The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-10-17

is assuming more normal proportions,
and or exports or agricultural pro-
ducts especially are increasing notice
ably. In September they were ahead
of last year, and it would cause no
surprise if in October they would
also exceed last year in value. Coz
ton shipments have ben rushed for
ward in anticipation of a deadlock
over the cotton bill controversy, At
ter October thirty-one British bank
ers, will discontinue guaranteeing cot
ton bills, unless some agreement is
made with bankers on this side. OF
course some settlement is inevitable;
for Britain is just as much in need
of our cotton as we Of her money
The latest project Is the creation of a
corporation to guarantee cotton bills
upon terms agreed to by both SIDES,
Nevertheless, deadlock or trial Of
strength may happen before reaching
a settlement, and the rush move
ment OF cotton which is now going on
is no doubt to enable the British
bankers to take frmer stand, il
necessary.
Business Quiet.
General business is quiet and small
er in volume than a year ago. There
has been a large shrinking in bank
clearings, amounting to 16 per cent.
in the month of September This,
however, is explained by a shrinkage
of &c per cent. in the clearings at
New York, which alone constitutes
more than half the entire clearings of
the country. In this city, the loss in
clearings was, of course, very large
ly due to diminished speculative ac-
tivity In other leading cities the
decline for the month was much less
noticeat -e For instance Philadelphia
showed a loss of per cent, Boston,
s per cent, and Chicago 4 per cent,
while Baltimore showed an increase
of 1G per cent, Kansas City per
cent, Minneapolis II per cent, San
Francisco 10 per cent, Los Angeles
20 per cent, ST. Louis per cent,
New Orleans per cent, Galveston
~ per cent, and Atlanta Is per cent.
Taken by sections, the Middle States
show a decrease in clearings Of 20
per cent, New England 6 per cent,
and the Middle Western States only
1 per cent, while other Western
States show an increase of 8 per
cent, the Pacific States an increase
of 10 per cent, and the Southern
States an increase of per cent. II
will thus be seen that New York Is
still the great center of Depression;
that the frSther away one travels
from this city the less the reaction
and that in many cities, especially II
the West and South, the volume Of
business is still considerably ahead
Of last year. When comparing clear
| ings some allowance must be made
for the fact that values are generally
on a lower plane than a year ago. III
the iron trade reactionary symptoms
are still observable, owing to much
of the present capacity being unem
, ployed, and lower prices are needed
to stimulate orders. Somewhat moro
activity Is observable in cotton
goods, due rather to buyers recogniz.
i ing the scarcity OF cotton than to
any increase in consumption Of cot
ton fabrics.
| Readjustment Continues.
| The present situation as whole
warrants more cheerfulness. The
country is still passing through pc
rod of reimbursement, evidently moi
entirely completed. In all probabil
| ity it is going to be quiet winter
for trade at large. The disasters Sc
long expected, however, have not oc
Cured; and the outlook for salts
factory solution of some OF the gra
yer economic problems of the day Is
more th1cbhragtig than has been the
lease for many months. Industry IL
taking compulsory rest after a pro
llonged period of excessive activity
Under the new conditions weljshoult
ere long be accommodating fresh sup
ply of capital. Investors have with
held from the market for SO long {
period that funds must be accumu
lating. Undigested Issues must be IL
process Of assimilation. Banking opn
| ion may still be divided as to the Il.
ture course of the market, but essen
tial conditions are Enthusiastically
clearing and Strengthening. In thu
first six or eight months of the yea
the stock market was actively en-
Igaged in dlscounting reaction. Nov
THAT the change infundamental condl
Etions is being recognized, It is show
ling equal readiness in discounting re
covary.
HENRY CLEWS.