The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-02-18

J the stock exchange which began las
week made further moderate pro
gress. On the previous drop a con
siderable line OF stocks had been ac
cumulated by the strongest interests
in the Street, who took advantage O
the first opportunity 10 market con
siderable amounts of long stocks a
a profit. The present recovery has
been accompanied by more or less
speculative buying of securities. Civ
. ing the market a more active ant
stronger appearance. Influences which
have been chiefly responsible for the
= recent trend of affairs were easier
. money rates gold imports, a better
understanding of the presidents pol
icy, and the natural reaction following
! a prolonged and rather severe de
. cline.
As TO the monetary situation. that
is distinctly improved owing, how,
lever, more to the January liquidation
than to any abatement of demands or
increase in bank reserves. The latter
are extremely low; lower in fact than
for many years at this season. Two
sources Of relief are open for this
difficulty; either a further contrac.
ton in credit, which is probable or a
| further addition to our stock Of gold
| through gold imports. While the
course of exchange fayors, our bank
cr. are certain to be bidders for gold
which comes into the open market at
London. The Bank of England re.
serve is in splendid shaps-the re-
| serve being over 50 per cent-and
| that institution is therefore. not
tiion with American buyers. At the
same jime there is disposition on
the other side TO discriminate some
what against American borrowers on
| the ground that home interests should
receive first attention and that
| American emands-though insistent
! and hitherto profitable-should be set
aside. The fact, however. that Ameri.
| cans have been willing to pay high
rates for credit has generally been
| an inducement which English bankers
! were not disposed to ignore. American
| bankers are in a position to pay good
| rates for gold, and are quite likely
TO enter into sharp competition with
| the aBnk of England; which. al h0ugh
| it has shown its control over the in
ternational money markets, has still
TO reckon with New York as a power
ful competitor So far as gold imports
are concerned, much depends upon
the immediate course of our foreign
trade. Merchandise imports have re.
Gently been running very heavy, ow-
ing to the great demand for all kinds
of products and Injuries, and figures
have mounted higher than usual part
ly because of high prices. January
figures for merchandise imports are
not yet available. but details of ex-
ports are suggestive. The total ex.
ports from the United States for the
month were valued at over $11000O.-
060. compared with S9G,000.000 the.
same month last year This was a
handsome gain of Sl4.000,00 L.
be noted, however. that there was a
heavy decline in the exports of bread.
stuffs aud meat products. and that.
the gain in the net exports was en-.
irely due TO the unusual increase of
$31 900. 600 In cotton The quantity of
cotton exported in January was for.
tuuately almost double the exports of
last year the total value of that staple
shipped during the month amounting
TO nearly S70.000,000 Had it not been
for the lower prices OF cotton stimu-
lating these exports. we should prob
ably have been forced into shipping
gold in order TO settle our foreign in
dcbtodncss
Financial circles have at last awali-
eued To the fact that the president
has no destructive purposes whatever
In his refor mmOyement. In fact he is
proving much more conservative than
his enemies would have it appear. He
is not anxious for any further legisla
ton during this session; and none
could be accomplished for the time Is
short for intelligent and thorough dis
cussion. Such ideas as he has for re-
form are in The line Of public interest. /
They are not adverse TO the proper
conduct Of corporate interests, nor
are they retroactive. as al one time
was feared. This understanding. of
course. removes ground for apprehen-
sion regarding the presidents inten-
tious which existed in Wall street.
Congress. which has accomplished
little legislation NJ value during tho
present session. will very shortly ad
iourn. The balance Of time being
taken NJ With appropriations and
ufbcr routine business. The market
viii therefore. now have a breathing
spell from legislative attacks. al
though it should not be overlooked
that We are entering into = period Of
active discussion Of topics which are
sure TO be more OF less uusettling
This cannot be avoided and IS a dis
fUrbance that Is likely tn grow in in-I
fensity as the time for presidential
nominations approaches
s good deal II interest was created
in financial circles by Senator Aid
rich's currency bill. which provides
that the secretary Of the treasury