The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1905-05-22
CLEWS PREDICTS
PERIODIC RALLIES
FOLLOWED BY REACTION WHICH
MAY RESULT IN LOWER
PRicEs-PoLlTIcs WILL BE A
DISTURBING FACTOR.
Special to the Bulletin.

Special to the Bulletin.
New York, May 20, 1905.-Condi-
lions have hardly favored stock mar
ket activity during the past week. Re.
cent liquidation ana change of att
tude amongst The prominent leaders
naturally check d speculative opera
tons for the bull account. although an
expansion of the short interas. in
duced more or less buying % coger
and consequent periods of strength.
At present there are neither indica-
lions nor reasons for anything more
than transient recber.es. The spacu-
latiye situation has been somewhat
improved by the elimination of weak
accounts and through a drop of 10 10
20 points. General business conli-
lions are satisfactory, and if security
values were only at a more tempting
level there would undoubtedly be re-
newad general buying, provided pres
ent disturbing issues could be primpt-
" settled The mined ate outlook
for the market, however, is for per-
iodic rallies, followed BY reactions
which may result in ultimately bring
ing the mark TO a lower level. Spec
ulative activity during the summer
will probably be largely influenced by
unsettled outside coadit ons. as we'll
as by the fact that ,1e season is APP
preaching when many operators Will
be absent
Politics d Disturbing Factor.
For some time to come the political
situation promises to be a disturbing
element in the sock market The
rather aggressive att tude taken by
the administration lpon railroad and
tariff problems is Somewhat unsettling
TO large financial inter SITS. We are
likely to see during the next three or
| four months a good ceal Of discussion
regarding railroad rates and when the
| public begins to appreciate the MUIR
| ious consequence TO all parties arts
| ng from the government fixing the
rate they will be less likely to saunc-
ton any such socialistic policy, A good
| deal it radical talk may be anticipated
in the newspapers, but n the long
run conservative action Is likely 70
prevail. In all probability whatever
leg Station is accomplished will be in
| the nature OF Compromise. which
means that the government in some
way viii be enabled 10 secure just
and equal traatmen6 for all shippers
without adopting the conaseatory fea-
ture Of governments rate-fxing, a pro-
posal that is eminently un-Amerlcan
and communistic
As TO the Tariff.
As for the tariff problem, that may
or may not be disturbing. II is quite
evident that this question win no;
down and that sooner or later a re-
vision of the tariff must BE- made;
not by It's friends then by its enemiab
The former method is the mere desir
able from the husinez S an1point. and
IS most likely to prevail In any event
it is well to rememner that the coun
try Is vastly better able to endure (
revision of the tariff than it was ter
years ago. Industries which then wer;
absolutely dependent upon some form
; of protection are now quite able 3,
stand alone; and tariff revision,
, confined to reasonable lines, viii re
: suit in no serious interruption of bust
J ness, while many lines Of Industry Wi
} be positively benefited. The worst tina
could be anticipated would be TIL
period Of business hesitation whicl
f. would inevitably have to be fac1d III
til the future was absolutely settled
: Neither of these problems, however
need cause any serious anxiety in gen
eral business crcules, although the
may temporarily complicate stoc
: market movements.
: Bad Weather Hurt Business.
! Bad weather last week material
: interfered with business progress
!, Crops have been delayed by cold, we
weather and the condition of man
: crops has probably deteriorated SOM
what in consequence Nevertheless
the crops as a whole are still in reli
lively good condition, and a few day
! Of warm sunshine will soon recovS
lost ground, while 1t must BE- remen
bcred that early promises are rarel
fully realized. There Is lull in tll
iran trade owing partly TO the san
reasons, unfavorable weather havin
Good trade authorities, however co
slider til S only temporary and thi
july will witness full resumption
recent phenomenal activity.
Iron Trade Sill Good.
The American iron trade Is 81
running at nigh water mark. In Mar,
and April tbs production of pig tx
was going along at the rate of 2i,00
600 tons per year, the largest actur
outiut Of any previous year being i
100000 tons In 1908, We are thus 9
ceeding our previous marvellous rJcoI
and temporary slackenlng in 4
mand may be considered as really {
srable, inasmuch as 1t Will tend
"a defer the period Of oyerproduction
~ to VIII Oh we should rapidly run
" present high pressure were long *
y tlnucd. All our me!ai Industries O
.,n In exceedingly satisfactory cOnditit