The Cairo bulletin., 1909-08-09
Now York. August I. 1909.

Special.
New York, August 7, 1909.
The New York market continues I'M
der control of the big operators. What
with their desire to Sustain the market
in order t. dispose ol their surplus
holdings and what with the necessity
OF leading bankers keeping the mar
ket in good condition for the large
new security issues contemplate
during the next two or three months,
there was little chance 'or any i'm
portant downward reaction in the alb
sence of unfayorablr no"s OF the
latter there was practically none.
Crop Outlook.
The crop outlook is now the most
important factor in tne general siJua-
ton As anticipated, the government
cotton report was un7avorable, and
had a marked effect upon the price cf
that staple. While some improvement
is possible in tle condition OF the
plant during the remainder of the 5 IA
cuson that the cotton crop Will be Il
short one and that hign prices mus
be expected this season. This means
good times for sections whore the in.
jury was slight and vice versa tor
sections where the injury was great
1t is unquestiOnable, however, if there
viii be any extraordinary scarcity of
cotton, for the reason that many of
the European mills are running upon
short time and Europe IS already pos.
sessed of a larger supply of raw cit.
ION than year ago As ror the grain
crops. their outlook continues salts
factory July and August are fire.
quently months OF deterioration, ami il
is quite possible that the government
report expected MONDAY VII show a
slightly lower percentage of condition
than IA month ago. II cannot he claim
ed. however, that there is any great
shortage of grain; in Tact, the cora
crop promises TO be jae largest on
record and prices for all agricultural
products are known to be exception
ally profitable For this reason there
is an optimistic feeling throughout the
entire grain belt b3tn merchants and
bankers in those sections Of the coun-
try anticipating with much conf
dence a good autumn trade. The az
riultural outlook as a whole is be
y1nd question encouragina because
of the profitable basis upon which il
is at present working,
In the Industrial Field.
In the Industrial field signs Of rncu-
peration continue to multiply. As
said in previous adyices, the volume
of production in most industries is
not yet equal to that existing befre tho
pants; yet the tendency is towards .
steady increase of utput, and fortl-
uately there is a brisk demand for all
the products Of our mills, both pres
ent and prospective. The iron indus
try continues very active, there being
a rush OF orders for nearly all classes
of steel products, while the pig igon
output, which last month was at the
rate of 25,500,000 tons, is rapidly APP
preaching record breaking prop0r
tons. The cotton industry continues
quite active though somewhat handi
capped by the high price of the raw
material, There is, however, an en-.
tire absence Of over supply, and a
brisk demand for cotton goods is re
ported in all OF the western markets.
The only branch of this important in
dustry at present suffering is the OK
port trade, which naturally feels the
effect Of high prices. In the wollen
business there is much activity; thr
mills are we'll sold up and the prices
are firm. largely owing to the advance
and activity in wool. which is con-
paratiyely scarce. Only one impoet-
ant market has Jagged behind, All
that has been copper. The domestic
demand for this article is now in-
proving in common with other ma1ats,
and better prices would have been r.
allied no doubt We're it not Tor tu"
fact that production IS still increasing
faster than consumption and run
ming at record-breaking prices. Mel-
camille prospects are excellent ami
business men generally are not only
anticipating a good fal trade, but are
making preparations accordingly
Money Conditions.
Call money continues plentiful AMI
easy. while time money is gradually
hardening and still better rates are
anticipated during the next two or
three months. This IS due to the 70
viyal of business activities and prep
arations for financing the crops. The
west will undoubtedly need some as
sistance from this center for the lat
ter purpose. and the employment Of
funds in that capacity will of course,
tend to firmer rates. The effect of
irmel time money upon the stock
market is somewhat problematical. If
stocks are 10 be pushed TO a still hign-
er point the natural results will be to
drive money ont of SOCKS into fields
where il can secure better returns