Pine Bluff daily graphic., 1907-06-10


 reason that any disaster to the crops would unquestionably cause very decided setback to business. Some branches of the retail dry goods trade have suffered material ly from the backward season. More over the feeling spreads that busi ness has reached the top notch and that reaction is inevitable. A few industries, like the iron and cotton trades, are still enjoying great ac tNity, but outside of these there is evidence that reaction has begun. nave lmparted very cautious feel At the same time it is altogether too soon to take discouraging views Of the crop situation, especially as our farmers are sure of securing very profitable prices It is quite seasonable to anticipate. more sea- sonable weather after fully two tAAO4tlho oL aULOl IL u tGUSlllt duu should be escape early frosts there is 10 reason yet why We should not De favored With an average yield of ali the great staples, except pos- sibly in the case of cotton, which Up to date, has suffered more se- yerely than any other agricultural product.
 There have been two other sources interfering with the revival of the confidence; viz, gold ex- ports and government investigation. The gold exports came somewhat as a surprise. Nearly $S,000,00O has thus far Leen shipped, and some authorities have calculated that the total amount would ae~ sregate about $10,000,0OO. These shipments, which went mainly to strengthen Paris, have, of course, been facilitated by the easier money rates; slackening business and diminished speculative activity ies- senlng the demand for money. Our bank circulation now amounts to s6OO,o0O, 1000, which, together with gold and other kinds of money, amounts to 2,94O,OOO,O 1000, or over S34 per head, the highest on rec ord. This is an imitation in our cur rency of over s2OO,OOO, ,OOO in the last four years. Had we an elastic currency system, such as has been persistently demanded for years past, our currency would now con- tract automatically and check any excessive ease in money rates, such as will rapidly follow in case of diminished commercial and finan- cial activities The element of dis quiet arising from government in vestigation is more or less tenn porary. Of course should any dis turbing disclosures be made re- garding recent railroad deals the effect would be unsettling. Public opinion might again be aroused to more radical action in state legisla- lures, especially should the investi- gations be carried beyond the in- stances now before the interstate commission. Of course the airing of such scandals would have a tenn porarily depressing effect Ulti- mately, however, the result would be favorable, since any movement which had in purpose the stoppage of abuses and the prevention of stock watering would unquestion- ably prove bull argument upon all sound railroad securities that were earning reasonable profits.
 The immediate future of the market is somewhat brighter. As said above, the present low level of values gives the market rallylng power which is noticeable as soon as unfavorable news ceases. We have had such a long run of the latter, that values are ready to re- spond to more favorable conditions. Much depends on the crop and monetary conditions during the next few weeks. If these become more favorable, the market should have rair recovery. At any rate the American farmer is likely to enjoy another year of prosperity from the present standpoint, and this is encouraging.
 HENRY CLEWS.
 MOZLEY'S LEMON ELIXIR.