The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-01-22
IS Chief MENACE
Excessive Speculation Endangers Con
tinuance of Prosperity.--Be-
ware Of Copper.

I backed by prosperity impaired much
market. 1t Is quite obvious that all the
| largest interests in the Street have a
market The big holders still have
/ plenty of stocks for sale, and the only
means Of finding purchasers at the
present high level * 10 create the i'm
preston among the public. through
tactics easily detected by the trained
/ observer that the marke will rise
still higher Bullish predictions have
been spread broadcast, and as these
| In many case. have proved correct
| the public Is naturally taking the bait
with increasing confidence In some
quarters manipulation has been of a
very questionable and reckless char
acter; and at the moment there seems
TO be nothing 10 check such operations
except strngency in the money mar
llet or a collapse OF some kind. It
must be admitted there are no i'm
mediate signs Of speculative break
down, although history teaches that
breaks Of this character usually come
when least expected and when the
financial skies are at their brightest
II is very evident that stocks are
steadily passing from strong into
weaker hands, and that the technical
position of the market is weakened
by every advance. Just TO what eX
IRENE the present movement will run
no one can determine. and while we
advice unusual prudence it must be
recognized that Indications favor still
higher prices This is a distributors
marke and best suited to millionaire
operators.
Monetary conditions are gradually
improving. Currency IS returning
moro freely from the interior and
bank averages are rising. There mas
been a tremendous increase in the
circulating medium OF the country,
but this is still actively employed in
legitimate business transactions. both
at the East and in the West In the
interior the return movement is som e-
what delayed by the tendency OF far
mers. both South and West, to hold
on to their crops. The latter are
being marketed from 30 to 60 days
later than usual, the improved finan-
ciai standing Of the FARMER and his
confidence in securing good prices eX-
planning this delay. Ultimately funds
thus withheld must return to interior
centers and then to New York, prOmi
sing easier monetary conditions after
April than now exist. Whether this re
turn movement will occur in time to
rel eve the usual stringency about the
first Of April or net remains TO be
seen, and o far as the money market
is concerned il is not likely To be out
Of the woods until after that period.
Gold exports have already set in, and
promise to continue. but these cause
no serious uneasiness. and will not
until they assume much larger pro.
portions. Al present our foreign trade
is exceedingly satisfactory.
the excess Of exports over imports
for the month of December amounting
to $9S.j00000, compared with only
SIS 600. 001 excess the same month
last year. II was the largest December
on record for both imports and OK
ports, the total imports during the |
month being SOL 100000 ana the total
exports amounting 10 almost $l99 |
O00, 900. A year ago the imports for
December were S9G,000.000 and the
exports $1l500O,G0O This enormous
increase of S45.o0o000 in exports was |
an extremely sati factory feature, and |
explains why gold exports have not |
been as~large as ar one time feared |
n was moi only due 10 large shipl
ments Of agricultural products, but
also 10 an unusual gain in our eX- |
ports Of manufactures. This. too, is a |
feature of selfcongratulation, mas
much as il demonstrates our indus |
trial advancement and our Increasing /
ability To supply the markets Of the |
world with Industrial products. Need !
less 70 say. the country is strength !
ened by having this additional outlet !
for the development of its resources. |
Business conditions throughout the |
continue eminently satisfac- |
tory. IN the west there is constantly |
increasing growth and activity, and
he same is true of the South. Both Of |
,hese sections are as optimistic. If |
not more so. than the East. In scarcely |
any department of industry are there |
signs Of oyerproduction or reaction.
Labor is well employed, and manu-
facturers and merchants alike are
finding a large market at satisfactory |
pr.ces for their products. All indica- |
tons point 10 continuance Of these |
conditions during 1906 There is
scarcely any possibility Of a reaction
unless there should be a breakdown /
through reckless speculation ia New
York. OF course much will depend on |
the crops. and yet if these were to |
fell only slightly below last years the |
effect would not be- Injurious upon the I