The Cairo bulletin., 1906-08-06
LETTERS FROM CHICAGO AND
NEW YORK GIVING RELIABLE
REVIEWS OF THE MAR
kET AT THE CLOSING
HOUR SATURDAY.
Finley Barrel g. Co.

! was dull anu HedNy, IedllHiHS SdlCo
with some little pressure on the part
of the big traders gradually forced
prices down. There was no great ac-
ticity and no news of any importance.
The bank statement was decidedly UNI
favorable; there was loss in the re.
serves Of over $4,000,0 900 although the
actual loss was under $l,000000 q
smaller loss than had been counted
upon. The London maket was closed
and there was no incentive from the
other side and the developments in
Russia were more or less ignored. The
market is suffering mainly from the
sharp advances of the past week and
! the present reaction is healthy being
/ the usual accompaniment Of a bull
speculation. The grain markets were
easier and reflected the favorable crop
news The Government report, which
IDS expected on the 10th, will no doubt
/ have bullsh influence on the stock
market and we advise purchases
around the present level.
/ Randolph Il Co.'s closing stock lei,
tier: The list opened generally lower
| this morning and the room traders
who as a rule have followed the up
ward movement TOO far were sellers
! of long stock, some of which showed
them a loss Transactions were on
! a smaller scale then heretofore partly
! probably owing to LOndon's closing
oounra1I,r tbron gbput
| the early trading was soft. The bank
statement was awaited with a good
deal of interest The loss in surplus
was about what had been figured but
the cash movement was at variance
with the estimates as practically no
loss was shown in the item. On the
other hand the increase in loans and
deposits was very great The dis
crepancy from the estimates was
probably caused by the inclusion for
first time of the state bank which
has become a member of the clearing
house. After the statement the low
est prices were recorded but the mar
ket rallied fractionally before the
close anu the ADhC was ott"NF-
Mr.. Evans of Randolph & Co., says
81 still believe that the people who
have been instrumental in advancing
this market will support it on all de-
clines for a while longer and look for
a. good strong active market next
week. The money situation is loom
ing into prominence and will. within
a few weeks, again occupy the center
of speculative attention. The money
outlook for this fall, appears very
threatening to me-"
Henry CIews g. Co.
New York, Aug. 4.-The upward
movement in the market which began
two weeks ago received very sharp
stimulus by a not generally expect
ed dividend on steel common. The
strength of the market was also fur
ther encouraged by good crop reports,
by continued evidences of railroad
prosperity, and by the ease in call
money These circumstances have
been taken advantage of by the two
most powerful cliques of capitalists in
the street, who gave the market their
unstinted support They have been
the main factors in a rise of to 10
points above the low level of July.
No better evidence Of business ac-
tivity could be found than the last
quarterly statement of the United
States Steel Corporation During the
three months ending June net earn
ings were over $4,000 coo or 20 mil
lions greater than any other quarter.
During the six mouths ending June
the net profits were $7G,750,000, prom
Using TO surpass the best previous half /
year record; hence the dividend up |
on the common stock So far as can !
he seen the Steel management APP
pears 10 be amply justified in their
in the future The year
1906 is certain to be the most pros /
porous in its existence. and hopeful /
expectations are nov INDUCED in for /
1907 Fortunately the business has |
been managed on a strictly cOnserya- /
tive basis. and these profits were 4
made in a period when prices were !
much lower and more reasonable than 4
during the previous boom. Thus far /
this great corporation. which has 4
been under prolonged criticism and 4
controls about 50 or 60 per cent of the
country's product has been steady /
ing influence in the iron market. and /
if its present policy is continued /
should gradually establish itself in
public confidence The demand for
steel products is constantly widening.
and American railroads are certain 70
be very large purchases during the
next twelve months in order 10 sat
isfy the requirements Of new con /
struction and extensive contemplated /
improvements Our steel trade how
ever II should not be forgotten. IS
subject TO violent fluctuations Rail
road and structural work are still the
chief avenues OF consumption. and
any abatement in activity in these
would be sharply felt in the
demand for steel II is only about
three years ago that the company fail