Pine Bluff daily graphic., 1908-09-15
NRY CLEWS' WEEKLY LETTER
Excellent Crop Conditions Prosper I-Betterment of Trade Conditions Returning rength to Stocks-Exports Better.

questionably high; their present range fully discounts the excellent agricul- tural situation and whatever recover ies in trade and industry and also in financial circles have taken place since the financial upheaval of last autumn. Money has been so super abundant as to be a great market fac tor. AS a matter of fact, a condition Of imitation may be said to have en- tered into the situation in the stock market because of the practically un- limited availability of money for mar ket uses. The money situation, in- deed, has been the chief agency in tn hands of the large market inter- ests, who, acting in concert, have been behind the steady advance in the market that has taken place during the last three months Or so. Whether the range of quotations will be fur ther advanced will depend upon the desires of these interests and not upon legitimate developments affecting mar ket conditions. X cautionary signal ill this direction is the fact that the call loans that one of the large local banks has outstanding falls but a shade under the enormous sum of $780, 100000; other banks are probably ex- tended in about the same proportion and should it be in consonance with the plans of the large capitalists who control these banks to operate for a decline, it is quite evident they have, by the sudden calling of loans, ma chinery at their disposal capable of causing particularly spectacular de- cline in view of the present sensitive condition of the market It is hard ly probable that the plans of the market leaders contemplate an attack of this character; but it is the part of wisdom to keep in mind that condi- tions are present that would make such an attack highly successful from the standpoint of demoralization.
 Railroad traffic statements are showing the effects of most severe economies, which must necessarily be reflected in reductions in the net returns of the large railroad systems and it is to be hoped that the econo- mics will not be carried to the point n imp f0 1,n Trade conditions are slowly improv- ing and will probaly continue to inn prove; but business affairs are still far from normal. Imports are making a better showing, on Wednesday tie largest single days customs since Jan Hary having been collected at theg'port of New York; while the average re- ceipts so far in September show dis tinct improvement over August Ex- ports are also looking up somewhat, the value of domestic products eX- ported in August being $46,314, 796, comparing with $44,967,O ,O45 in August, 1907, and $4S,905,9S2 in August, 1906, while so far the calendar year the value is $676, ,455,5OO, as against $555,- 0S0,711 one year ago and $504, ,1SS, ,263 two years ago. There is, however, a large trade international balance. due this country, and with the foreign banks we'll stocked with gold any substantial advance in money rates here will attract the precious metal especially as the season of active eX- ports of our grain and cotton is so closely at hand.
 The market of the immediate futur, promises active fluctuations and will probably be successfully taken advan. tage of by the nimblk trader. The fact should be kept actively in m: Il however, that the price-range is high and caution cannot be too strongly
 urged. A particularly encouraging influence is the continued demand for bonds and the fact that with the scar city of the exclusively high grades in- terest is now being shown in the best of the second grade issues.