The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-06-08

Special.
New York, June 6-Although steel
market values have now had a con
siderable advance notwithstandin,
easy money, good crop reports an,
improved bushes prospects are
combination which fetard any grea
the present at least. An importan
influence in the situation is the none
tary outlook, In spite Of large golt
exports, and heavy Withdrawals Of
government deposits, there is biz
Isurplns of loanable funds in the
/ banks that is likely to await employ
ment until the fall crop demands as
Isert themselves and general business
becomes more active. Even ther
there is no prospect of stringency, as
is shown by the lower rates for siA
months time money. Such ease, OF
course reflects poct-panis conditions
and is the consequence of a lessened
volume of business and lower prices
|
ceedingly strong position and the
| financial situation shows steady i'm
provement each week. The most i'm.
portant financial event of the week
was the passage of the currency bill
| by congress. While it is not satisfac-
tory as permanent measure, and
Cany only be regarded as temporary
eXpedient, it will, nevertheless. have
a steadying influence IN financial at
fairs. The generally recognized fact
that in an emergency $500 100000 of
new money is obtaina0ie by the banks
and can be put into circulation at
once, will prevent Widespread and
serious panics occurring hereafter. If,
therefore, such panics are thus pre-.
vented the emergency currency law
may serve its purpose without the
money it authorizes being called into
use 1t being fully understood that
absolutely necessary, the probability
is that it will be seldom, if ever,
wanted. When | originally suggested
the fundamental part of this measure
had that idea in view as | have felt
that it was burning disgrace to the
nation that money could be 3 per
cent in Wall street one day and $50
per cent the next This has worried
most disastrously to permanent bust;
ness confidence with our merchants
aud fuapoio1 ioctftuttopc ouI ~tbn uan
eral prosperity of the country. The
new bin certainly will serve the pur-
pose of bridging over until Il better
plan can be secured. | have favored
this emergency measure because
was convinced it was the only thing
this congress could possibly be in
fuenced to pass during this session
its simplicity being its chief recon-.
mendation.
Consi derable Encouragement.
Considerable announcement can be
derived from crop conditions. Thus
far the season has been exceedingly
favorable, the injury from excessive,
rains having been inconsiderabe. The
about 10 points better in condition
than a year ago, and that there has
been no reduction In acreage in
spite of agitation to the contrary As
to winter wheat the prospects are eX-
cellent. conditions being better than
a year ago and acreage larger. Kan
sas. which last year raised 64,000,000
bushels, reports condition much
higher than year ago. Spring
wheat is also doing finely; and IN
Minnesota and the Dakotas, which
raise the bulk of this crop, prospects
are high enough 10 promise a bumper
yield, il future injury does not pre-
vent Corn is backward, owing to ex
cessive rains; but the latter have lefti
the soil in good condition, and corn I
is crop which makes time rapily |
when hot weather arrives. Nearly all |
other crops are doing well, especially |
the hay crop, and our farmers are as I
sure of an ample harvest and good |
profits as they can be at this stage |
of the season Moreover, the danger
of damage from dronth has been
largely eliminated by recent abundant |
and the general high |
of crops.
Signs of Improvement.
General business shows signs of !
The volume of tran |
sactions is still far below normal, but |
buyers are taking hold and mills are
resuming in manner that is en- |
and proves that the re |
covery is actual and not imaginary, |
Some very liberal orders for both |
cotton and WOODEN goods have been |
placed this week; and the iron trade |
is being stimulated by lower prices |
in spite of recent official announce |
ments that quotations would be main |
tanned. 1t would be Idle, however, to |
expect to sudden or pronounced a re |
vival A period or midsummer quiet |
is close at hand, and it will be some |
time before business is resumed on
the former scale. and then it will be |
only upon a lower level of values and |
costs. Our railroad situation is still |
earnings showing |
heavy losses owing to diminished
volume of traffic No very great i'm |