The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-09-30

4NNW 10TH, Sept, -Speclal.--
Gradually, but surely the money sit
nation Is improving. This is not only
true of New York, but also of Berlin
London, and Paris, the continuous
now showing beneficial results. There
! is less anxiety at financial centers,
and money rates in consequence show
a perceptible easing. At New York
the banks are beginning to strength
len theoir position; so, too, are the
great banks of Europe. Speculation
| is at a minimum; and, the absorption
OF capital for new enterprises having
received decided check. there is a
slow but surer basis for restoration
of credit. In this market call money
rules at low rates, and time money
from to 6 per cent for 60 and 80
days. Commercial paper rules at
about Z per cent; but this high rate
Is partly cautionary, and is the result
of the disposition of bankers to apply
some restraint upon commercial trans
actions corresponding to that which
has already been imposed upon the
financial markets. The high rates for
commercial paper are unquestionably
causing some Inconvenience in bust
ness circles, and it is not without
significance that mercantile failures
are on the increase.
American credit abroad has been
under severe strain, not only on ac
count Of the late reaction. but also on
account of the reflections cast upon
American corporate management
Happily, there is a certainty of inn
proyement in the latter Recent dis
closures and the consequent agitation
are making honest management an
absolute necessity in American bust
ness affairs. There is little question
about the continued material prosper |
ity of the majority Of Americas lead |
ing business concerns. There is
equally little doubt about the ability !
with which these are and have been
The chief doubt has
been as to the integrity of the
and with an improve
ment in the latter respect, it is quite
certain that American securities
abroad will soon recover a substan-
tial portion of the prestige and value
which have recently been lost. A no
table instance of this was the free
foreign buying on the recent issue of |
New York city bonds on London ac
count, showing that there is still an |
abundance of foreign capital awaiting |
on this side of the At
antic when the character of the Sc
iurity offered is beyond question:.
There is no doubt that for the next
ew years at least American corpora
ions will be conducted on distinct
y higher moral plane, and this of IT.
ielf will do much to restore conf
lence
Stock Exchange activity has been
United A fair recovery from the
owest prices of August has been
established, but in view of general
conditions, there is neither reason nor
disposition for undertaking any bull
In general business the
Indication towards caution is extend
ng, especially in New York. The
decline in copper is exer
Using a more general deterrent effect
han might have been expected. 1t is
rue that the price of this article had
'een pushed unduly high, but the
accumulation of the metal
nd the sudden falling off in demand
Irrested universal attention Much
# the cessation in demand is, of Z
curse, due to the unsettlement in /:
rices, many buyers holding off until
heyare satisfied the bottom has been II
cached At the same time there has
cen a pronounced curtailment in