The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1884-08-05
The Extraordinary Advance in AL
Values During the Past
Three Weeks.
It Beats the Philosophy Of the Knowing
Ones, and Marches On in Spite Of all
Calculations and Predictions,
All EXhaustng Resume Of An Interesting
Subject by a Bull Who Was
Bear.

week, till at last some OF the big bulls
themselves cry out: "Stop, that'Il doi
let US have little rest" A large amount
of long stock was sold on Friday and
Saturday, but the speculative body took
it as gingerly as hot cake. 1t is ayerred
that c. j. Osborn, for instance, has sold
out all his holdings and gone on yacht
Ing trip. But the market did not show it
it all, though Osborne was one Of the
originators of the July boom, and was
supposed TO hold, with Ed. Chaplin and
bis customers, the largest amount OF
stocks recently held in any one Office.
W. Il. Green looked for q reaction for
fully q week, but did not get it. The
Office Of Messrs. Souther & Willard have
been selling openly and freely. But the
market absorbed every thing, and showed
only small setback at the close Of bust
ness hours on Saturday, Mr.. Frank
Work seems to be titanic bull, who re-
fuses to listen to any proposition Of
taking rest, and insist, upon going
straight ahead. Now this is plain state
meut Of facts and not at all an argument
based upon the writer's supposed switch
Ing 10 the bull ranks, after three years
persistent bear grOwl. There is no earth.
u use in attempting 10 argue IN times
like these, still less to prOphcsy anything,
II is quite enough il man is capable Of
accounting for what he sees, and the best
proof of this j, 10 be found in the fact
that nine out OF every ten men one meets
in Wall street, instead OF the usual,
" How do you feel upon the
msrkct?n Greet you with, GLOW
do you account for such state
of affairsN 1t seems that everybody
thinks If he only could find out the exact
course OF the last three weeks move
mcnt he would know what to do. Yet it
is probably not so. 1t is true that the
advance was phenomenal. but that IS not
proof it must stop right here. On the
, other hand, there is always the chapter of
accidents TO be taken into consideration.
Something might happen at any moment
aud make the market lose in three hours
what il had gained in three weeks. But
SO long as money remains IS cheap as it
| is all over the world, and the investors
| and spectators remain so tired of idle
| ness and low rates Of interest Is they are,
| the movement can easily continue of its
| own force. At all events, it would be alb
Surd 10 attribute it 10 mere manipulation.
II was certainly started by few strong
maulpulators, but it ran out OF their
hands. No combination OF them
could have the means TO accomplish
what has been accomplished. 1t is easy
enough to start buying movement under
advantageous circumstances, but it is by
no means easy to keep it up as it has
been kept up in this case in spite of fail
urcs and depressions in trade all around.
Summed up, the elements which made
success Of this movement are these: The
panics, coming after steady liquidation
Of three years, brought prices to level
below which most OF the securities could
hardly 20 as long as there was anybody
willing to hold the control of properties
they represented The failures terrible,
unexpected and criminal though some
of them were, came all in one lump.
, and a week or twO'S talk and meditation,
| led TO the conclusion that the worst was
| over. The banks, by contracting their
| loans and discounts, strengthened their
| position TO such an extent that the sur
| plus imperatyely demanded an outlet.
| Stock collateralS, having been properly
| Weeded during the panic, had now be-
! came the safest securities to loan on, and
the banks began to loan money to Wall
street spectators in preference to mer.
chants and manufactures, whose notes
| cannot be realized on call The short
| interest was immense and the bears all
H., ~ =
cumu ated during the long process Of
| liquidation, They consequently did not
rush to cover ali at once, but went in one
| by one, and that only after having
stood in the breach awaiting
another opportunity. This OPP
| portunity did not come, and most of
them were compelled to buy in their
stock after an advance of ten to fifteen
per cent. had been made. 4 few of the
strongest bears remain short yet, but
| there are not many of them, and those
who attempt a new campaign start in
lightly. All this gave both money and
courage to the bulls, and put them in a
| position to begin work again should the
market react a few points. Meanwhile
investors ut home. as well as abroad,
who had held stocks during the long Pc
Rod of depression, saw an opportunity
to average their holdings. Seven per
cent stocks selling at fifty and sixty a
share looked very cheap to them,
and they bought some. Merchants
and manufacturers, too, who had
been unable for some time past to
make money in their legitimate
business, had to look for some way to
make up the deficiency, and began buy
ing stocks when they considered them
unusually cheap. Securities bought by
these two classes Of men went out of the
street, and reduced the volume available
for daily speculation, In addition to
all the influences, come the prospects of
magnificent crops, which serve always as
great bull argument in Wall street at
this time of the year. True that circum-
stances have considerably changed of late,
and that we can no longer sell all the
crops we raise unless we offer them
cheap. But of this Wall street has not
thought yet. 1t thinks that breadstuffs
and provisions have to be sold, and con-
seQuently transported, and does not care
yet to find out whether the farmer
alone Is likely to bear all tn
loss, or whether the RAILROADS will
have TO share 1t with him. 1t is utterly
impossible to foresee now whether the
present Wall street movement has
reached its climax, but 1t would seem
really desirable that things should not be
| puahci too far and that the not ahould