The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1911-07-24

! pr0Vement In uudertone, and. at
times indications of distinct
strength. In this they have reflect
ed more reassuring reports from the
grain fields, thus furnishing anoth-
err instance Of the wisdom OF refus-
| Ing to- accept at anything like their
ace value first reports Of widespread
crop injury. When we consider that
about 52,oOo.000 acres are included
in our wheat producing area and
| that our corn fields extend close to
| lis, 900, 900 acres. II will readily be
| appreciated how damage in quite err
| tensiye areas can be severe and specs
tacular, how it can cause concern
and disappointment among the in
| habitants or these unfortunate see,
| tons, and yet, ina broad sense how
| this damage should only be consider
| ed as local and, from a broad, econ
omic viewpoint of final harvest con-
| ditions, comparatively unimportane
Spectacular damage, crop disaster
starvation even--these cnstitute
news" and it is very seldom that
our newspapers have occasion to in
orm us OF the other side of the pic
/ ture, OF exceptionally favorable CON
| ditions which will apply to millions
upon millions Of areas and which,
naturally, play most effective part
| in the law of averages in connection
with our crops. Our wheat fields
and our corn fields are cont mental
| in reach aud scope; and il must; in-
| deed be a nationwide damage that
shall cut down our final agricultural
output to proportions spelling agri-
cultural adversely. In view Of the
relief that has been furnished by
timely rains, rife market forsecuri-
tics has again cit the stimulus that
has been made all the more substan-
tial by the decline in the market
levels of our grains and cotton,
There is no reason to believe that
earlier anticipations Of new high
water mark in point ofyield will not
be fully justified With favorable
harvests and with disposition of
producers to accept fair prices for
their products instead OF holding out
for abnormal figures, the prospects
of exports on an important scale are
much better than for several years
Foreign supplies and foreign crop
promises are also such as to suggest
a good movement OF American pro-
ducts abroad unless prices are adj
vanced to n basis that will prohibit
exports. There have already been
substantial export engagements of
new wheat, and a significant factor
in connection with our foreign trade
outlook is the declines that have
been announced in leading descrip-
lions of cotton goods, which would
seem to indicate that manufacturers
are discounting the :, probability of
decreased cost of production when
the effect of the bumper cotton crop
becomes more effective.
This favorable export outlook for
our agricultural products is Of dis
tinct interest in connection with
any calm view of the market for
stock exchange security. Official
figures have become available this
week showing the. movement with
foreign countries, inward and OUT
ward, of merchandise for the fiscal
year ending with June 80 They
show that our exports Of merchan
disc reached the unparalleled total
of $2,048,691.392, which Is an III
crease Of no less than $500, 706,672
over the corresponding total of tho
preceding year while our imports
for the same period decreased $2S,-
962,345. The important feature,
! however is that the value of our
merchandise sent to foreign c0un-
tries exceeded that which we re-
ceived from abroad by the unexam~
pied total of $520,706,304. This
total reinforced by substantial
exportation of American securities.
means that gold will undoubtedly
come this way as sodil as the De
mand for it here is sBnaeient to jus
| tify the movement In the meah-
time, there is no reason to change
the opinion have expressed in these
adyices several times of late that
supplies of funds are quite adequate
to guarantee comfortable money
situation situation that will not
become an adverse influence In the
stock market well into the new year
I