The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-01-03
FISH LOOKS FOR A
FINANCIAL CRISIS
Despite GOOD CROPS AND GOLD
OUTPUT MONEY Is SCARCE
THE WORLD OVER.
BIG DEMAND FOR CASH
Caused BY Calamities, Wars and New
Ventures-Public Keeping Hand
OF Of Wall Street--Condi-
lions Not Normal.

New York, Jan, 2.-Stuyyesant Fish
in replying 10 the question Are we
approaching a great Industrial and
political crisis?" says:
In point of time great industrial
crisis is due and there are many In
dications of its being imminent.
put OF gold. moneyshrdletaoshrdIuhr
Despite the unprecedented output
of gold, money is dear the world over
and dear because of high prices and
activity in trade. Nor are other
causes for dear money wanting. Great
Britain has not fully made up lis
10 SEES in he boer war Japan and
Russia. particularly the latter, have
scarcely begun to recover from the
effects Of their recent war Indeed
it would look as If Russia had fully
financed the cost thereof and may
be on the verge of civil war.
Many CaIamittes in 1906.
In the last year there have been
tremendous losses of capital in the
destruction of San Francisco and in
the less awful calamity at Valparaiso
and al its close we have famine in
China. Looked at the world over. the
volume of the crops of 1906 was not
above an average despite the nhenom-
email yield in the United States Prices
Of commodities are above the normal
and rising. Labor all over the world
is dearer than ever before. and the
tendency Is toward higher wages and
shorter hours, conditions which are
economically wasteful as regards pro
duct, whatever their effect may be
on the laboring classes.
Turning now to our country. New
York. especially that part of II. known
AZ Wall street has absorbed an1sess
absorbing more than its share of the
loanable funds. While our western
and southern banks-indeed, all banks
which are out Of town to New York
are lending more freely than usual
at this season, that which thsy lend
is instantly and perststently absorb
ed by Wall street.
Stock Exchange plaything.
"The New York Stock Exchange
has ceased 10 be a free mraket, where
buyers and sellers fix prices through
the cbb and flow OF demand and sup
ply and has become the playhing of
a few managers Of cliques and pools
TO such an extent that fer months past
every aaouncement Of increased diyi'
dends Of stock distributions and OF
rights has been met by a fall in
prices.
The investing public are and re-
main out OF The market. not because
of ventures in industrials. In electric
ra lways or in suburban real estate
the speculation in each Of which was
months ago-n0r yet because
e the more recently picked bubble IN
mining shares hut simply because Of
the distrus' which even those possess
ed OF ample means have Of the meth
DDS OF corporate finance now in vogue
in New York That Europe shares
this distrust OF those methods Is
shown by its outcry against the mis-.
use Of American finance bills.
Situation in London Critical.
The situation in London the only
available free gold market in Europe.
is by no means certain even II IL NAV
not be called ethical A 6 per cent
bank note has never before prevailed
for long a time. aad Il continues to
prevail chiefly. II not solely. through
fear In London Of what America may
do.
VIII le b. may contribute tO our ma.
tional vanity as a world power and
az a financial center 70 feel that Lon.
acn fears us, that does not increase
confidence In our own future. We are
still a debtor nation. Europe holds
vastly more Of our securities than
we hold Of all foreign securities.
In so far as orr political par'ies-
Republican and Democratic-are con
cerned. no crisis Fan arise before the
contest OF 1905 But if
In the meanwhile We were 'o have an
industrial crisis. accompa boy gen
eral stasnaiiCr and discomfort. the
unemployed and discon. ented would
Judging from past experience flock TO
the banner Of Mr. Bryan or possibly
Mr. Hearst
Il take p however. that your In
quiry as 70 a political crisis relates
TO other matters. and CO that sense a
political crisis is due and think
coming on.
Predicts Good in End.
Indeed. it seems ~ me that We
already are embarked on a long need I
I'd moral financial reformation which
.ise The religious reformation 81 me
middle ages. vii thrCu ugh much crue.- Z
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