The Cairo bulletin., 1906-06-18
AWAITING REVIVAL
Two or Three Hundred Millions Of
Good Bonds Awaiting Revival
In Investment Demand.
Special by Mail:

HI New York, June l6.--"Betwixt an,
between are words which best de
scribe The stock market Just now. Sev
eral OF The important crops are in
critical stage of development. and fol
. The next few weeks the course o
, prices will be chiefly dependent upor
the progress Of agriculture. The win
ter wheat crop is practically assured
and the last government report indi
Gates total wheat crop of 713 mil
lion bushels, which is 20 millions
larger than the previous harvest. II
would create no surprise, however, II
There was hore or less deterioration
of the crop during the next six weeks
so that bumper crop is out of the
question The largest yield on rec
ord was 74S million bushels, In 1901.
This year we are promised moderate
wheat crop at profitable prices, so the
farmers thus far have nothing of
which to complain in this respect,
4 The corn crop is backward and plant
/ ing does not yet seem to be complete
time to make up for these deficiencies
The corn crop is the most important
crop in the country, and especially for
the west, hence, in that region, much
will depend upon its progress. AS
| TO cotton, in spite of wide differences
| of opinion as 70 the increase in acre
age, 1t is quite evident that we shall
| have a crop of reasonable abundance
and at profitable prices to the grower.
Last year the value of our agricul-
Itural products was given at over $500
million dollars. TO this amount corn
contributed over 1000 million dollars,
wheat 500 million dollars, hay more
than 500 million dollars. and cotton
575 million dollars. The latter crop
thus ranked second in value, and is.
of course, the crop of the south
This year the cotton crop will occupy
a peculiarly important position, mas.
much as it produces larger amount
of foreign exchange than any other
item, thwo thirds OF the American
crop being usually exported. At pres
emf our foreign Indebtedness is de
cidedly heavy, and, considering the
present activity in trade and the low |
condition of our bank reserves, ii is |
probable that we shall have 10 depend |
still longer upon the foreign markets /
for banking facilities. We may not be |
in position to export any consider
a Ia Of ry1 q l.,.1
our obligations, therefore liberal ex-
ports of produce will be the most de-
sirabe form of settlement. Unfortu-
nately, our exports of meats and Il
caned goods. which are large in the ag-
gregate, have bee ntemporarily check
ed by the packing scandals. This i'm
pediment, however, ought to prove
only temporary, because the agitation
will result in greatly improved meth
DDS, which in time should re-establish
the reputation of American meats on
4 higher plane than ever before in the
estimation of European consumers.
Our financial credit abroad is unim-
paired, and we shall have little diff
,ulty in extending existing obligations
rs they mature should such action be
ound necessary, and provided no ser
Gus financial arrangements follow the
disturbances in Russia A conting-
'ncy. however which should not be
ost sight of is the coming demands
lpOn the money market by our large
abroad corporations. These will he
more or less imperative, since the ,
unds will be absolutely recessary for
he completion of improvements al
eady under way. az we'll as for tins
instruction of important lines Of now
rueage which are demanded by the
,rowing necessities Of the country. :
The announcements OF new capital re-
uiremcn'' for railroads alone during
he next six months al~t ADJ amount 10
bout $3.50. 100000: ST. Paul New r
FORK Central. United States Steel. lC
Wabash Great Northern and Seaboard ]
cling included in this total This does 4
ot Take into account the current is
ues Of Pennsylvania. which are EST
1ated at $50. 000, 600 OF course. thesr A
nusual outlaws will not all come at U
RE. They viii probably be so dis u
ributed by banking interests as to
ave as little effect as possible upon
be market The railroads. however.
lust have the money: and. in view
the general scarcity of that ocmmo-
ity. it is within reason - expect that
hey will have TO pay good prices for
he accommodation.
The condition of the money marke.
need hardly be said. acts very de'ri-
lentally npon bonds. There are many
ood issues floating in the market
an opportunity for lOds- 7
tent in investors strong boxes. Is
les paying 3is to 4 per cent are nat
rally a drag on the market unless
fered at very material concessions f
ON present prices. Reliable estima- lC
3 indicate that between 5000. 000, 600 j.
nd $500 000. 900 Of such bonds are now F
waiting a revival in The investment
amand In two weeks the July dis
IN faiFn paunhfnkof IN