The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1905-04-24
PRICE VALUES TO
TEND DOWNWARD
THAT is THE OPINION OF HENRY
cLEWs-FRicTloN IS ARISING
BETWEEN BIG INTERESTS -
TWO HOLIDAYS THIS WEEK.
Special 10 The Bulletin.

Special 10 The Bulletin.
New York. April 29.-The serenity
of the stock market has been some
what disturbed by recent events, and
prevalent optimism received some
rather rude shocks from series of
internal developments. Outside con.
ditions continue quite as promising as
at any time during the last six months.
The fact. however that prices have
been held unreasonaDly high and that
outside buying could not be induced to
come in at the top has materially
weakened the confidence of those who
believe in further rise The bull size
Of the market has been supported by
the worldwide activity of business and
by the phenomenal prosperity which
still prevails in the United States, es-
pecially in iron, railroad and mercan-
tile circles, supplemented with the
outlook for good crops. Money also
continues easy and no prospects OF
stringency are in sight Our foreign
trade 10 in somewhat better shape, anc
there is abundant testimony Of contn-
iued enterprise and activity in the bus
mess world.
On the "lnside."
When, however we come to the in
| ner precincts of Wall street the sit
uation is somewhat different. Every
one of these favorable conditions
/ seems to. have been discounted for all
if not more than they are worth. Val
N Northern Securities this week win
that stocks are not attractive from
either the investment or speculative
standpoint Experienced judges know
the market has been practically bulled
/ to standstill; consequently prices
are coming more and more under the
which, welcome or not, cannot be ig-
lnored Some Of the conditions refer
red to are the possibilities Of further
differences between tho Hill-Harri-
man interests; the uncertain outcome
Of the Northwestern railroad fight;
the May wheat corner which threat
ems disaster to some; the Equitable
dispute, which creates diseord; the
stock exchange tax, which threatens
to disarrange the usual channels OF
business. and the Rucso-Japanese sea
fight. which if lost by the latter would
Ihaye an unsettling effect
Possibility OF Disputes.
OF all these issues the most disturb
| ing is, of course, the possibility of dis
putes arising from efforts for contro
of the merger stocks. The movements
in Union Pacific have been a very
important element in the market, ant
the decision Of the courts that one rail
road can not hold the stocks Of com
peting road has partly forced the liq
uidatfon Of the Northern Securities
stock which that company held
Il Whether this transaction has beer
, completed or not is not yet made
, known There Is some reason for be
! Ilieving that it has; and recent opera
J lions in Union Pacific suggest tina
J the latter's chief owners have alread,
succeeded in adjusting themselves t,
the new situation and have beer
heavy sellers Of that stock
Friction Between Big Ones.
Unless we are mistaken, all indica
: lions point to a renewed strain upol
the community of interest plans. MI
! Hartman has been left out Of til
, Northern Securities directorate. an
: facts, If not rumors point TO frictio
q between the Hill, Morgan and Harr
$ man interests, OF course conflict wi
: be avoided as far as possible sine
Y the consequences are too serious t
be invited but the street has livel
recollection of the result of past COZ
tests between these interests, an
= though their repetition is improbabl
the mere possibility is an unsettlin
factor in the stock market Each pa
ty is playing for big stakes and III
y little fellows will have to beware f,
A. some time to come these merge
schemes and the operations of ii
4 leading interests concerned are like
q to be the controlling factors in Il
$ market.
,e Activity viii Continue.
Of The outlook, therefore, is for co
tinued activity and considerable ire
ularity. There has been important !
alizing by some of the large holde
- of stocks, and the development of
bear party means fresh speculative 8
tivity Considering the high level
W which prices have been so persistent
held the general trend of valu
es seems likely to be downwards int
t- spersed with sharp rallies. A Il
IA more such experiences as the bre
Is. In Northern Securities this week W
AZ tend to modify bullish sentiment. CO
th eral conditions are sufficiently good
afford resistance to any serious I
clines, and outside Of the mere
stocks desirable securities are lil'
- to prove profitable for turn on rea
iohorn dacltpaS Tho ppnnrfrrfftac