The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1905-11-20
PUSHING PRICES
TO HIGH LEVEL
WILL BE OBJECT OF LARGE HOLD.
ERs OF STOCKS OF PROSPER.
Gus CORPORATIONS AS SOON
AS CONDITIONS PERMIT.

| c0!ery Still depends largely upon the
course If monetary affairs. Relief was
oblained from three sources, partly
| by stock liquidation and consequent
! contraction OF loans, next, by borrow
| ings abroad; and lastly. by part al
| return 70 funds from the interior.
/ There was Spnie expectation that Sec
lretlry Shaw would come To the relief
LOT the money marker in casa VI an
emergency. bnt So far his action has
mot been necessary. Al no time IS it
desirable that the money market
| should he under control of a single
/ individual, even though he be a thor
i otghly dl=interasted and hgh-minded
government off cial, bnt this particu-
4 lar pstemalstic feature Is one Ct the
4 evils Of our inelastic ard confused
i monetary system tina, calls for a rem
4 edy II is quite evident that tho money
market is not yet in position to aid
any extended manipulation in stocks
| Legitimate business requ rcments are
absorb all available funds for weeks
| 10 come shrewd bankers fOreseeing
that any extended demands upon the
banks for speculative purposes might
| easily bring commercial disaster our
banks have all they can do to prop
erly take care of regular business
needs; and were funds diverted from
such channels into speculative move
ments the result would be disastrous
| 10 busincss inten s5ls and seriously
interfere with our present era of pros
perity.
| The foreign situation is also one
that prudent men cannot ignore Rus
sia appears To be in a state Of chaos.
the outcome of which is still beyond
human calculations. With so many bit.
terly conflicting interests. and in the
absence of strong leadership the
prospecr IT an early solution Of Rus
sia's difficulties is indeed gloomy;
and SO long as the situation remains
so chaotic il cannot avoid eX2rling an
nnfavorabe effect upon Russian
credit and Russian securities. which
| have already suffered n sharp decline
| Evidently thera Is 10 thonghr of
placing The Russian loan at present
and foreign bankers are probably
doing their utmost to sustain the mar
ket value &C Russian bonds Foriunate-
ly Paris. which is tho main ponr of
support for Russian finance, is llnan-
cialiy strong Berlin, however has
been somewhat Inconvenience by
Russian financing; and London, while
| comparatively free of Russian en-
tanelemcnts. Is in no condition h give
much help considering present low
Banl; Of England reserves. These facts
are simply cited 10 show that IN case
of niece ssity New York cannot readily
secure any great amount of assistance
| from Europe In spite OF the recent
drop in exchange Il seems unlikely
that gold will be imported in any i'm
poriant amounts and on the contrary,
w. are moro likely 20 export gold as
soon as our market returns go normal
conditions, Imports Of merchandise
into the United Statcs continue eX.
lceeiingly heavy. nIOctober laa they
woe valn "a at sl07 500. l00 an in.
crease of $5.200.100 over the same
month last year During the same
period our exports were 1854 400. 600.
a decrease Of $500. 000. the conse-
qnence being that the month showed
an excess Of exports of les than
si7 100000 compared with about $780,
100000 the same month last year This
makes Il sufficiently plain thar the
present tendency OF our foreign trade
is towards shipping and not attract.
inc gold.
The speculative situation just now
is exceedingly interesting Funda-
mental conditions are highly en-.
lcouraging and stimulaf ne The great
wave Of business activity extending
from The Atlantic to the Pacific and
from Canada to the Gulf. shows no
igns whatever Of recession. Our rail-
roads. our mills. our furnaces. our
mines. our merchants are all taxed "a
their utmost capacity. and siill pro
duction does not appear 10 have over
taken consumption: stage that when
il arrives will be the first signal of a
reac ion At result Of this activity
many Of our railroads and our indn'
srials are making unusual earnings
ami Unexpected gains 10 profit ac
count Prices. il is true. are high Gers
high and have amply discounted the
prosperity Of 1895: but should 1906 b.
a year Of stili greater profifs--waht
then However undes rable it may be-
however deplorable the consequences
IT, seems that e. will be difficult 10 in
definitely restrain the speculative
spirit. II profits are growing. and diyi
dands are 10 be increased on stocks
which have not vet enjoyed that dis
tinciiOn or pa upon watered stocks
which have never yielded ans return
d may be practically impossible n
prevent a subsequent rise and an IN
desirable 0ulburst Of Speculation. Tia
contingency is not yet in sight. bu'
the drift il in that direct on and con
/ hdtnce Is almost oversirone u AL
therefore behoOve orr gfeat bankers
&c restrain and nor encourage such ar