The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-06-27

eneed for many months. With a liqui-
dation and decline in commodities,
which should tend to still further
lower the cost OF living, the proba.
bilities are that our imports will CON
tract while exports expand: thus per-
hitting large influx of gold next fall
II that be necessary to offest any
stringency should ii come. Europe is
taking a more kindly interest in our
financial undertakings, and seems
quite ready to. pafticipate moderately
in the better class of American is
sues. Other stimulating Influences
which can be cited are the settlement
of the railroad question through pass
|age of President Taft's bill; the
probability that the railroads will
later on secure a reasonable advance
in rates.
Uncertainties Ahead.
On the other hand there are un-
certainties ahead which may prevent
any pronounced ADVANCE Holiday
quiet will begin in the coming week.
the present political agitation is more
or less disturbing: besides there Is an
undercurent of public unrest. Big
crops will impose large demands upon
interior banks, which they in turn
may be compelled to transfer to the
east, in which case the New York
banks Will be obliged to take 4 larger
share than usual in financing the
next harvest. This contingency. how
ever, has been so fully anticipated
thata when il arrives it may easily
prove less important than expected
The fact that trade is dul every.
whore will tend TO maintain monetary
ease. This inactivity in business.
however, can hardly be considered :
bull argument in stocks; and it's ef-
feet upon railroad earnings remains
10 be seen, especially in view OF the
large increase in expenses which the
railroads are now compelled to face.
The iron trade is not at present in
wholly satisfactory condition. and the
tendency of prices is downwards.
The cotton goods industry is still
going through a period of stress.
manufacturers being obliged to cur
tail heavily owing to their inability
to secure the higher prices necessary
to cover the increased cost OF cotton.
Another important Industry not yet
adjusted to present conditions is the
copper trade, which continues to sui.
fer from Oyerproduction. From many
points Of view it is satisfactory to
note that the tendency of commodi-
ties is downwards to a more normal
level; yet on the othr hand it must
be remembered that lower prices for
| agricultural products mean smaller
profits for farmers. The latter have
had number of very fat years and
! can well afford one of two lean ones
except whore they have been tempted
into extravaganza and undue specula
ton.
Treasury Situation.
The treasury situation is onS that
is causing some concern on the part
of government officials and before
long bond issue must be resorted
to- This, Of course, means that IN
case Of money stringency next fall
but little assistance can be expected
from the government Many Of these
facts are well understood in financial
| circles, and their effect has already
been pretty well discounted. Upon
the whole the influences pro and con
i In the market are fairly we'll balanced
land the differences of opinion be
tween buyers and sellers are suf
| ficiently pronounced to provide ba
| sis for fair trading activity. After
/ the decline of the last six months
no very serious break can be antici
pated, besides which there still re
mains short interest of sufficient
| Importance to be an element of sup
port in case of decided reaction. Gen
leral conditions are sound and there'is
fno reason FOR apprehension, for the
| country is at last taking period o.
much needed rest. But, after riding
in automobiles for several years
| coming back to trotting horse
seems a rather slow gait.
/ HENRY CLEWS.