The Cairo bulletin., 1905-02-27
CLEWS EXPECTS
CONTINUED RISE
DISPOSITION is TO LET STOCK
MARKET KEEP CLIMBING IN
ITS NATURAL CHANNEL
MONEY is STILL PLENTIFUL.
Special 70 The Bnlletin.


counterfeit the upward tendency
hence the general disposition JUS
4 now appears to be TO let values con
Time on their upward course until
conditions are more ripe to force q
fall.
Il AS stated in previous adviees. con
4 ditions are particularly favorable tc
H speculative manipulation. LoanablC
funds are plentiful; the prevalent
Esprit is optimistic; general business
lis active, sound and prof able: oul
railroads are enjoying exceptional
prosperity and so 100 are most
branches of industry and agriculture
II Is perfectly true that these inhu
i ences have been in a large measure
discounted for the present, and that
/ il might be prudent for the big opera
tors not TO resist the present advance
say until the enormous recent bond
/ issues had been thoroughly distribut
! ed or until something was known OF
/ the prospects of the next harvest
! Wall street is not In waiting mood,
and with such an unusual preponder.
ance of stimulating conditions il
would cause no surprise if the market
continued to broaden and advance
sill further Thus far the public have
taken much less than their usual part
in the movement; bur are expected
by the big holders TO begin to show
an increased interest as soon as val
ues have about reached top.
A conspicuous feature OF the mar.
ket was the strength of the Hartman.
Hill securities. This was attributed
10 belief that a settlement OF the
differences affecting these properties
would shortly be reached. regardless
Of The forthcoming supreme count de
cisfon. Another Interpretation was
that the increased prosperity OF
Union Pacific would warrant an in.
crease of dividend from to per
cent Reading also occupied the po.
sition of one of the leaders, because
of increased dividend rumors based
upon the large demand and high
coal. C.her stocks showed more or
less rength owing to merger and
dividend rumors of greater or less
probability. Should any of these va
r.ons expectations be deferred or
prove unfounded the effect upon the
market would be anything but pleas.
ant. At present, however, it Is known
that important negotiations are un.
der way. and dividend prospects were
never better The wonder is that the
speculative investors have not been
more active than they have been late.
ly. and their inertia is only explained
by the fact tha. the public. profiting
by past experience, were indispose1
TO take on load at high prices which
rich and well.informed holders wish.
cd 10 dispose or
The foreign situation is stlll mat
ter of local importance. II is much
coming from abroad are true. I'm
questionably there Is some foundation
for these reports, for Japan is prob
ably neither inclined to prolong the
war or insist upon harsh or unreason-
able terms Russia, on the other hand.
is in a deplorable dilemma. Should
she succeed in preventing or postpon-
ing the threatened revolution she
could easily prolong the war, for
though crippled she is not vanquish-
ed, and her resources are by no
means exhausted. But should che
revolution grow in force the car may
be compelled to make the best terms
with Japan that he can and to bring
home his soldiers to suppress insur
rection. This would be fortunate for
Japan, also for China and all the far
East; but the humiliating conse-
quences to Russia make thinking men
S and aghast Will the car grant
some measure of political freedom to
his subjects or not? Even if so in
clined, he would face a task of the
greatest magnitude-that of provid-
ing government. suitable and salts
flying the numerous races of differing
views and conditions forming the en-
pire which have hitherto been crush
ed by brute force. In any event, Rus
STA seems destined for long period
of deep unrest, out of which she may
emerge a free nation Events are
moving rapidly in that part of the
globe and foreshadow great changes.
Ere long the open door may prevail
in Russia, China and practically all of
the far East. When this vast area
and population, with all its magnifi.
cent resources. are opened TO the
beneficent influences Of commerce the
United States will attain a prestige
and prosperity scarcely dreamed Of.
The certainty that there will be no
rate-iKing legislation this session OF
congress served to strengthen the
market. although Wall street never
seriously entertained the idea that
government control Of private proper.