South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-08-14
SHORT CROP NOT
GOOD FOR WORLD
CIewS Finds Both u. S. and
Other Nations Will Suffer
From Big Decrease.
BY HENRY CIEWs.

NEW YORK. Aug. 15.-The stock
market is contending with a series
of perplexities. such as the war. labor
troubles, poor crop reports. foreign
liquidation. Initiation in commodities.
the Mexican situation, the presiden-
tial campaign. etc. The volume of
business has been more or less re-
stricted by the large number Of yaca-
tton absentees. but the general un-
dertone mas been confident and is i'm
proving in spite Of the conflicting
tendencies referred TO.
The crop situation is anything but
satisfactory. The governments Aug
ust report for wheat indicated a
| yield Of only $4,000. 900 bushels. com
pared with 1 oil. 900. 600 bushels last
year. and 72S, 900. 600 bushels for the
| hve-year average ending 1914. This
/ is a decrease Of 100. goo, 600 bushels.
compared with the July report. For
corn, the outlook is simply fair. the
government report indicating a crop
/ Of 2,777.000,00 bushels. compared
with 3.O55. 900. 600 bushels last year
and 2,732. 100000 bushels for the FIVE
/ year average. oats figure at 1274.-
/ 10000 bushels. against ], $40. 900. 600
mushels a year ago. Here is a de-
/ crease OF nearly > ZOO. 900 bushels in
| the three principal grain crops. So
| far as money value goes. the loss of
quantity in wheat is being very large
J Is offset by the rise in values. The
same is true of corn. but not OF oats,
which are lower in price than a year
/ Il IS. so has.
! that real prosperity consists in album
dance and not in high prices. which
| invariably come out of the public
and limit expenditures in other di-
rectiOns. Dear bread vii not allev-
late social unrest. on the other hand
| the farming classes who are still the
backbone of the country. will not
suffer financially for the reason that
they Will get almost as much in mon
/ ey and in some instances more for
! this years crops than for last years
I yield of which considerable sur
plus still remains and which will be
benefited by higher prices. Wheat
has already advanced more than so
cents per bushel since June. and
might have gone still higher had it
not been for the more favorable re-
I ports of last week. The harvest is
close at hand, and as August is fire.
quently a month of deterioration the
! next two or three weeks may have an
important bearing on national yield.
Suffice TO say that in the long run
neither the United States nor the
world at large can profit from a
| short crop, especially when the yield
is curtailed by war in other cOun-
tries. The cotton crop also prom
/ Uses TO be light. not much over r.
600, co. 600 bales and but little in eX-
cess OF last year. The present price
is. however, about cents above a
year ago. and with consumption
running perilously close to produc-
ton growers are reasonably certain
of good profits.
Manufactures Doubled.
An interesting feature in our for
eign commerce returns for the fiscal
year was that out of total merchan-
disc exports of $4.353.0O. more
than half. or 81. .OO0, 900. consisted
of manufactures which doubled their
| amount in the past twelve months.
OF foOdstuffs our exports were $97.-
0OO, 900. compared with $91 900. 600
last year. while OF raw materials our
exports were 1856. 900 600. against
$50. 100000 a year ago. This i'm
crease in exports OF manufactures is
extremely significant. For some
years the tendency in this country
has been decidedly towards larger
exports Of manufactures and smaller
. - I.-fr r.
natural sequence of our growing
population and Industrial develop
ment. The extraordinary expansion
i'm manufactured exports is mainly
due to the war and must be cOnsid-
cred as quite abnormal Neverthe-
less, there is no doubt that we shall
retain much of this newly gained
foreign trade. provided our costs can
be made to meet those Of Great Brit
ain and Germany, who will strenu-
ously endeavor TO recover all and
more than they have lost. our chief
handicap VIII be high priced com
modities and labor troubles, in both
of which there will have to be a re-
adjustment before we can success
fully meet foreign competition
) abroad.
Steel Trade stimulated.
There is still no prospect for a
! prompt ending of the war. Recent
successes OH the allies seemingly
only serve II strengthen their de-
> termination 10 completely overcome
, the central powers This probably
is the explanation OF additional large
munitiOn orders now being received
from abroad The steel trade has, OF
course, felt the stimulus Of these de-
mands. Prices are very firm and the
81 outlook is for continued activity in
this department. OF industry Some
huge orders for copper are also being
negotiated by the allies. The labor
situation has been quite a factor I'm