The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-07-25

dustries, and commodity prices con
tinue on the decline. In consequence
buyers hesitate, their takings being
of generally hand-tO-mouth c.lasac-
ter. Doubtless when they discover
that rick bottom has been reached a
rush of orders will follow. since
there is nothing unsound in condit-
ions. The crops, though needing rain
in some sections, are progress ng SCI
isfactorily, AMI there is every indica-
ton that farmers both west and
south will this year raise products
quite equal in value to those OF last
year, and this in spite of the damage
to spring wheat, the importance Of
which has been vastly overestimated.
WHAT Is a loss of 500, 100000, the es-
timated damage to spring wheat com
pared with the total value of farm
products, which amounted TO $500
100000 in 1909. The iron trade is
ouiet and not running up to full capa-
city, indications being that recent
lower prices Will bring out waiting
orders and impart a larger degree Of
activity later on. Improvement is
already developing in the cotton
goods industry. the necessities of con
sumers compelling buyers to take
hold with more freedom. The copper
industry is still in very unsatisfactory
condition owing 10 continued over
production, but apparently well
founded Of agreement to curtal be-
tween the big producers this week
have impaired a decidedly better tone
in this important industry.
Railroad Liquidation.
Liquidation in railroad stocks has
been radical. Six xnonths' decline
has brought no important failures,
and produced no signs Of real uneas'
mess. Foreign opinion is still crluctl
of American securities and American
management, yet the fact remains
that Europe has made no better in
vestments outside Of its own domain
abroad is good and when the turn
comes Europe will no doubt again be
found ready purchaser OF our in
vestments. having absorbed not less
than $1S0,000,000 during the first six
months bf the current year The
present is not time for despair II
Wall street. Reimbursement has been
going on for many months, and the
unfavorable conditions now obse;y-
able elsewhere have in many in
stances been fairly discounted. Gu.
financial leaders are Wisely indis-
posed to encourage any stock market
boom at this time with a period of
possible financial stringency before
them. The probabilities, however,
are that high grade securities are
scraping on rock bottom. Many
such issues are selling at a level ex
ceedingly attractive to investors, and
current diyidendes pay more than
present carrying charges. AS for
dividend prospects there is no reason
for anticipating shrinkage, unless it
be in the industrials which have de-
clned less than railroad shares and
will have TO take the brunt of any
business reaction; National Lead he.
ing an unpleasant example. 1t is true
railroad expenses have increased
enormously during the past half year,
sometimes offsetting the increase in
earnings, but considerable portion
of these OUTLAWS were for improve
ments and extensions, which when
completed will be an assistance and
not burden to earning power. 1t is
always within the capacity of the
railroads to effect important econo-
miesin such expansion. hence talk OF
dividend reduct ons by the railroads
at this time is premature and nm
founded. The outlook is brighter
| than two or three weeks ago but eau
ton is still imperative Corn and
cotton are not yet out of danger nor
has the period Of greatest money
strain been safely passed.
HENRY CLEWS.