The Cairo bulletin., 1910-08-15
Special.

Special
New York, August IL 19l0.-The
business interests Of the country arc
taking needed period Of rest fol-
remuneration Our credit machinery
and our commercial arrangements
have been more or less out of gear,
and reimbursement is necessary. 1t is
preferable that this be done quietly
and gradually rather than violently
This process of quiet adjustment to
new conditions is now progressing
very satisfactorily, ana If few adj
ditional weeks of rest can be en-.
dured by the impatient commercial
spirit of the country it will be to
the advantage of all concerned
Trend Toward improvements.
While the general situation is not
witNout drawbacks and uncertainties
the tendency certainly is toward i'm
provement The rest cure is at last
producing positively beneficent re
suits, especially in the money market
Not long ago there was well founded
apprehension, both at home and
abroad, that q serious money squeeze
would develop this fall Fortunately
however, such apprehensions have
already undergone considerable modi-
fication Extensive liquidation in
stocks, contraction in loans, conser.
vatism in bankers, liquidation in com
modities. slackness in trade, liberal
importations of gold, and continued
rising of bank reserves have all con,
tributed to afford real and perfectly
natural relief to the money situation
1t was feared that, owing to the large
land and grain speculations in the
West the interior banks would not
be able to finance the crops this sea
son without unusual assistance from
Eastern bankers; but for the reasons
Just stated these fears have consider
ably diminished Some stringency Is
of course to be expected, and better
rates for money will probably rule
during the crop moving season, yet
there is now no reason TO anticipate
serious consequences. In all proba.
bility the assistance of the proposed
Currency Associations will not be re-
CURED Their formation for the pur.
pose Of dealing with emergencies was
as intended, reassuring and proved
a useful influence upon sentiment.
AS business requirements are slack.
ening, and money appears to be accu.
mulating in all principal money mar.
kets Of the world, unnecessary uneasi.
ness regarding the monetary article
should he dismissed at once; for al
the worst nothing more than temper
airy stringency or merely difficulties
are to be expected.
The Crop Outlook.
The crop situation is not all thai
was desired, The country was great
ly in need of bumper crops in ordel
to lower cost Of food products anc
reduce the cost of living. The pres
cnt agricultural outlook is for al
average general result Accordin'
to the last report of the Department
of Agriculture the condition of al
crops combined on August | was g..
per cent lower than a year ago am
1873 per cent lower than the average
of the past ten years This low con
diton will of course be offset by in
creases in average, and a large crol
of corn is now likely, possibly 5000
| coo bushels. 1t must be r. membered
however, that the crop is more thar
two weeks late and. therefore in par
ticular danger of early frost. Shoul,
we have a satisfactory yield of corr
| will do much to Offset shortages il
other directions It is also to b.
noted with satisfaction that tn
wheat yield is turning out much bet
lter than at one time expected. Tn,
poor condition Of cotton is an oil,
story and has been amply, discounted
The worst feature regarding the crol
situation Is its effect upon our for
| eign trade We should have hat
much larger exports OF agriculture
products this coming year in orde
to restore our trade balance to nor
NAL proportions and to strengthen
our credit abroad Evidently we viii
not be able to depend upon export
TO accomplish this desirable result
the July statement showing heav
decline in exports Of wheat and col
tom but trade depression here !
lhkely to check imports, and by sue
means we may at leas, partly recove
our loss Of surplus exports Fortur
ately we have been able to comman