The Cairo bulletin., 1914-09-14

ptOfis nave unuOubttutN received an
object lesson Of the necessity of as
cumrlating for a rainy day. They
may with good reason be expected,
when their incomes return TO a
normal basis, TO take advantage OF
the low level Of high grade securi-
ties as the best method of investing
their savings.
Viewing the situation in a broad
light, there seems no reason 10 sup
rose that the recovery that will in
tvitably follow the current depres-
sin that has been forced upon this
country by causes over which il has
had no control will be rapid and
substantial. The Governments re-
port on the grain crops which was
published this week is certainly
suggestive OF this rapid recovery
since 1t forecasts such great pros
rerity among the farming interests.
which are the backbone of this
country The wheat crop mas vir-
tually been harvested and final re-
turns will show very close TO a to-
tai of 90O.0OO,O0 bushels if indeed
that unexampled mark is not ey-
ceeded when the Govern ment's final
harvest returns are published in
December. Not only have our farm
ers an unprecedented wheat yield
but as a result of the war they are
to combine the unusual factors of a
large yield at high prices. There
seems slight reason 10 doubt that
Europe will require every bushel of
wheat that we can cparc and will
be willing to pay rorrespondngly
profitable prices to orr farmers.
Meanwhile the corn crop is making
good progress and is well up to the
average. although not record
marking one, The same may be
said OF the minor crops and in all
instances there is the same favor
able feature of high prices. Cotton
unfortunately is necessarily dcprcs-
SGD by the war and must await the
resumption of business abroad be-
fore it can be expected to move
with normal freedom. But the ag-
ricultural outlook as a whole is an
excellent one-a fact that should
not be lost sight of in any analysis
Of conditions that are likely to at
tend the formal opening of Stock
Exchange business.
Even should the war be carried
en- for an extended period there are
fayoring features that are worthy
OF consideration. The first shock
of the conflict has been expert
onced. Worldwide efforts in gov
ernmental as well as banking cir
cles are in progress lookins 20 the
resumption of business, There is
now slight reason TO expect the de-
struction of commerce by hostile
ships as the seas have neen cleared
by the fleets of the Allies. Thus
tho transportation problem for eN-
ports and imports OF merchandise
las been evry largely solved and eff
forts are now being cautnred on the
problem of providing the financial
facilities necessary for free move
ment of foreign trade When the
latter has been accomplished a Ions
stride will have been made in the
direction of reducing the interfer
ence Of the European conflict with
stock Exchange business.
In brief the general situation
may be said TO be working out
iayorably for a resumption of bust
ness on the New York Stock EN-
change on the basis of safety and
profit. The date when business shall
he officially resumed can very prop
erly be left to the managers Ct the
New York Stock Exchange who
may be depended uDon to authorize
resumption of business the very
moment that the grave Conodera-
tions that are prim3 factors IN the
general situation will permit. fea-
ture clearly needed in the work of
construction in the confidence Of in
rc3tUrs in the sourdnes., OF sccnri-
ties Railroad executives have this
eek aai a ccnlera zee with Prrsi-
deaf Wilson on the necessity Of Sc
curing additional revenue IL they
are 10 perform the obligations ey-
)'e'ai {. item in tn" direction u
{ -'ish'az ddequa'o ransr'"tI;t =
flrilitis fer the CO ,ntry's prop"l de
,ciupmpal The railroads T.: til"
"7rs things nj make constant
dem,nds +cr new capital Nose t'cr
can show sound conlit;n"> tnan-
tally and thus q ourae. invest IS
90 purchase securt-.S on a mir -
ST. II is 10 be hoped, th,'.f''..
that the President aud Interstate
Commerce Commissioners will rec
cgnize the necessities of the rail