Pine Bluff daily graphic., 1907-06-10
THE IMMEDIATE FUTURE Is BRIGHT Says Henry Clews, the New
 York Banker, in His Reg
 ular Weekly Letter Is
 sued Today.
SOME GOOD REASONS
Disturbing Disclosures in Railroad Deals Would Be Unsetting Much Depends On Crop and Monetary Conditions.
Special to Graphic.
Conditions.

! New York, June 1U.-Stoch mar
 ket conditions are still somewhat
 contradictory. The very low prices at which many good dividend pay CTS are selling should attract good investment buying, if not more or less extensive speculative purchases.
 But partly from lack of confidence, and partly owing to the relative
 scarcity of capital, there has been no large demand for railroad se- curities. All fresh supplies of available capital during the last six months have been rapidly ab- sorbed by the new short-term rail- road notes. As is we'll known, these issues have run up into sev- erai hundreds Of millions, the high rate of interest which they offer and the unusual degree of satety giving them a preference over most other investments at time when more or less doubt has entered into the general situation.
 Let us brif1y consider some of tie elements which are interfering with the revival of confidence. Chief among these must be included the crop situation. Our weather has got upon the average business mans nerves and with much req son. The season is from two to three weeks backward; and tem- perature has been below the nor nal, while rainfall was above the normal. The result is an unusual degree of uncertainty regarding the next harvest. It does not ap- pear, however, that the wheat crop, which last year was valued at $490, ,00O, ,O0O, has been badly in- jured. This important crop is late, yet condition is generally good, and the most reliable reports seem to indicate that with reasonably fair weather during the balance of the growing season an average crop may be anticipated. There is really no reason at present for anticipating any real scarcity of wheat in the United States or Canada The shortage, if any, will be in Europe; contingency that will cause a good foreign de- mand for our surplus at relatively high prices. This insures a profit able wheat crop to the American and Canadian farmers, and should check all present anxiety on that account. With regard to corn, the situation is somewhat different
 Last year this crop was valued at $1,167,OOV, 1000. Planting has been much delayed and many fields have had to be resown. Experience has proved, however, that corn can be soWn as late as June 10 and a good crop assured by September 15 un- der ordinary weather conditions
 It is thus quite premature to be over-anxious about the corn crop
 The cotton crop, however, which last year was valued at $64O,0O0,- oo0 and is the crop of second inn portance, is unquestionably in an unsatisfactory if not precarious condition. The June government re- port gave the condition at 7O.5, compared with a 10-year average Of S2.6 per cent. This is an exceed ln3ly poor outlook, especially in view Of the very small increase ill acreage, and threatens probable reducation in the yield. While good prices may somewhat compensate ene farmer, real scarcity of cot ton would be nothing short Of a calamity to the textile interests Of the United States and othe" parts of the world, since these indus tries are almost entirely depend ent upon the United States for their supply of this staple. Nevertheless good weather from now on might give us fully an average crop. The hay crop. which ranks next to cot ton. is in good condition. Other grains-oats and barley-and the fruit crops, are, of course. back ward, but their prospects have not been much injured by the prevail ing unfavorable weather except in certain localities. Such conditions