Webster City freeman. [volume] (Webster City, Hamilton County, Iowa) 1884-1946, 1913-04-01
finds YEAR. BRIGHT
WITH CROP PROMISE
Homer A. Miller Says Conditions are
Better Than at This Time
in 1912.

REGISTER anu LedueT. WIFI dp-
proximately 34,O00,O00 acres of
wheat and nearly 100000 acres Of
rye in the ground and in practically
perfect condition, Homer A. Miller,
president of the Iowa National
bank, regards the crop prospect in
these cereals better than they were
last year.
The prospect of an excessive out
put of gold in the Transvaal for
1913, if the theories of economists
are right, promises another era of
high living costs resulting from the
depressing influence eXerted upon
the purchasing power of the dollar.
Mr.. Miller, however, takes the opti-
mistic view and challenges the the
Dry that the gold output is respon-
sible for the discordant train of cir
cumstances which find expression in
high living costs. Mr.. Miller looks
to the condition of the worlds mar
kets as furnishing proof of the fact
that the abnormal gold output can
be absorbed without distressing fl
nanCial results. He said:
1T is true that the prices of all
commodities stand at almost the
highest figure ever known in the
country. The same is true of Europe
except that the average in Europe a
year ago was slightly higher. Grain
and the cost Of food to the family
is much lower than year ago. An
authoritative estimate indicates that
the probable production of gold in
the Transyaal will be 100000
ounces, but this represents an in
crease of slightly less than 100000
ounces over 1912.
"A year ago we We're nearing the
close Of a quarterly period which
had shown a steadily increasing
volume of business. Such showing
had been made by no previous quar-
terly period for more than two years
There has been in this quarter a
slight recession of business which
might be disturbing were it not for
the further fact that business stead
lily increased in volume month by
month from November, 1911, up to
and including January, 1913. New
CT before have we witnessed con-
tinual and consistent expansion
without a pause for so long a period
The most notable feature Of the
steady business growth during 1912
was that We passed through pres
idential campaign and election and
knew for the last three months OF
the period that we were to have a
change of administration. and that
a new party would hold the reins OF
government. After fortnight UNI
der the new administration a conf
denCe seems to pervade the general
business situation which indicates
that no serious disturbance of bust
ness is expected. The coming spec
ial session of congress will affect the
volume of business in certain lines
and in these lines, Of course, buying
will be in small lots.
1T cannot be said that We have
discounted possible tariff revision
downward because we cannot say to
what extent the revision prevents a
fair discounting, but we have with
out question prepared for some low
ering OF the tariffs on every sched-
ule which will be taken up Cur
rency legislation OF a substantial ma
ture is hoped for but it is not even
expected that any wholly satisfact-
DRY banking and currency measures
can be put through. 1t is Iossible
that some action may be had which
will lay a foundation for future
amendment and Improvement, The
February clearings showed an Inn
proyement over February for 1912
for the entire country exclusive Of
New York. With or without New
York these clearings set new Feb
ruary mark.