The Washington times., 1914-07-19
IN LOCAL FINANCIAL CIRCLES

is now practically harvested, and the
yield is measuring up to the predictions.
The spring crop. which will be har-
vested in December. despite rumors of
recent setbacks. is fiourishing. With
weather conditions as good as might be
asked. the corn. crop. while slightly be-
low in the ten-vear average. gives prom
Use Of far ecxeeding that of last year.
which in several States proved fail
ure from drought. Cotton. the other
great American staple. was reported
near the end OF the week to be at a con-
dition of 7S.S. with prospects in Texas
improving rapidlv.
The wheat demand from importing
countries for the ensuing year. accord
ing to estimates made last week by
Government experts, will be 10000, 900
bushels, or more than has ever existed
in past years. This excessive demand
will assure a good price to the farmer
for the bumper yield of this country.
The United States and Canada, it is
figured, will furnish 410, 900 coo bushels OF
the worlds export supply. The other
100000 bushels will be drawn princi-
pallv from South America and Russia.
The exports of wheat and -four from
the United States last week broke all
records for the period.
The trade journals in their reports for
the week show a rather slow improve
ment in the mercantile business, but cDe
which is increasing with each success
sive week Increasing orders for cars
and equipment from the railroads Is
considered one of the most signal signs
of approach prosperity.
Aside from the Mexican situation,
there have been improvements in sew
eral factors bearing upon business con-
ditions. The Ulster controversy now
holds out better prospects OF peaceful
settlement. The European financial
situation has cleared materially. with
both the banks of England and Ger
many showing increased funds. The
threatened strike of 5000 engineers and
ffremen on ninety-eight Western roads
probably will be averted. since both the
operators and the employees have con-
sented to mediation.
The condition of the New York stock
market was one of the most depressing
influences of the past week. In number
of railroad stocks new low leSels were
and reorganiZations were frequently
current. The severe arraignment OF
former New Haven directors. in view OF
the prospect of further investigations Of
similar nature. caused a general slump
early in the week.
Later. rumors became current that
the rate decision would not be as favor
able as had been expected. and several
of the Eastern trunk lines receded
sharply Foreign investors. being star
tied by the revelations in the Interstate
Commerce Commissions New Haven re-
port, began toward the end of the week
to dump large blocks of low-priced is
sues on the market, with the result that
price levels for such stocks were.
smashed. while many others went down
In sympathy"
It had been expected that the rate de-
cision would be made public by the In
terstate Commerce Commission yester-
day after the close of the market. The
general impression now Is that II will
come out tomorrow. II II be favorable,
brokers say that there probably will be
a sharp rally. If it is unfavorable. il Is
not expected that there will be ma
terial break. as this aspect has been
largely discounted.