The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1884-08-26
The Slight Check to the Upward
Tendency Of Stocks and
Securities.
ANOt Unlooked-For Event, Which Causes
H.. No Uneasiness What Brought
1t About.
The Growing Crops, and the Prospects Of
Moving and Disposing Of Them
The Outlook.

/
day afternoon. There seemed to be no
| other reason for it except that a setback
had to come some day; since the
| phenomenal gait Of the last six weeks
| could not be maintained forever. The
leaders Of the bull party maintain that
the occurrence was mere "healthy re-
action" and they seem quite pleased by
it. On the other hand, the few stray
bears still left in existence did not come
to the Fl Mt, and were even not heard
Of from their dcns in Sara
toga, Newport and Long Branch.
They will probably be on hand to-day,
and in that case no little fun may be eX-
| pected. The bears have, at all events,
| several favorable points to work upon.
Another bank officer absconded in the
person Of Albert Warner. The famous
"Blly" HutchiSon is reported to have
cleared out, aud thus still more Compli-
Gated the affairs of the Wall Street Bank.
Very un'avoraJle statements in regard
to the condition of the Lake Shore 4 New
| York Central have been made public.
! Cutting of railroad rates is reported from
everywhere The exports Of grain and
provisions have been brought
| almost to stand-still, and
shipments of grain threaten to
, became considerably reduced on account
Of the low prices prevailing in the great
distributing centers. A combination OF
such circumstances Is certainly powerful
enough to give set back of a few points
to a market, in which free loans by the
banks played such an important part
| The directors Of sound banks must
| naturally have become little alarmed,
| and possibly called in or reduced some of
the heaviest loans. Such, at least, was
the current Wall street report on
| Saturday, ana stocks began at
once to be freely offered for sale.
But it must be taken into consideration
that the reserve surplus of banks is still
very large, and that the recent failure of
banks causes a great many capitalists TO
| keep their spare money in good bonds
and stock in preference TO having 1t on
deposit. They argue that solid corpora
ton like the Rock Island, the Burlington
& Quincy, or any other OF that
kind can not shut its doors and its
| officers run away all at once; while in the
case Of Il bank, both occurrences can take
place with surprising facility. 1t is
consequently not likely that the
fail in prices will become very
| considerable but it seems very probable
that for few days to come low prices
will be recorded, not only because cir
cumstances warrant it, but also because
leaders of the movement look for it, and
are not opposed to 1t. They will not,
however, allow the fail to be too rapid or
too heavy, for they are still in process OF
coaxing the outside public in, and have
vet good deal of hard work to do con-
segment upon the prevailing want Of con-
1dence in the management Of our rail.
road corporations.
As a specimen Of the kind Of proceed
ing which are constantly being disclosed
among the railroads, and which must
necessarily keep the general public out OF
the stock market, may be given the fol-
lowing story. A wealthy operator whose
fancy has been in the direction Of small
roads and cheap stocks, was some time
ago very partial to Rochester & Pitts
burgh. few days since, returning from
Northern fishing excursion, he took his
pet road in, and upon reaching New York
gave his broKerS an order to sell out all
his railroad holdings.
"What is the matter?n asked a friend.
"Did you find anything wrong with that
pet baby of yours"
"No," was the answer. "The pet Is
all right, but | don't like the nurses. |
found that while was away a default
was made in the payment OF pattry
$50, 900 OF interest upon some second
mortgage bonds. \ foreclosure suit was
Immediately commenced and receiver
applied for. Now three of the directors
of the company are heavy bondholders,
and fourth is the plaintiffs attorney in
the suit. You see the whole thing with
out my adding anything more"
This wrecking OF railroads for the
benefit of greedy bondholding directors
has been carried decidedly too far, and
must finally ruin all confidence in the
working of the corporation laws OF the
country.
True, the modern construction COM
pany's frauds made in many instances the
stock mere gratuity; but there are still
| many roads which were built by the
stockholders, and apart from that, all
the stocks, even if originally gratuity,
are being paid for in hard cash by
unsophisticated outsiders the moment
they are put upon the market.
The question Of shipment OF wheat be-
comes extremely serious. The clearances
of last week, as compared with the cor
| responding week last year, are alarming
ly small, and there is no prospect Of their
increasing, unless prices at the interior
! points of accumulation become lower.
This, however, is supposed not to be
| likely to take place, as the farmers will
not sell their grain at a loss. But tits
argument seems to be weak, for farmers
want money, and if they don't sell wheat
| they will have to sell something else
| hogs, cattle, hay, oats, rye or anything
they have.
Corn must be bept out of consideration
| yet, for it will take another month to Sc
cure, and fully two months more to make
1t marketable. Meanwhile railroads will
have to look for something to do In the
way OF freight carrying, and will have to
| publish some sort of report In regard to
their earnings. Statements rendered to
the State Railroad Commission by
the New York Central and the Lake Shore
railroads are anything but satisfactory.
But bad as this showing of our great
| Trunk Roads, 1t is not much worse than
| the condition Of the great English Rail-
roads. There Is, however, this great DIFF
| ference In the management OF American