The Cairo bulletin., 1904-10-10
CONFIDENCE STILL
ON THE INCREASE
Henry Clews Sees Favorable
Outlook All Along the Line.
CROPS AT LAST SAFE
ABUNDANCE OF CORN AND
WHEAT AND FARMERS ARE
Observation-Disclosures
EASY.

| EASY.
Special to The Bulletin.
| New York, Oct, S.-Powerful mani
pulation and a good supply Of favora
Bile news combined to stimulate tn
market into greater activity, the on
| ly check to further rise being thu
ortpour OF stocks from both inside an,
| speculative sources, which caused
more or less erratic fluctuations.
Confidence Is Growing.
History Is once more repeating it
self in the stock market, and at las
the confidence so persistently dis
played by insiders for months IS ex
lending to the outside public, simply
because current developments prove
that this confidence had been based
upon actual conditions upon which the
leaders naturally POSSESSED previous
knowledge. The week has been fruit
full in favorable developments. A mum
Der of very satisfactory railroad re-
ports were forthcoming. some OF
which showed gratifying gains in
gross earnings, others important re-
auctions in operating expenses, while
others have joined or have promised
to join the ranks of diyliend-payers
All of these disclosures prove thai
the railroads. as a whole, are enjoying
continued prosperity. Nor is this all.
Traffic managers appear very conf
dent in a continuance of this prosper
ity for another season, and, it must
be conceded that such views are well
supported
Crops Arc at Last Safe.
All doubt about the crops is now at
an end, and this removes a very i'm
portant restraint upon bullish enthu-
slasm. We are finally assured of an
abundance Of corn. and this, even II
the expected 2.500,0O0,000 crop is not
quite realized, is one of our most inn
pol.ant sources of national prosperity.
We are sure, also, OF a big cotton
crop, some estimates now reaching
12,000,0J0, and while early frost might
cut off 100000 10 100000 bales, It
could not DO serious injury. Even the
wheat crop Is threshing out better
than the crop killers were willing to
LEI us believe, and in consequence of
these Developments the prices of corn
wheat and cotton are receding from
the excessive high prices which they
not long ago commanded.
Farmers Are Prosperous.
II t. now demonstrated beyond a
doubt that American farmers-ea.,.
west and south,--are to enjoy another
year which Is the all.im-
Dortant fact in the business situation.
they and their dependents form so
arge proportion of our total popu.
alton that good times with them
mean better times for everybody
,etter lines for merchants, better
lines for manufacturers, better times
or transportation interests, and ulti-
nately better times for the investor.
rhe unreasonably high prices for
hese three staples which lately pre-.
'ailed were beneficial to no one OK.
'ept sDeculators. since producers did
Tot secure these prices and consum.
rs will not pay them very long. Their |
inal effect would have been 20 injur |
Ously check exports and stimulate |
In the next crop. In |
act, the prosperity of the farmer and |
he country at large Is best promoted |
ghen speculation acts simply az a
'alance wheel and is not devoted to |
reating destructive corners. The re-
ent declines. therefore, in wheat. COZ.
on and corn are an encouraging Tea
ure. Without diminishing the profits
+ farmers, they will permit a revi.
al of the natural outflow Of domes.
ic produces and save us from an in
urious arrangement OF our foreign |
rade. which would certainly occur If
eckless grain and cotton operators
al their way.
Situation Well IN Hand.
The rise in the market has now
zen carried to a pitch where sharp
factions are inevitable. and yet the
ituation at this writing appears t.
e so well in hand that the leaders
re quite likely to resume the upward
Movement One thing may. be taken
Or granted. and that is. with so much
uccess behind them those in control
re not likely to stop until the rise
as been pushed to the extreme limit.
THE should be their policy there is
Othing in sight to check il except
udden desertiOns from the bull ranks
r else a sharp contraction Of the mo
ey market Neither Of these contin-
encies are very probable just now.
n the public have only recently come
lto the market and the surplus hold
lgs Of the largest fnsncial interests
ave EOt yet been sufficiently dis.ri-
uted. and until they are. the market
i'll not turn.
Condition Of Money Market.
The condition in the money market