The Cairo bulletin., 1911-04-24

ness St1ll prevails. Many cotton mills
are suffering diminution of profits
owing to high costs OF production. as
wen as to the impossiNlity of secnr.
Ing satisfactory prices for their u o.
duct Consumers are economizing.
while distributors Seem bent on ear
Fylng light stocks and confirming their
operations to those of hand-to.
mouth character.
Crop Situation Bright.
The brightest element in the busj.
ness outlook is the crop situation. All
alvices received concerning wheat
and cotton are Of very satisfactory
nature. Acreage is large, condition
of tho soil good and plants generally
are promising. AS a rule business
conditions are sound and quite really
| to respond TO any favorable iniuen-
ces At the west, where depression
! is now keenest, the outlook is some
what complicated by the consequan.
ces of past overspeculating in land
Liquidation in this direction is still
incomplete and may be an unsettling
influence for some time to come. Dur
=, ing the last ten years large areas OF
agricultural lands in the west have
trehled in value; a rise which un
avoidably caused much violent inna
ton and an unwise extension oil
credit.
Money PIine UP.
! In the local market cheap money
continues the strongest factor oi
support. Funds are piling up at
Eastern monetary centers, and easy
rates are assured for at least tho
next four months. After that period
higher rates may prevail. Our 70"
eign trade continues in very satisfac
tory shape, exports In March being
! unprecedented and the trade balance
rising to nearly $23,o00,O00 in on,
favor, against $19,000,009 in 1910 ard
| six and half millions in 1909. This
! is a most welcome development; one
| that is materially strengthening oul
credit abroad and will certainly stin
! ulate foreign investments In the Ualt
| ed States. In Europe, and particu
| larly in Great Britain, there are enor
| nous sums seeking safe and profit
| able employment In Great Britain
| the socialictic tendencies, or the dis
| position OF the state and municipal
ties TO enter the field OF private Ell
| terprise, is materially limiting tht
| field of investment OF british capital;
and this disposition to invest abroad
is being further accentuated by tlt
| policies of Lloyl-Georse and Mr.. as
| auth, who with their sociafistic pro
gram are increasing the burdens o
taxation in every direction. The Bri
| fish investor is consequently natur
ally turning to this country. where
in spite of our similar political ten
| denotes, the attacks on capital are
really less serious in their conse
| quences than in Great Britain.
Securities Dull.
| The investment demand for securi
| ties in this market has somewha
subsidized and is unquestionably be
ng checked by public extravaganza
The buying power of those OF mod
crate incomes has been seriously i'm
paired by extravaganza in living, il
| automobiles, their accessories, etc
The public Is saving less and conse
quently has less whereNith to inves
n securities. These are conditions
however, which will right themselye
| in due season, certainly after a pei
| iod of economy, and the outlook i
not without its encouraging features
All things taken into consideration
We advise caution in speculative or
rations until conditions becoin
more settled and promising.
HENRY CLEWS.