF the crop In this dts
trict frost does not generally appear
until the last half Of September: hence
IL will be another three weeks at least
before this section will be entirely out
OF danger. The present outlook con.
/. tinnes for a bumper crop OF 5000. OOO..
Noo bushels, but no surprise should be
created II some slight deterioration oc-
ours during the present month. Cot
ton is now facing It's most critical per
iod. The government report showing
, a decline OF II per cent in August was
about as expected September is un
n
average decline In September for the
last 10 years being G. points. Last
September the deterioration was only
is points. the next government re
, port may compel some modification OF
recent optimistic expectations. which
have gone considerably beyond the
"a 1000. 900 bale mark The present sit
uation for cotton and corn is highly
satisfactory, but It will be imprudeut
10 ignore the possibilities OF consider
able deterioration during the remain
der Of the season.
Wall street is not IN a very optim
istic moot in spite OF favorable mer
camille and industrial conditions. Tn,
seasons for this, as already stated are
4 largely monetary and political Finsn
I ctal leaders are still sensitive. perhaps
!, unduly so. over the political outlook
I The Vermont election WAS. fortunate
ly, not disturbing, but the results n
! Ohio were somewhat disliked. Need
I less 10 say. the initiative and the ref
J erendum are not relished BY those Cd
posed 70 seeing our government and
legislatures at the mercy OF passinJ
Nhims or waves OF passion.
Another element which causes a de
s ctded undercurrent OF hesitation IN A
nancal circles is the railroad situa
ton. II is imperative that our rail
Z roads in ALI M RS If fba cnpptrv sr-,I