The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1905-08-07
INDUSTRIALS IN
A Bic ADVANCE
AVERAGE HIGHER THAN EVER
BEFORE DECLARES HENRY
cLEWS IN HIS WEEKLY LET
TER, WHICH is AN oPTlMls-
TIC ONE.
Special to the Bulletin.

5
different success: and indications are
not wanting of uther progress to- >
wards a period of imitation in Stock !,
Exchange securities out of all proper y
ton TO immediate or prospective re-
turns on investments, There have :
been, it is true. since the beginning
OF the year, important and numerous
advances in dividend rates. but with
prices 20~25 points higher than year :
ago these increased distributions may
be regarded, to a very liberal degree :
at least, as already largely discounted
by the higher quotations now ruling.
Ii is significant that quotations today
are well up to the CHEST average
since the great revival which accom-
panied the election of Mckinley and
the defeat of fiat money in 1896. In
June, 1896, the average quotation Of
twelve leading industrials was So. To
day t0e average quotation of the same
stocks is about 81, which is the high
est average ever reached notwith
standing the great upward movements
-of 1899, 1901 and 1902. The nearest
approaches to the present average
price of these industrials were III in
September, 1899, rs in June, 1901, and !
73 In December, 1904 And prices Of /
prominent railway stocks make an
oven more striking display, the aver
age of twenty representative stocks I
in June, 1896 being 81, while today it /
| Is above 126-an average that has
| bsen but once exceeded, namely, by |
that Of 129 during the memorable
times in the autumn OF 1902 and from
| wAich there was gradual recession
| to about SO during tae reactnnarg
year Of 1903 The fact should moi
| be overlooked, therefore. that as far
4 al the price gauge is concerned the
! market is today at the highest point
4 for many years II has not however
| reached this eminence as a result Of
wild, senseless speculation, but has
erept gradually upward. refiecging gen
4 eral prosperity and discounting future
i prosperity. AS already noted, the
4 standard investment stocks are becom.
| ing so closely held they are pract cal
ny out Of the market as speculative
securities, and tais in turn Is encour-
i aging trading in the lower-priced class
of securities in which indusCrials fig
TIRE prominently. The high pr ces nat
} lurally invite caution III making nur-
chases and suggest wisdom Of profit.
} taking on any further substantial ait
vances ana the adyisability OF quick
turns during the irregular movements
promised for the next few weeks
Aside from high pr.ces ana the pos
sibility OF the money situation becom-
ing SO active as to constitute an adj
verse factor the immediate situation
both from a financial and trade and an
industrial and agricultural standpoint
\ rema MS distinctly favorable. Railroad
earnings are fully maintaining theiI
recent records, and bank clearlngs
Y not alone at New oYrk, bur through
z cut the country. are making new re
Y cords monthly. the July totals showins
Y a gain of Is per cent over July yea
ago and of per cent over the larges
x Iuly total heretofore recorded--tha
x of 1909. Another striking feature j
x 1.-The official report of the New Yorl
Y State superintendent Of Banking
x showing for the year ending with jan
K the enormous increase OF $S0,S36,aa
x In deposits in the savings banks G
x the State. And our foreign c0mmerc
x is keeping pace with our lnt9rnf
"A trade. Az noted in these advices las
week, The fiscal year ending with Jun
made new records both as to import
and exports Of merchandise; and sue
10 official returns as have been made II
- the month Just ended indicate an q
tive continuance Of thase fayorab
ds conditions. The United States A
IN praiser at this port. for instance, Civ
ue the appraised value Of merchandi
is imported in July at $51 100000 WIFI
rs an increase OF more than 100000
= comparing with the correspondil
. W month Of year ago This growth
BIZ import value-which means a corr'
W bonding increase in Government Y
!. ll enues - Is matter OF conslderal
NJ moment al this time and VIII becll
X increasingly important should u q
W tinue, as it promises to, until @
* aress meets in November. There
- lprnbaby no more potent adverse
IN luence for the stock market TO g.
"A bat than tariff agitation Owing
The new expenditures that follow
: the Spanish war the current tariff
not been capable Of producing
n nclent revenue to meet the Cove
/. y menr,s incr9ased expenditures, ia
IN in the current year the deiiclt prom
xh% "a 10 be 50 large that q readjustm
:s= of che schedules appeared the 9
W solution; but foreign trade retn
: ~ havc sncc SO generally improved !
M best information from Washington
2 W dlcntes an intention among the ma
n party 70 secure what additi'
\. NJ revenue II siIll needed by means
- minor notifications 81 the tarlt