The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1916-09-29


but the impression which commonly
prevails among the business leaders
Is that this Is likely to be more than
made good by the high prices the
farmers will receive for them. 1t
would not astonish some of the ex-
perts II Indian corn fetches as much
as a dollar a bushel. There may not
be as much corn for the railroads to
haul-although presumably there will
be an average crop of Indian corn
but II the high price Of dollar u
bushel is reached, then the railroads
will be indirectly benefited. The farm
ers will be in position to make many
purchases of commodities which must
be transported from the manufactur-
ing centers to the farming communi-
ties.
Occasionally prediction is made
that wheat will command as much as
two dollars a bushel, but those who
are best informed are persuaded that
| the highest price for wheat will not
be in excess of a dollar and a. half
bushel. The entrance of Roumania in
to the war will have some effect upon
the price, although not as much as
some of the authorities think. Cot
ton, also, is to command high price,
and no matter how much the harvests
amount to the planters are likely to
receive more money for their cotton
than in any previous year.
Have Large Surplus Stocks
OF course IL there were no European
War the shortage in our crops-what-
ever that may amount to would
somewhat impair business prosperity
Nevertheless, the farmers have large
stocks of food grain left over from
the abundant harvests of 1914 and
1915.
The crop situation does not appear
greatly to disturb the leading finan-
ciers. They are looking ahead until
the close of the year 1916. They are
persuaded that the money market will
not at any time in the next FIVE
months become stringent
There is some reason for suspect
ing that another foreign loan may be
negotiated before the close of the year.
Should this be so, no one doubts that
Il will instantly be absorbed by the
American people. The bankers are
speaking with qualification of the
manner in which the latest of the
loans to Great Britain, amounting to
$3.50, 200, 900, was absorbed in the
United States. This was done so
quickly as to cause recollection of the
manneh in which gilt-edge securities
like New York state bonds, we're swift
ly absorbed. The American people
nave learned an important lesson re-
speeding the credit and resources
which are behind these foreign loans
Domestic Prosperity Great
One of the features of the present
day situation which is spoken of with
qualification is the demonstration of
the unprecedented buying power of
the American people. Some of them
have recently invested in securities
dealt in upon the floor OF the New
I
York Stock Exchange, and the pre-
sumption is that before the end of the
year the public will, as the saying is,
be in the market.
All the Indications point to renewed
and very heavy buying of munitions Of
war. The United States must pur-
chase heavily of commodities OF this
kind. One of the best estimates IL
that within ~ months at least $1,000
100000 more will have been expended
in the United States, both by our own
Government and by the belligerent ma
ticns. for munitions of war.
Another reason given for the conf
dence in the maintenance and increase
of domestic prosperity is the certainty
that gold imports will continue in
large amounts until the close of the
war. Reports which come to New
York from the middle West and far
West tell of constantly increasing
strength in money resources, notwith-
standing the somewhat disappointing
harvests of this year.
Big Earnings Seen
Occasionally the public gets Gimp
SEES OF the great earnings of the indus
trial corporations. Some of these are
known to be phenomenal. They ex-
plain. in part, the heavy increase in
bank deposits and also In the lack OF
demand for funds. although one or
two of the larger industrials engaged
in the manufacture of munitions OF
war seen to have lacked skillful man
agement.
The trouble, for instance. with the
Remington Company-if there was
real trouble-was due not to stagna-
tion or lack OF profits. but really 10
congestion OF war orders. The fact
that William Rockefeller is giving his
counsel and assistance 10 this cor