The Cairo bulletin., 1910-09-05

money situation is really far better
THAN could have been expected. The
interior banks will be able to meet
crop requirements with little assis
ltance from New York further than
lsimply utilizing tae balances which
lifelong to them. The force liquidation
Iof the last two months has accom-
pilshed important results. Finan
,clers, manufacturers, and merchants
alike have each been obliged to lioui
date and shorten sail The process
was unpleasant, and in many cases
involved severe losses. but tho ra
suits are beneficial; and as a result
1t Is safe to say that the financial
and business situation in the United
states is much sounder than II has
lDeen at any time since the panic OF
1907. Firm rates for money are prob
able, and even desirable as a 10.
straint upon imprudence, but the SIM
Iply of loanable funds is quite abun,l.
lant for all legitimate purposes. ANY
loutbreak of excessive speculation
would probably meet with a PROMPT
Icheck by the banks. and if conIi.
tons continue as satisfactory as at
present, gold imports may be renew.
ed at later date.
The Crop Outlook.
Another element of uncertainty
That mas largely dimisished is The
crop outlook, which is also proving
better than anticipated a month ago.
The only real disappointment in this
respect to cotton, the estimate for
which varies from eleven and a half
million to twelve million bales: p
|crop Of at least 100000 bales .lay-
Ing been considered necessary from
the business or economic standpoint.
This misfortune will not fall entirely
upon the United States, but VIII be
shared by the whole cottonconsun,.
ing world. Our cotton manufacturers
VIII necessarily be obliged to con.
tend with very high prices for their
raw material, but the south will SO.
cure ample compensation though the
usual profits which cotton culture
is Just now afforllng them. So far
as the south is concerned. bich
prices will be a good offset to anv
shortage in the crop II will be an.
other month or six weeks before t71fs
important staplpe is out of danger
from frost. The wheat crop, if not as
large as desired, is turning out better
than anticipated in July. High prices
here are also banefitting the grower.
and no great decline can be antlci.
pafed in view Of the fact that tae
worlds yield is about 10000, 900 buso.
els less than last year, Corn, the
most important crop to American in.
terests, is making very satisfactory
progress. There is now good
chance OF our securing 5000, 900, 900
bushels, and within month the frost
danger, which is diminishing daily
viii be entirely eliminated. Though
the price per bushel is lower. the
vaue of this crop is quite likely to
equal that of 1909 In fact it Is not
at all improbable that the combined
money value of all our crops will
equal the sS,76OO00,0oo of last year.
Securities Output Less. /
Another satisfactory Indication Ia
the diminished output of new securl
lies. This simply shows that the
country is taking the much needed
rest cure, the only remedy for past
excuses, and the only highroad to
true recovery Il is possible that af-
ter the Labor Day holidays the mar
ket may undergo further period of
temporary unsettlement; yet good in
vestments are selling at very low
prices on present returns, and all of
the known unfavorable conditions ex-
cept politics seem to have been quite
thoroughly discounted 1t may be
nat the continued depression in bus.
mess and political agitation will force
prices to still lower level; BIT On
ne other hand. the time is, not, far
Instant when Wa!lstreetwills recover
Is nerve and begin to discount re-
General conditions
throughout the country are sound.
and as soon as the REIMBURSEMENT BRO
cess approaches completion we may
expect better prices for stocks.
Meanwhile, continued caution is adj
visable until political possibilities
'an be more accurately measured.
HENRY CLEygS. |