The Cairo bulletin., 1908-07-13

We're good crop report, the dssipa
| ton of political uncertainty and an
easy money market. Added to these
developments We're signs of business
improvement and rising confidence
| in various quarters.
Good news OF the right sort was
Forthcoming in the form of favorable
crop reports. The July government
estimates indicated 2,72G, 0O0, 900 bush
Iels of corn. which would be 1870. 900.
900 bushels more than last year and
has ben exceeded but once, and that
by the bumper crop of 1927, 000. 900 in
1906. The wheat crop is estimated at
Gy2, 100000 bushels, or $4,000, 600
bushels in excess of last year, and
closely approaches the largest crop on
record The promise for oats is 1912
100000 a bumper yield and comparing
with 54,O00,000 bushels a year ago. In
addition to full grain harvest the cot
ton crop promises TO be abundant.
prevalent estimates being about Is.
100000 bales and we have already Sc.
cured a good crop of hay. The fruit
crops, too, are better than usual.
Outside OF the agricultural situation
there are also visible signs of i'm
proyement Mr. Garys optimistic in
teryiew regarding the steel trade had
a good effect; for while it was eyi
IDENTIFY made as hopeful as possible. it
really had a basis of facts, inasmuch
as the reduction in prices stimulated
orders, and placed the steel situation
on a sounder basis. Perhaps new or
ders have come in less rapidly than ex
pected; because the railroads persist
in keeping out of the market on ac
count of crippled financial conditions
and waiting for the steel market to
touch bottom The next largest SON
sumer of iron is the building indus.
try And here, too, there are hopeful
and satisfactory signs of revival. For
months past the reports of building in
all parts of the country have shown
declines in aggregate of contracts
varying from 80 to As per cent. In
June, however the reports from ~
cities showed a reduction compared
with last year of only per cent, The
improvement was largely due IN the
resumption of work in this city. where
the depression in building has been
keenest In the entire country there
has been a reduction of fully 80 pc.
cent in building expenditures during
he past six months, so that the June
returns We're decidedly encouraging.
Still another sign of Improvement was
The decrease of 5000 In the number
Of unemployed cars during the month
Of June. Railroad officials are now
beginning to emerge from their slough
Of despond, and to anticipate improved
traffic returnsduring the coming
weeks as a result of the harvest and
-rade betterments. Another satisfac.
-ory indication was in bank clearings
which in June showed a loss of only
p per cent compared with losses of |
Is of 80 per cent and over in earlier
The losses in bank clearings
are at last becoming less pronounced
n the astern cities, and more visible |
n the West, showing that the panic |
wave is gradually passing westward
md should in due time be lost in the |
Pacific Ocean. Facts as these are of |
greater value as a basis Of |
Judgment than all the chatter and
mental healing treatment of our !
we'll meaning prosperity boomers, who
evidently wanted others to take risks !
which they themselves were unwilling |
n unable to assume.
In view of all these favorable devel |
'pments it is not surprising that the /
market took on a wider and stronge!
ions are that the present rise may be |
.arried to a still higher level there |
,eing no hindrance in sight except the |
possibility of realizing which naturally |
Increases as the advance progresses
The present advance. however is be |
ng conducted by big operators who |
rave immense monetary resources be
lind them
The political campaign involves no |
rtical issues such as the integrity OF |
,ur currency system; and the tariff |
question, the only one likely to unset |
lie business, is pretty sure to be |
handled in a conservative fashion ana |
with as little disturbance to trade |
md industry as possible. History |
hows that presidential campaigns |
rave not usually exerted the detri |
mental influence upon business that |
5 generally supposed. II is only |
when some grave issue was at stake. |
such as the silver craze i'm 1896. that |
business has been seriously in danger. |
The memory, however. of such an ex-
lerience is lasting. and tends to an |
stimulate doubt when oc- |
,asion suggests The operations of |
market leaders are just now greatly |
facilitated by excessive redundancy in |
he money market. which practically |
amounts to a considerable degree of |
nfiation. Our banks are congested |
with idle money, which they will lend
,Ely to borrowers of unquestionable |
credit and upon the best collateral. |
There is fortunately a great deal of |