The Cairo bulletin., 1904-09-19
MARKETS ARE IN
FINE CONDITION
Says Henry Clews, Who Sees
Big Increase in Confidence
MONEY MARKET is EASY
LEADERS IN HARMONY AND NO
DISTURBING DEALS THREAT
EN-GENERAL BUSINESS
GROWING

Special to The Bulletin.
New York, Sept. 17-Compared
with the lowest of the current year
which occurred in February ant
March, the leading railroad shares
have risen about Is to so points. Atch
ison has been selling 19 points above
the lowest, Brooklyn Rapid Transit
10 points, st. Paul n points, North
vest 80 points, Delaware and Hudson
20 points, Lackawanna 80 points
Reading 81 points, Manhattan Is
points. Metropolitan "a points, ~ Y
Central Is points, Ontario ana West
en Is points, Pennsylvania II points
Southern Pacific Is points and Union
Pacific 80 points.
Compared with the lowest prices OF
1903, the advances are still more pro.
nounced. This is remarkable and
not fully appreciated recovery and is
the best answer that can be given 70
the 8keptics and pessimists at home
and abroad who so frequently make
'<he serious error Of Understanding
the recuperativc qualities of the Unit
Ell States. OF course these advances
have been largely brought about by
manipulation and inside support; i'm
portant movements up or down al
ways are, but the various cliques and
leaders in the recent rise could not
ho,. l,or., r.,,oaocgfuI xuftbout n cuh
stantial basis of some kind Such a
basis has been found in the revival of
confidence which developed after the
drastic liquidation Of 1903. in contin-
nea easy money, and finally in a salts
factory harvest These developments
Demonstrated conclusively the cor
rectness of the views expressed in
these advices for several months past
and the question which now arises is:
VIII this advance be continued or has
It about reached it's elimination?
MARKET IN GOOD HANDS.
During the past week or ten days
the market resumed much of its for
into the neighborhood of a million
wer ACTIVITY, TRANSACTIONS running
hares q dov. This activity couli
hardly be attributed to outside buy
ns, for while the public has been OPP
Grating rather more freely of late
than Of late the bulk of buying ana
selling was for professional account,
and unquestionably has strong bank
ing support, The market is conse-
quently still in competent hands and
controlled by the big leaders who have
plenty Of stocks to sell and who prob
ably like to put themselves in good
shape to handle some of the import
ant new issues which are known to be
in contemplation and which have
been held in allegiance since the set
back of 1903. If the investment de-
mand proves sufficient to relieve the
market n is present surplus of
securities all will go well and the up
ward movement may continue,
MONEY LENDERS IN HARMONY.
For once self-interest' has brought
all the market leaders into harmony;
and as there are no disturbing deals
on hand to threaten the entente, the
prospect is fair for their holding to-
gether until the buying power seems
exhausted At the moment, The buy
ing power is improving. Large sums
have gone into bonds and high-class
and the public conf
dtnce is growing at pace which sug-
gests more activity in general spccu
lation. In short. the market is in ex-
cellent technical condition, and II Is
likely to go still higher provided the
big insiders hold together and pro-
vided there are no un.oward disasters
to interfere: but hereafter the fluctu-
ations win be wide and frequent, ad-
hitting of profitable quick returns
and making it the safer way 10 oper-
ate from now onward.
CAUTIOUS POLICY ADVISED.
There are. howaver sufficien. ele-
mems 0I doubt IN the ituation to in
once a very cautious policy. The faci
mat active shares have risen Is to
30 points is the very strongest pos
sible inducement for selling among
those who have been carrying stocks
for any length of time. The less &C
tive shares have. meanwhile, scored
advances Of 10 to 20 points and even
the indusirials have risen from > TO
u points in spite of the general neg
lect The market, therefore, stands
exposed tn heavy realizing on every
rooa rise. this risk increasing mater
ally a. prices 90 upwards The wheat
cron has been a disappointment. show
ing a decrease Of about 100000 600
bushels and being the smallest since
1897. This is anything but a bull ar
gument: for while the farmer may
secure compensation through better
prices. the country a. large win lose
through high-priced bread and a dim
mutton Of exports.
CORN AND COTTON CROP.
A o0~. rrru an~roaohfre . rua non