The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-12-30


: condition Of our currency system
without further tlnkering or procras
! tlnatl0n. Failure to do so will be {
. gross and damaging neglect of duty
J There Is no question today on which
such confusion OF ideas prevails as
oil the currency question and Mr.
Roosevelt might do well to place Sc
complex a subject in the hands of a
body of recognized experts; men OF
liability, reputation and experience
Tho worlds production Of gold goes
On apace at the rate Of about $780,
100000 annually. Our own stock Of
the precious metal has been augment
led by the recent importation OF over
| $l00000,000, largely drawn from the
Bank of England The net gold move
lment, however. for twelve months
ending November resulted In an ex.
cess of imports aggregating only $50
| 100000, compared with 04000,0 900
the same time last year. Next spring
| VIC may lose a considerable portion
OF recent imports.
There is but little doubt but that
financial depression has passed
through It's most serious stages. Liqui-
dation has proceeded on an enormous
scale, and the shrinkage in values has
been estimated at over $4,000 100000
| In the better class OF securities de-
pressing factors have probably been
overrdiscounted, and the tendency Is
yet quite clear that liquidation is
complete, because of the heavy mass
OF undigested securities remaining.
Some time will elapse before the
cleaning up process is complete, and
a good many new projects will have
to be either reorganized on entirely
wound up. The unsettled condition Of
credit is also a disturbing element,
although this will disappear as con
fidenceg revives. It may also as well
be recognized we are in for period
OF dividend reductions, although this
contingency has been largely dis |
counted by previous declines. On the |
other hand there Is enough In the |
prosperity Of the farming classes and |
the comparatively sound condition Of !
industry referred to above to warrant |
more hopeful views than existed a
month ago In the efforts to rebuild /
we must not expect i'm
pcrtant recovery The first step to
take Is to cease calculating upon the /
Old standards of values or from the
recognize that in business values anil
volume must be thoroughly adjusteasl
to the new conditions. Contraction
must rule for period. There are
still diseased spots exposed by the
rpheaval credit is still dsordered
and in Wall street considerable clear
ing up will have to be done before the
effects OF the promoters debauch are
over. A great many unsuccessful On
+erprises will have to he wound up hi.
yolving more or less liquidation Tut
III this can be done quietly as was
he case in much of the liquidation Ct
he last three months; and need not
interfere with recovery In
he best class Of stocks and bonds
some idea Of the cangested state qf
he stock market may he obtained /
rom the fart that 4uripsythe last fiytl
ears the total amount .oL new ,sesuSi.
les Authorized was s6,S00.910, Doc: |
he eleven months of 1907, alone ac.
for S2,9000Q0.00D OF this te
al During the latter period our rail
Dads AUTHORISED s140o 100000 Sc
of which they were able to
ssue only onehalf owing to money
market conditions. OF industrial So I
lritles less than s500,C00003 were
authorized, but nearly 100000 100 OF /
hesc appear to have been issued. c
The outlook abroad is certainly
lore assuring. Our panic imposed
eayy strain IN London Berlin aud
'aris, which endured without i'm.
ortalt consequences American
redit received staggering blow
rom recent scandals in corporate
yet the fact that Am,
ricans are actively at work raising Z
ieW business standards, and that
moricau securities have proved
afer aud more profitable than any n
Their foreign Investments will do
luch to revive confidence abroad mi
cfmany there has been more or less |,
'sr OF collapse because of a. general
yerdoing similar to that of the
nited States 1t proved. however, to a
ave been in much less degree than
the United States, and was free of NJ
ie corruptiYe influences which pre-
pitatcd the panic here besides being
uch less severe than at one time
AIRED. Great Britain closes the iIe
EAR under fairly good conditions. Re
tendencies are also to be a,
sserved in that country, but the n
ahir excitement has subsidized and o,
; important dangers are yet in sight.
rance goes on its way comparatively q
lininred by financial disturbances | A
seNhefe. and Paris for some time :
ist has been the strongest financial
inter on the globe. In other coun-
les the commercial tendencies are
.mewhat reaetionary, as must be ex-
sctci after such long period of