The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-11-19

| rally took place in the stock market
| this week, owing to easier monetary
conditions and to the revival OF ri
I more concerning the Hartman and
Hill group of stocks, some OF the
stocks directly interested having
scored a conspicuous advance during
| the last few days It Is quite likely
| that the advances in St Paul, Union
Pacific. Southern Pacific, Northern
| Pacific and Great Northern have good
! foundations. These negotiations have
been going on for a protracted length
OF time. and 1t is probable that the
pricipals have been simply waiting for
an appropriate time for manipulation.
This was probably furnished by the
somewhat improved conditions in the
money market. While time rates con-
time very high, stringency has been
less acute. due chiefly to changed con
diions abroad. The Bank of England'S
reserve is now in fair way of in
creasing from this time on. Inc
United States and France have both
been factors in the situation, the for
mer through the secretary OF the
treasury withdrawing his facilities for
importing gold, thus removing his
country as a competitor with the
Bank of England for South African
gold The Bank of France did its part
| by extending assistance to Egypt and
saving the Bank of England accord
| ingly. This was a more legitimate ac
! ton than TO have loaned funds TO the
| Bank of England, as it was generally
expected might be done. Then the
| prospect of currency reform is re-
assuring. A plan is likely to be pre-
sented to congress that will COM
| mend itself and the committee pre-
pairing same have strong hopes OF its
being enacted by congress This bet
ter outlook for currency reform has
had a wholesome effect on the money
market.
| II has also TRANSFERRED that the ans
| fer of American loans from London to
| New York has been less active than
expected. also that some OF these
American loans have been extended
without difficulty. Further, our obliga-
lions abroad have been considerably
reduced by the large exports OF do
mestc products; especially cotton, the
total for which in October amounted
| 10 s65. 000. 900, an increase of $lS,00o,-
| 600 over the same month last year. IL
would be hazardous, however, to as
sumo that the period for stringent
money is over. Time rates are still
quoted at To to per cent for 90
to 90 days. and per centfor4 to 81
months. Our bank reserves remain
very low; and in spite Of recent stock
market liquidation. which has been
considerable, no important contrac-
ton of loans has resulted. In another
six weeks we shall be at the end of
| the year. when we are usually eX-
posed to more or less spasmodic
movements in money rates. After the
new year. currency required for crop
moving purposes should begin to re-
turn more freely. This influx may be
deferred by the activity in business in
| the west. Furthermore, many of our
big railroad corporations, which are
greatly in need of funds for carrying
out improvements or extensions, will
soon be in the market for considerable
sums. This means a continued demand
for money and further increase in
the new supply of railroad securities
which has already been heavily aug
mented during the current year.
Our railroad corporations continue
to enjoy, extraordinary prosperity.
! This they are already sharing with
their employees by granting increases
! in wages: the effect of which Of
course. will be stimulating to general
trade. What with increased dividends
and increased wages, the railroads
have raised their obligations to a
point where il is useless for stock
| holders to anticipate any further in
crease in profits. The zenith in that
respect has been about reached, ana
this fact should be kept well in mind.
| Further. some roads. later on. are
| likely 10 be embarrassed by these aug
mented expenses. Henceforth. the
most potent bull arguments on the
stock exchange will be furnished
through profitable deals or easier
rates for money. Speculation in min
ing stocks is expanding at rate
which attracts wide attention. but so
far il has had little effect on the
| financial situation. for the reason that
low-priced stocks require much less
money to handle them and the specu-
lation in this line. in spite of its ae-
tivity. has not yet reached threaten
ing proportions. The speculative spirit
however. IL thoroughly aroused and
having spent much of its force on the
railroads is turning its attention iol
other fields.
General trade continues very active.
Perhaps the most striking feature in
all departments is the comparative
scarcity of goods. crude or finished.
In the iron trade there Is no abate-
ment of recent activity. Railroads.
I