The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-08-18
However, Conservative Esti-
mate Places Corn Crop At
100000, 900 Less Than Last
Year.
By HENRY CIEWS,

NEW YORK, Aug. 1S.-Profit-takins
induced sharp reaction in the stock
market during the latter part of the
week, but the forces behind the re-
cent advance are still in evidence and
are altogether too powerful 10 have
80 quickly exertsd their full force.
The causes of this rise are deep-seated
and radical.
We have had continuous decline in
values lasting for nearly a year.
Twelve months of pessimism is a very,
very long spell. Human nature re-
volts against such prolonged depres-
sion, and the reaction in sentiment
when it does come is almost sure to
be more or less violent, especially I'M
der the mercurial American tempera-
ment. But more Important than this
influence which is of necessity, un-
stable, is the radical change in the
money markets all over the world.
The end of the Balkan war which sud-
denly arrested trade and industry
when running at a record-breaking
speed, almost brought US upon world
pdulC N6Ii0A anu 00Ohohuy
were promptly and vigorously enforc-
ed in all the great nations. By Skill
full plotting the great bankers (un.
fortunately an unpopular class in the
United States) averted grave inter
national disaster. Excessive capital
applications were effectively restrain
ed. Credit was curtailed within Sc
we're limits. Weaw spots were elimi-
mated by painful liquidation. Bank
reserves were restored and basis
was thus laid for a new expansion and
fresh forward movement in due
time. This Is the story of monetary
operations from the world point of
view.
The period of rest cure is now over
for some Of the parties interested, and
and nearly over for some o fthe others.
Curative influences have almost un-
consciously done their beneficent work
and recuperation is now in order. For
two years at least the United States
has ben a lagard in commercial activ-
ity compared with England and Germ
any, and for well known reasons, We
have been constantly marking time.
Being beyond the zone of direct in
fuence from the Balkan war, 1t is
but natural that we should come first
in leading the movement for recov-
cry. The monetary position at all
financial centers in this country has
greatly improved.
The reports from the business CEN
tiers of the west are exceedingly en-
couraging. There is general activity
at all the principal commercial CEN
tiers and little or none OF the gloomi-
ness which has ben so CONSPICUOUS in
the east. The one point of disappoint-
ment in the present situation is the
unquestioned damage done to the corn
crop, which conservative estimates
now place at about 400 900 900 bushels
less than year ago. This is real
disappointment which should not be
underestimate. 1t is quite possible,
however, that the damage has been
exaggerated TO some extent, and il
should not be overlooked that in the
northern sections of the corn belt
there has been considerable improve
ment in condition which may partially
Offset the losses in Kansas, Missouri
and Oklamhoma. In other respects
the crop outlook continues satisfac-
tory. Wheat, as is well known, prom
ises hnmQsz crop. a large cotton