The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-08-12

Special
| New York, Aug. 10.-The Standard
Oil decision and the popular cutlery
against corporation misdeeds over
Swallowed all other issues in the stock
market this week. Prices have un.
dergone sharp reaction and there
lare indications that liquidation is still
incomplete, In the public mind the
decline in securities is largely at
| tributed to the recent attacks upon
corporations. Undoubtedly these have
had a disturbing effect, but they are
by no means the only or even the
pointed out, the main reason for reac-
ton in the Stock Exchange Is the ex-
cecdingly unsatisfactory condition of
the money market resulting from gen.
eral OVERRIDING. Bank reserves are low
and without liquidation there will be
no chance for replenishment before
crop-moying demands begin. These
have been delayed somewhat by back
wardness of the growing season, but
they must soon be faced. 1t is I'M
fortunate that these demands promise
tc assert themselves at a time when
financial reserves are low and when
the demands of general business will
be very pressing 1t is doubly unfor
tunate that such demands should
come at time of unusual strain in
the security markets; for the latter
are in an exceedingly sensitive condi-
ton and likely to be the first to yield
to monetary pressure. If all accounts
are true, there is likely to be a brisk
demand for funds this fall General
business in the West is still very ac-
tive and with prices at their present |
high level the efficiency of money is |
aterially diminished Relief must |
come from somewhere, and will be OBJ |
tanned most readily by pressure on ,
The point of greatest weakness. which |
at present is Wall street. Credits are
still over-extended and in some quar- |
.ers there has been more or less over
rading Our supply of capital is ex-
and in consequence new en-
ernrises must be postponed until the |
has had an opportunity of re-
its supply of capital. The
'eserves OF the New York banks a
week ago stood at $7,000,000, against
100000 last year, $12,000000 the'l
ear before and $56000,000 in 1904. /
rhe Western bank reserves are also
over than usual, but this is partly
,xplained by the fact that they are
arge holders of commercial paper
which will shortly mature and provide
hem with means for moving the
rops. Nevertheless, the burden Of
he latter is also felt directly or in
irectly at this center. How New
DIRK is going to stand any particular
rain from the interior remains to be !
cen. The situation abroad is not c
avorable to our obtaining any great |
ssistance there. The European mar !
cts have strains and troubles of their {
WI, besides which they are less dis {
osed than formerly to give us finan-
Ial aid. owing in part to recent de- S
elopments in corporation affairs. c
he treasury is in u good position for C
ffording assistance and considerable ,
clip may be expected from this quar- c
n. t
Outside Of Wall street conditions y
re generally satisfactory. II now a
oks as if we should have "a good #
'op, probably the third in size in our c
story, If weather conditions con- II
nue. favorable This important crop q
rs made very rapid recovery during /
lie past two months and now gives II
ir promise of an abundant yield,