The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-12-09

other week of gratifying recovery has
been experienced and since the panic
Isecurity values show an advance of Il
points and over on the leading issues
In bonds, as well as stocks, there
have been substantial gains, and the
whole drift of the financial situation
shows genuine regeneration. The
premium on currency is gradually dis
appearing and call money is becoming
more and more easy, rates having
touched as low as per cent during
the week. Time money continues
scarce at 10 to IL per cent for short
dates, not so much from any defic-
lieney in supply, as from the conserva.
4 tive attitude Of the banks, which are
lstill obliged to exercise caution in
the granting OF credit Gradually, but
surely, the money market is working
| back to normal conditions. The dis.
position TO hoard is abating and bank
Preserves are rising, having been ma
terially assisted by the engagement OF
about $100,O00.000 of gold, the bulk
| OF which has already arrived. Fortu-
lnately our interior banks are rapidly
lgetting over their fright now that
| ing, and within few weeks money
Twill probably be abundant and much
easier than at present, There is no
lack of currency The amount of cir
mn u4 ,bAp
S76,000,000 an increase of nearly
$132. 100000 within the month, and
1899 100000 within twelve months.
This is a circulation per capita Of
s34.71 compared with 1922 a year
ago. OF the increase in circulation
during November $6G,000,000 was in
gold coin and s53,O00,0O0 in bank
notes. November was thus month
Considering the lessened volume of
business and the lower prices at
which it is being transacted, it is evil
dent that we are rapidly running into
a condition of monetary redundancy,
q fact which has been wisely recog-
niZed by the government and rs re-
fiected In its decision to modify its
recent relief measures. 1t is now
believed that Mr.. Cortelyou will not
issue more than $25 900, 900 of Pana-
ma bonds, and that the issue of new
certificates will not exceed $i5,000,0 900,
or a total of about $4,000, 900 for
both claSse of securities instead OF
Sl50,0G9 600 as originally intended
From all parts OF the country there
come reports OF steady Improvement
in the money situation, and it is con.
fiedently believed that he complete
resumption of specie payments is only
a matter of comparatively short per-
iod
There has been distictly more
circles; although, following the rapid
advance last week, more or less real
izing is about due. Speculative opera
lions are, of course, restricted and
cline to a more normal level Thus
far the revival has been quicker and
more complete than was anticipated.
Buying power is of necessity limited,
err recuperation Now that the dis
turbance has subsidized in Wall Street,
general bushes is also recovering
from the shock administered last DC
tober Mills temporarily shut down
owing to the monetary stringency are
restarting and merchants are conduct
ing their operations extending into
the future with visibly greater conf
dence than a month ago. 1t Is not to
be expected that business will 90 back
to the old scale of activity and pro.
fits. Nevertheless business condi,
tons are generally sound; and we
now see no reasons for serious appre-
tensions in this respect. Quite pos
sibly some further decline in the com
modify markets will have to be ex-
perienced. and this viii prove incon-
eenient TO concerns already over ex-
tended; but no serious curtailment in
the consumption of the necessities Of
life seems probable. and the reaction
will fall chiefly upon what may be
classed as Injuries. which are largely
obtained from abroad and already
show a marked decline i'm importa-
tions. A shrinkage in imports. how
ever. under present conditions will
not be harmful. since It promises to
be accomplished by free exports aud
VIII. therefore. assist us in retaining
as much of the foreign gold recently
Imported rs seems desirable. We
have stu as 3 backbone an unusual
degree of prosperity amongst our
farm classes. Corn. cotton. and near
~ all agricultural products continue
to bring good prices to the grower
and this. il should not be forgotten. is
2 strong element Of support. There is
little doubt but that the strong finan-
cial condition Of our agricultural sec
tions resulting from a long series of
profitable harvests. not only had
much to 10 with the boom which re-
Gently collapsed. but is now protesting
as from. extreme effects of that col
lapse. Secretary Wilson estimates
that our farmers produced crops this
year valued at S7.412.eO0 900. an
amount 10 per cent greater than the
tstai Ter 1856. n per cent greater
/.