The Cairo bulletin., 1904-11-14
''STANDPAT'"W WAS
WINNING SLOGAN
SAYS HENRY CLEWS IN DISCUS
SING THE ELECTION - WHAT
EFFECT RESULT WILL HAVE,
GOOD BUSINESS. LOOKED
FOR.

New York. NOV PA good man
influences combined to bring abou
the extraordinary Republican victor
last Tuesday; but first among thes
vas President Rcosevelt's tremendou
! popularity, which partisans OF bot
| sides must admit, and, second, tn
fact that the country Is enjoying gen
eral prosperity and was indisposed t
change. In good times 'ntand pat
and 'let well enough alone" are yer,
/ effective campaign arguments; AM
yet, far beyond and above such ap
peals rises the indisputab.e ascenden
| cy OF President Roosevelt in tn,
minds of the common people. Ono,
more it has been proved that courage
honesty and sound views are indis
pensible % successful leader hip; ant
since our president combines these IL
marked degree with a striking AMI
virile personality his grip upon thS
imagination of the common people II
easily understood
Effect on the Future.
W i4ot WIN Dt liz GIlEtI vi lilE tltC
ton upon business and upon the
stock market? Upon business it i.
questionable if it viii have any effect.
because tlhe campaign involved no
seriously disturbing ues. business
was already showing decided revival
en- account of the absence Of distrust
and the election had no doubt been
largely discounted, although the flush
OF victory may exert a temporary
speculative stimulus OF course, in
Important element Of doubt has been
removed and it looks as if the coun-
try would be comparatively free from
antitrust and anti-tariff discussion
Tor some time to come.
Everything is High.
There is only one serious obstacle
to continued business Improvement.
and that is the present high level OF
nearly ali commodities Labor Is high
and raw materials are high or advanc.
ing and cost Of living is high, At the
moment there is little prospect of con.
cessions in any of these quarters. I'm.
ions are keeping up the price Of labor,
trusts are keeping up the prices Of
commodities. while comparative scare
ity IS keeplns W tho prices of many
FOOD products ana rents. In general
It can be safely said demand has out
run supply, and until this situation is
reversed no Widespread reaction can
be expected
Good Business Looked Far.
We may therefore look for a good
business season in spite of high Pre-.
es; but 1t must be borne in mind that
are highly favorable for
steadily increased production and
hat we are approaching period
when production will overtake CON
and then price concessions
must follow Conditions are vastly
iifferent now from the recovery which
,ogan just eight years ago with Mr..
election Then we were
IN the low-leve basis; now we ore
IN the high-evel basis and it follows
hat the boom which began in 1896 Is
wv w pt iN4lC1ANl Ia lDVts
Caution 10 Advised.
On the contrary, prudent. business
men will move cautiously, although |
here is a distinct tendency towards |
/ revival of enterprise because sue
,essful speculations during, .he last
hree months have rekindIsd hope and
In all probability bankers
md others who support new schemes
will have to exercise a great deal Of
discretion and self-restraint during
he coming year, else we may easily
'e led into repetition of the reckless |
'ontures which brough. us disastrous |
'anic conditions throughout 1908.
Stocks Stimulated.
AS for the stock market the election |
las been highly stimulating, sDeculs
ion having broken ou5 .nto aimus
ecord-braaking pfopoUiras. rte pros
ecis ore ilat This sciAt'F Niy con
inue fcr some Ime 30 come. u.h .
harp fluctuations dad unusually good I
for qu.cl 'rader Prices
re high enough for most - 5he active (
hares on their merits. bul be .rec
Ilative fErOge is Er0used and c8nnDr I
,e checked until i has exhau tea i |
elf Big banking interests who have
'lenty Of securities to sell and more /
o follow seem inclined to check any |
90 rapid advance and are equally in
ent on preventing any serious breaks. |
The investment demand is excellent /
IS proved by the heavy movement of /
'cnJ5. which. though partly specula /
i've, shows a steady absorption into |
.rong boxes January disbursements
ire not faS distant and with these in
lew the. market IS in little danger a,
he moment from home influences |
ioncy may rule somewhat higher and /
old exports continue. but crop funds /
viii soon return and there is no hing }
n the local monetary situation TO war
ant concern.
War a Weak Point in Outlook.
The weake point n the outlook & 4
he war between Russia aud japan /
With its consequences in o.her finan |
.ial cn-tcTs. Should there Je no fur I
her friction between Russia and /
treat Britain there Is stili the disturb !
ng effect Of heavy war loans which 4