Bisbee daily review., 1911-07-27

New fork,-The financial markets this week have shown improvement in undertone. and at times. indi- this they reflected more reassurine reports from the grain fields. t-
 Furnishing another Instance of the wisdom of refusing to accept at anything like their face value first reports of widespread crop injury When We consider that about 52,- 100000 acres are included in our wheat that about 52.000,O00 acres are included in our wheat producing area and that our corn helds ex tend close to 1l600O. 900 acres, it will be readily appreciated how dam age in quite extensive areas can be severe and spectacular, how it can cause concern and disappointment among the inhabitants of these un- fortunate sections, and yet, in a broad. economic viewpoint of final harvest conditions, comparatively unimportant.
 Sensational News.
 Spectacular damage, crop disaster starvation eYen-these constitute news. and it is very seldom that our newspapers have occasion to in. form us of the other side of the picture, of exceptionally favorable conditions which will apply to mil lions upon millions of areas and which, naturally, play a most effect i've part in the law Of average in connection with our crops. Our wheat fields and our corn fields are continental in reach and scope: and it must indeed be a nationwide dam- age that shall cut down our final agricultural output to proportions spelling agricultural diversity In view of the relief that has been furnished by timely rains, the mar ket for securities has again felt the stimulus of a favorable crop outlook-a stimulus that has been made all the more substantial by the decline in the market levels of our grains and cotton. Prospects for the cotton crop continue favor able. There is no reason to believe that earlier anticipations of a new highwater mark in point of yield will not be fully justified With favorable harvests and with a dis position of producers to accept fair prices for their products instead of holding out for abnormal figures, the prospects of exports on an i'm. portant scale are muct better that for several years. Foreign supplies and foreign crop promises are also such as to suggest a good movement of American products abroad unless prices are advanced to a basis that Will prohibit exports. There have already been substantial export en- agreements of new wheat, and a sig. nificant factor in connection with our foreign trade outlook is tho declines that have been announced in leading descriptions of cotton goods, which would seem to indicate that manufacturers are diseounting the probability Of decreased cost Of production when the effect og the bumper cotton crop becomes more effective.
 Export Outlook Good.
 This favorable export outlook for pur agricultural products is of dis. tinct interest in connection with any calm view of the market for stock exchange securities. Official figures have become available thi week showing the movement with foreign countTjes, inward a.E
 ward, of merchandise for the fisea year ending with June 3O They show that our exports of merchsn- dise reached the unparalleled total Of S2,04S, ,6yl 1892, which is an in crease of no less than S3O3, 7O6. .672 over the corresponding total of the preceding year; while oun imports for the same period decreased S2s,. 962,345. The important feature, how. ever, Is htat the value of our mer. chandise sent to foreign countries exceeded that which we received from abroad by the unexampled to- tai of S520.706, ,304 This total. re. inforeed by a substantial exportation of American securities, means thac gold will undoubtedly come this way as soon as the demand for it here Is sufficient to justify the move ment In the meantime. there Is no reason to change the opinion 1 have expressed in these adyices several times of late that supplies of funds are quite adequate to guarantee Q comfortable money situation-a sit. uation that will not become an ad- verse influence in the stock market well into the new year at least If it should be found that even small money strain were in pros. pect at the height fthe crop. moving period. such a strain would automatically be relieved either by an inward movement of the precious metal or by equivalent exchange operations that woul dnot require the actual movement of the metal.
 Point to Remember.
 There is one point, however, thai should be kept in view in connnec- ton with the money situation and its relation to the market for stocE exchange securities. This Is the large increase that has taken place during the year in the security hold, ings Of our national and state bank. ing institutions. The comptroller o. currency in his final report of the hank call of June ' shows that national banks had on hand on that date s995, 5,475.I44 in securities. or $145,543,425 more than at the corresponding date year ago. This indicates that as a result Of backwardness in trade and manu- featuring circles the banks have been investing in high-grade secur- eH an