The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1905-05-29

are taking unfair advantage of the
tariff, others which are not dependent
upon it in any degree, and others
again that will be positively benefited
bu such modification of the schedules
as win give them cheaper raw materi-
ais and a chance to enlarge both home
and domestic markets. Ii revision
could be carried out ON these lines
there would be no reason TO fear tariff
agitation during the autumn months.
How far the tariff situation will be
governed by a growing government
deficit and the necessity of providing
more revenue remains to be seen; and
the withdrawal of funds from the
government deposltaries in eonse.
quence of this deficit may after
while become a factor in the money
market
Prices Still Too High.
The technical situation of the stock
market is not satisfactory, Prices are
still evidently too high to attract gen.
eral investment buying, without which
genuine bull market is impossible
lit is true We have had a decline Of
from 10 to 80 points. and, compared
with the recent high level, some
stocks may seem cheap; but big hold.
ers who sold at the higher level are
not yet ready to reinvest. Many of
them still have stocks for sale. and
until they are prepared to enter the
market of which there are no pres,
ent indications, permanent turn for
the better can hardly be expected The
summer season is also approaching,
when many Of these gentlemen are alb
sent and quite willing to see the mar.
ket drift toward a lower level. An
other factor which affects the market
is the enormous increase in the sup
ply of new securities, amounting to
$500, 900 or sG00,000,000 since Janu-
airy 1st. and which has more than sat.
isfied the regular investment demand
Railroad Situation.
Still another element of depression
Is the attitude of the administration
towards the railroads, and Its deter
mined attack for the purpose Of secut.
ing authority to fix the rate lii this
respect the government ought TO fail
for the American people, in spite Of
their dissatisfaction with many OF tbs
things that be, are not yet prepared
to take such a tremendous plunge In
the direction Of patrnal government AZ
the proposed policy suggests There
are hundreds of thousands of stock
holders in American railroads, having
hundreds of thousands dependent up
On them. all of whom, when they real
ize the nature and effect of the pro
! posal that the government should fl
the rate, will strenuously oppose an.
such dangerous and eonfiscatory ust
of federal power.
uneasness Threatened.
Nevertheless, these two qhestions-
fixing the rate ana revising the tariff
threaten to cause more or less mn
easiness in financial circles durin;
I the next four or five months, and II
: connection with the backward cond
ton of the crops may defer any impor
tant renewal of bullish operations i
the stock market. As already said
however, conditions outside of Wal
: street are generally sound, affordin
the market ready recuperatiye power
! from any sharp decline. There is no.
bear party Of growing strength
whose purchases to cover on ever
! sharp recession are also a basis for 0
: casional rallies. Added 10 these fact
is the one that the big leaders sti
c have stocks to sell and find it to the