New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-02
BRIEF NOTES Of FINANCE
Paragraphs of Current Interest
for the Investor.

The period has arrived when guess
ing on tn corn crop is attracting the
attention OF traders on account OF the
influence which crops have on the stock
market. Various experts are now fgur-
ing the yield for this season much below
last years corn crop and even below
the governments July report, which in
dictated a WELD OF 2,sS4,oo,oco bushels.
Too much attention cannot be given 10
the literature sent out at this time, as
much OF il is for the purpose Of in
fiuencng the commodity markets. The
consensus OF opinion seems TO be that
corn as a whole has not suffered severely
from the drought reported in some sec
TONS and when the final figures are made
public the governments estimate prob
ably will be found 10 be fairly conserva-
tive.
Effect on Country Banks.
When the currency bill has passed If II
does in its present form. carrying the
Regional Reserve Bank provision. it will
be curious TO watch the effect on the
rural districts where the smaller banks
prevail. The average capital OF these
little institutions comes under the $1,000
capital minimum and when these banks
are obliged 10 contribute $500 20 be
put into the Regional Reserve Bank for
each membership. 1t Is questionable
whether they will deem it a good bust
ness proposition 10 comply with such
provision. The impression seems 10 be
that state banks will probably be de-
velOped. as they were in Kansas.
Nebraska and Iowa prior to the period
when the law reduced the minimum
capitalization from 5000 TO $500
Thinks the Prospect Cheerful.
The Fourth National Bank in it's
August review OF financial matters and
the business world carries a cheerful
tone regarding the outlook. After COM
menting favorably on the Improvement
IL continues in the following:
There are indications also that the
situation in Europe 10 becoming more
comfortable, so that before very long
affairs on this side will BE- less subjected
10 uncertainties abroad. There Is no de-
nying the fact that ever since the Balkan
war disturbance became the factor OF
chief importance abroad last October the
markets here have been almost con-
tinuallv EXPOSED 10 such complications as
resulted from the heavy foreign liquida-
ton OF our shares. The situation In this
respect has lately become much I'M
proved, and within the last few weeks
there have been indications that investors
abroad are beginning TO buy back many
OF the American securities which they
"a
slderIng the extent OF this liquidation, II
may be said that the American markets
have stood the ordeal extremely well
"For the first time in the history OF the
United States our agricultural exports
crossed the 81 900. 900, 600 line during the
fiscal year ended with June. The total OF
.sIO2S.296. 500 was Esq 500. 900 above that
az the previous fiscal year and s7s.8o0.ooo
above the highest previous record. made IN
1906. a year ~ great harvests. since the
fiscal wear closed we have been making
record breaking shipments of wheat e.
Europe. the movement during July be
inE altogether remarkable. As regards
merchandise exports. the government hg-
ures are also very striking. They sho"
that merchandise exports alone IN tho
fiscal year ended with last June we're
sgG1. O0O 0O0 above the previous high rec
trG total made the year before. Taking
what is famliarly known rs tho interna-
t.onal trade taldnce-meanius the excess
Of exports over imports-for the fun fiscal
year this excess stands now al }653.lio.-
$50 only twice before IN our history
IN 1905. the movement covering our enor-
~ -frc
rerlod. and in 1901. a year Of great pros
perity-has our foreign trade disclosed a
larger excess Of merchandise exports over
imports than that shown by the figures
tust published ipasmuch a. this export
excess is 800. 100000 more than IL was a
war ago. II seems fair 20 assume that th!-
difference pretty well offsets the amount
paid Europe for the huge blocks OF Arneri-
can securities returned here during the
heavy liquidation Of the last few months.
"A great deal depends now uron what
happens during the next few weeks In the
agricultural states In some districts
moisture is badly needed. \ considerable
norton Of the Southwest is suffering from
drouth hut Il Is too early as yet 20 est
mate the ultimate effect ~ the dry
weather in a section which often suffers
from high temperatures during July. Au-
gust is the month when the currency
movement greatly turns against the East
as result Of the Withdrawals ~ cash
by the banks In the crop districts. Al
though great deal OF cash will prob
ably be needed this year 10 move the
crops. many If the largest banks In tho
South and West are pretty well fortified
f. finance the movement and will do so
without serious inconvenience"