The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-11-12


If the Socialistic and DISCONTINUED
vote be eliminated, ii will be fOunC
that there still remains an immense
vote, especially in this city, eager tC
/ express its disapproyal of the abuses
OF corporate management revealed IL
! the various exposures of one kind OF
another during the past few years
! Ordinarily politics 10 not enter into
stock market operations for any pro
tracted legnth Of time The present
however, may prove an exception
for it is plain that a very large ma
iority of the active voters in this
| state are APPARENTLY intent upon re
bulling what they claim to be the ar.
| rogant abuses of the money power
| This spirit of opposition has evidently
been thoroughly aroused and there Is
no mistake as TO its determination TO
have results 1t is sure also to express
| itself in a good deal of hostile legisla.
| ton in other statas and in continued
aggre siveness on part of the admin
istration at Washington against the
t.usts The new governor was elected
and elected for the purpose OF clean
ing our political and financial house
hold; and of course Wall street can
not but look on this decision of the
public with more or less timidity. AS
a precedent the political effect of The
election in this state will be far
reaching: other states will follow suit
and should the movement go no far
Their than simply compelling naughty
and ayaricious corporations to obey
The law and behave themselves the
same as ordinary people. then all will
be Well and hopeful and in the end
the country will be benefited by the
rising radical tendencies by our great
industrial and financial leaders. and
if public grievances are to go on un-
corrected and ignored the attack upon
vested interests will increase in in
tensity and become more dangerous.
Capital is VIGOROUSLY timid. yet
posses SEES exceptional facilities for
self-protection, and if pressed too
hard will begin to leave the country
10 the serious detriment of all con,
cerned, especially labor, upon whom |
any check in the business initiative !
would fall with greatest severity. The |
country will look forward with much |
interest to Mr.. Hughes conscientious |
Ia
should have the hearty support Of all |
without regard to political |
Another depressing influence of
greater momentary importance is the
of the money market. The |
transfer of loans from London to New |
York last week was quite large, bat |
)ut-of-town institutions and New York |
rust companies provided for con
siderable part of them instead of the |
House banks, hence the
bank statement was no so immediate
y affected. The last two bank state
nents have been misleading, as they
appear somehow to have been made
!
'hange of loans from London to New
FORK. New York banks will indirectly
rave to suffer for this financiering
alter on, as the out-of-tOwn institu
ions who have made these time loans
N remunerative terms will soon be
i'm to draw on New York for part of
heir balances to help them out after
Which the bank statements will not
" as mysteriOusly good as the two
ecent ones. II must be remembered
hat the New York trust companies
ombined represent almost as large
n amount of capital and deposits as
he Clearing House banks. The bani
tatements consequently are not al
rays a reliable guide to money con
itions from one week to another, as
luch skillful financiering can b car
ed on by the trust companies and The
anks to affect the bank statements
$ the banks have a clearing house.
le trust companies ought also to
ave a clearing house, and if each
ould make their weekly statements
n Saturday, by putting the figures
both together a more satisfactory
inclusion could be reached as to the
oney situation.
No change was made in the Bank
England rate in spite of rumors
lat il would be advanced American
1mands for gold in London have
cen at least temporarily checked, |
It Egypt continues to require large
inns for financing her crops and the
any new enterprises in progress in
at country. II now looks. however
if G per cent bank rate will be
e maximum. II will be fortunate for |
if this proves 10 be the case. a a !
per cent rate would very soon com
] shipments of coin from this side v
a time when we could iii afford TO t
set such demands. The discrimina
m by the Bank of France against c.
nerican bills is not for want of con
ence in American credit. as that
W stands pre- eminently high in the
,rld's credit, but il is indirectly an e
linus against our superior enterprise Id
d prosperity. which the French do e
{ care to stimulate by increasing 20
r credit facilities The French are / ~