The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-04-23
HIT It HARD BLOW.
Drastic Remarks Of President IL
"Muck.Rake" Speech Hurt the
Stock Markets.


i Special Weekly Letter.
i New York, April 22.-The shock re
4 sulting from The San Francisco calam
ity has been well resisted by the stoci
market, but must nevertheless in tn'
4 lcng run exert a depressing effect. The
chief weight of the disaster will fal
upon an already much strained money
make the losses and for rebuilding
| the city; considerable funds having
! already been sent west ward. with more
/ to follow. AS a result currency which
ordinarily comes to New York during
the next few weeks will be retainer
at the West and the chances for easier
money rates are still further dimin-
| ished by this catastrophe. San Fran
cisco will unqestionably be promptly
rebuilt, and on grander and more
substantial scale than in the past The
opportunities of a growing commerce
both at home and with the Orie1t
are altogether too magnificent and en-.
ticing TO be withstood. American en-
terprise will quickly come TO the res.
cue, and San Francisco, like Chicago
Galveston and Baltimore and Boston,
will ere long rise TO a prouder posi-
ton as a Pacific Coast city than ever
before. On the Stock Exchange there
was more or less recession in values,
particularly among the Pacific railways
and Pacific Coast securities. The fear
that stocks may be freely and imme-
diately sold by insurance companies
to meet losses should not receive too
serious consideration. Such losses arr
first paid gradually out of funds in
bank or by means Ct temporary loans;
habit Of sacrificing securities when &C.
is better financing to borrow. Most of
our insurance companies are strong
and perfectly sound institutions, and
no serious embarrassments to them
are TO be anticipated. unless in one
or two possible instances. The losses
upon mercantile and industrial estab-
lishments viii, however. be heavy, ansI
possibly disastrous in some cases. rne
occasion is one. therefore, that Will
call for all the consideration and pa
thence that our bankers and financiera
can extend toward distressed com |
munity. The California banks. al |
though most of their buildings have
been destroyed will mot lose the
money in their vaults. which aggre-
gates about $l00000.000. all being in
gold. San Francisco did not sus pend
specie payments during our Civil War.
rhe STAGE being a producer Of gold, It
'nabled them to adhere 10 gold pay.
nents, and they have carried ont that !
,0licy ever stree. Whenever paper
money is deposited they quickly pay II +
mt over the counter The worst that |,
an happen to their gold coin will be
o melt IT, a process when detracts
MT little from its value: so the banks
loney may be put down as being abso-
ltely secure. The insurance on prop.
rty in San Francisco is estimated
. cover a very considerable portion II
( the loss, the greater part of when :
is thought will he recoverable, half
{ the insurance being placed with :
)reign companies,
Another blow 10 the stock market
'as the drastic remarks President
.Oosevelt made in his famous muck.
axe" speech last week The Presl / 4
ents suggestion Ia tax large fortunes
fter reaching a certain limit, also
, impose heavy tax on their trans
n, would be a restraint To thrift, as
would virtually amount TO a confis
alton of property thus acquired--a
leasure too despotic Tor our form OF ,
oyernment Large fortunes nave no;
S yet reached a point TO be seriously
angerous. We had better not jump
nat fence until we get 10 IL. To taxi
lrge fortunes would tend 10 drive
loney out of the country for the sene-
tent of our own. II is a well-estab.
I of other nations and to the detri.
shed fact in this country that people
no make large fortunes are generous
9th in spending and giving away. !
arge fortunes are deprived of SER
ms danger in this country owing to
Re fact that they cannot be willed 10
rovide for more than two generations,
lille in England they are perpetuated :,
y the entail law. Experience thus .
IT has proven that the third genera
on invariably disburses with rapid
y their Inheritance soon after OBJ
lining possession. While | do not
aite agree with President Roosevelt
his suggested treatment Of large
'rtunes. ] do agree with him in his
aiement that a wilifnl liar is as bad
! a thief. as no man is justified in
Hing lie. Another man 10 avoid
the broker who defames a competi-
n and tries to injure hts reputation
# the purpose of stealing his custom C
5. Beware Of such man; he is just s
! honest as piekpocket. and quite
contemplate.
PRECEDENT Roosevelt's remarks IN
4 =