The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1904-08-01

New York, July 30.--A reactionary
tone prevailed In the stock market
during the greater portion Of the week
the result Of profit taking aad sell.
ing by traders on the short side. AS
/ a consequence. the extremely OPTIC
missile view held In some quarters be-
came somewhat modified and market
I opinion was more evenly divided.
There IL, however substratum of
confidence based upon the splendid
crop situation that holds the market
imperviOus to all serious attacks from
speculative sources. Another week
! Of excellent growing weather has
been experienced, increasing the
| promise for corn. cotton, wheat. oats,
hay, potatoes and other crops, and di
| minishing the chances of injury. On
~ one more month remains in which
damage can be done. Drouth is now
/ The single serious possibility; and II
I must be admitted there is little dan
! ger in that respect because the soil
has been well saturated by general
1 rains and the plants have made such
! strong growth that they are in good
condition to stand lack of moisture
should that happen. Absence of rain
in August. the ripening month, Is less
serious than in the previous or grow
| ing months. AS for frost, the danger
| from that source is less than usual.
since most of the crops, especially
cotton, are early. Complaints Of
chinch bags and other injuries are
unusually rare; while the rapacions
boil weeevl, which caused such
loss of cotton last year and which
may be counted on for some damage
this year, IL exciting much less con
Germ than a year ago. In short, 1t is
many years since the crop outlook
was so favorable ana while after
such long period of interrupted
progress some setback may be eX-
pected, still the assurances of today
are as much in favor OF both liberal
ana profitable crops to the farmers
as could be expected
This is the key to the situation, and |
as this fact becomes more evident !
the confidence which it begets must
become more pronounced The far
mar. merchant, the railroad manager,
the manufacturer and the banker each
in turR is influenced by such consid-
erations. TAis sentiment soon ex-
presses itself in action; then deferred
are taken up. orders are
placed and the whole machinery of
commerce and industry is set in mo.
ton. AT the same time there is alb
nothing in the situation to
warrant extravagant hopes. We can
boast of nothing more than reas-
Onable recovery from recent depres-
sion, based chiefly on good crops.
Pessimism has had its day, and the
business public needs to get itself in
to a more hopeful and better balanced
state of mind than that in which II
began 1904 Drawbacks we have in ,
plenty The iron trade is still mac ,
i've, compared with normal times; or
lers are scarce. and the last semi ,
annual report of the United States !
steel corporation is anything but sat ,
sfactory But those facts belong to
he past; many deferred orders are /,
low being placed, and there is every (,
eason to believe that the last quarter
# the year will be better one than
he predecessor.
Another unpleasant feature is the
truggle in the sotton industry. Be :
ween 40 and 80 per cent Of the spin !,
lies in the United States are idle !,
BECAUSE of the Improbable condition
# cotton manufacturing. Buyers will :,
lot take cotton goods freely at pres
mt prices; manufacturers, therefore :
annot afford present prices for cot :,
on, especially when northern mills, q
by Legislative and labor :,
are unable to success :,
ully compete with the south. I'm
the cotton industry is :,
,assing through a serious crisis the :
olution of which ssems to demand
easonable concessions on the part
4 labor. concessions which at pres
ut they seem TO be in no mood to con
ider Still another unfortunate cir =
umstance is the packers strike in 3
'hcego, where force and not reason
olds sway
The probability or gold exports has
xcited some concern. Sterling ex
hange seems to have advanced part
y on account of operations connect =
d with the Japanese and Cuban 81
BANS and partly owing to short sales. a.
10 anxiety is necessary over gold ex
orts. We have a big and increasing re
took of gold in the country which o.
night easily find better employment ),
4 Europe than here. A few millions !,
an be spared without harm, although .
number of nervous individuals al. y
'ays drop into shivers at the men. p
on Of gold shipments. The only un- u
satisfactory feature in the monetary al
ituation is the continued high level P
I which loans stand and the large n
mount of trust funds held by banks IN
q deposit. resulting from the latter Z
aging two per cent and over on trust
Dmpany deposits. During the pas p
ear the trust companies have in
reased their cash in banks over SO Z.
liilious. A firmer money market re a
.1ffs.er from, furrrarud ar.u a~J froda =