The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-08-22

, same month last year. The July ex-
ports have been only exceeded once
in the banner year, 1907; and there
, has been steady gain over last year
each month since February. Our inn
ports have, as everyone knows. been
stimulated by busine activity, high
price and general extravaganza our
purchases of luxuries from Europe.
particularly precious stones, being
remarkably heavy The present ten
dency, however towards economy,
lessened activity, ami lower prices
will eventually have the effect of dis
couraging imports and stimulating
exports; thus bringing our foreign
trade back to more normal conditions.
1T is unfortunate that our crops this
year are not larger, but some offset
to this drawback will be found in in
creasing shipments OF manufactured
articles. Europe will be obliged to
buy our cotton freely at good prices,
and this will be an important factor
in adjusting our trade balances. Our
exports of food products, however,
promise to be strictly moderate. as
we nave relatively little to spare and
our prices are still too high to tempt
foreign buying. During the first six
months Europe was liberal purchas-
err of our securities, to which cause
tn 1l.
gold imports in face of an adverse
merchandise balance. 1t is hardly to
be expected that foreign capital will
flow into the United States with tee
same freedom in the latter half CT
1910 as in the first half; and the sit
uation Is now less favorable to cell
imports.
Stock Market Stronger.
The technical situation OF the
stock market has been visibly streng-
thened. The conviction ssreads that
the low prices at the end of July
will not be seen again for some time
to come Although the recovery
from the break has been sharp, per-
haps too sharp, a good many stocks
are still good purchases from tae in
vestment point of view. For the time
being the investment demand has
been checked, but confidence is
steadily growing and our prominent
bankers and financial leaders are
daily becoming more and more conf
dent regarding the future. This is
shown by improvement in fhe bond
market. There are still several un-
certaintics such as the crops, the po-
litical outlook, the Standard Oil and
Tobacco cases, the question of rail
road rates. etc, which are to be set
tied, but the worst respecting these
1T would seem has been fully dis
counted. Very soon two of the piv-
otal crops, corn and cotton, will be
out of danger. The prospects for
these are still improving. Corn pro-
misses to reach about a 100000 900
yield and current estimates are for
12,000,000 600 bales of cotton, which
is showing less deterioration in Aug.
ust than usual, There is still the
danger OF early frost. but each week
reduces the area liable to such dam
age Spring wheat crop is already
turning out better than expected
After the Labor Day holidays bust
ness Should begin to resume more
normal activity. The vacations VIII
be over, and the stock market should
feel corresponding inspiration Al,
together tie outlook is reasonably
cheerful. The process of readjust-
ment has been thorough in the stock
market. and is now being worke,;
out in industrial and commercial
undue apprehension; on the contrary
there is sound reason for believing
that after a period of rest that tire
whole country will be entitled to a
fresh forward movement upon a lower
and more normal plane.
HENRY CLEWS.