New-York tribune., 1917-07-28

nois alone. with intensive tillaEe, could
raise enough plant food to feed hall
this nation.
Evidence of the scarcity of old grain
and the lateness Of the crop season is
indicated by the primary receipts OF
less than $500, 900 bushels of wheat the
first three weeks of July, compared
with more than 17,400,000 q year ago.
Winter wheat is turning out better
than seemed possible early in the sea-
son, and spring wheat condition Is
generally good. More rain is needed.
but the principal climatic need is lots
of hot sun for the corn crop. which is
very backward, although healthy, and
growing upon much the largest acreage
ever ploughed to the yellow cereal. The
oats crop is practically made, and. on
the whole, magnificent, which explains
the comparative heaviness of oats
values. The thorough scattering Of
the 22,000,000 bushels Of oats held in
Chicago elevators early this year is a
remarkable feat not explainable BY sea-
board clearances. July shorts in wheat
and oats have been embarrassed by the
lateness of movement to market OF re-
Gently harvested crops. September
corn shorts are subject to worse
squeezing, for the same reason. Apart
from unusual car shortages next au-
tumn-unless the Railroad War Board
can effect much better daily average
movement-the farmers will be buster
in the fields than ever before, having
larger acreages to cover with less
labor
Meat Shortage Threatened
Corn values have been sustained by
the unprecedented activity Of the dis
tilleres in the face Of impending near
prohibition. Livestock growers will
not feed 81 corn; so they are putting
their cattle on grass or shipping them
back TO the shambles. Washington
appeal to farmers to hold back sows
is not needed much. Liquidation
spells greater shortage Of meat later
Hog supply is easily and speedily re:
plenished, but not so with beef and
mutton. The Far West is going into
beef raising pretty well, with some
sheep activity in spots, but the corn
belt prefers the money. =.
The Senate amendment to the food
control bill fixing 81 per bushel as
minimum on best grade OF wheat, while
lower than q majority of wheat men
here expected, is sufficient to insure
great rural activity through 1918 and
cheaper -four.
Business Good
General business holds up remarka-
bly, we'll, with less shock Of war read
justments the further West one goes.
The main cause Of sustained activity is
heavy rural buying for farm improve
ments and more enjoyable farm life.
Forward buying of merchandise is
heavier than a year ago, in spite OF the
higher prices, and collections are bet
ter. The processes of industrial con-
version and distribution are irregula
but speeding up close to the physical
limits. Increased placing of war orders
stimulates this district noticeably, but
the munitions allotments might be
larger. Steel plants are overcrowded
with demands from ship and car build
ers and others for domestic and for
eign requirements, and they are eX-
panding their facilities, temporarily
aggravating the shortage Of raw mate
rials and labor. 1t is believed, how
ever. that the worst of the congestion
is over for the present. There is more
efficiency all around and less labor
disturbance except in coal and copper
mines and lumber camps where the
| W. w. gets footing.
The arrival of overdue hot weather
has auickened seasonal lines. Busi-
ness is encouraged also by the unex-
pected ease in money rates, which de-
clined this month more than per cent
below the recent top Of per cent min
imum for commercial paper. Bankers
expect the range to be TO per cent
most of this year. Most Of the demand
for paper comes from the country, as
previously for months. i
Bond men report a slight revival Of
general investment interest, but the
government war financing oyershadows
all else. The next issue will get bet
ter reception in the West, even II its
size be So, 900, ,O0O,O and the yield rate
3h per cent, and it will be better
handled, with a fairer apportionment
of the toll and cost.