The Cairo bulletin., 1907-06-15
Over Downhearted Condition Of the
Stock and Bond Market---tiili's
Pesslmistic Speech.

New York, June H. Broadly speak
ing foreign markets did not affect This
market by any large volume Of liquida-
ZION or aTbitrage movements. We
have all known for some time that
there have been monetary difficulties
pending in Egypt We have also known
that Berlin. Paris and London had
their own financial difficulties which
nave come as u result Of the wide
world change in the measure OF money
and the measure Of securities. one to
another, and that 1t Is not over with
vet. Perhaps II we come closer home,
look at onr national bank loan account,
land the currency movements both In
export and to and from the interior,
Wes will arrive al what closer affects
this market today. But for an imine-
date cause we might read the inter
view on Mr. Hill. He Is certainly
quite advanced when he grataitionsly
tells the American public tia he can
see the end OF their government in
stitutions and that all their govern
ment bonds In the future; If they are
not good in the interval will have
to he revised by Washington and
this bit OF Information is given 10 lis
when our stock and bond markets
have been put down to quite near
a six per cent basis for good stocks.
when railroads have issued some hun
dred of millions of notes, and when on
June 10, the stockholders Of the I'm
lon Pacific are supposed to vote upon
a S100,00,000 bond issue; which says
net word about government guar
antee within the four corners Of the
lndeuture
AT the end of Mr.. Hills Interview
he mildly remarks that he expects
the spring wheat crop to De normal,
that's in his territory aud lie may be
right but why be SO hopeful ii you
want to scare the investor? II Is per-
haps the part Of 4 great man like Mr.
Hill undoubtedly, 10 endeayor in his
public nterances, to put a reasonable
view within reach CT state and feder
al authorities when they start to act
on railroad matters. But one must
remember that most Of the objcciional
laws are already on the statute books
and will soon be in the courts If they
are unjust, and that the congress con
venes next December ii Is hoped, Will
have a reasonable amount Of common
sense and acl on It's own Judgment,
and take the dictaiion Of no man
Wall street is very blue these days,
because 1t is not making money and Il
readily believes. temporarily at least
any quality Of pessimism you choose
TO offer il. Thus we are told that the
banks are discriminating against col
lateral; that has been going on for
some time, and one great house pri-
yately says that the market will have
another big break from this level
but this house was long Union Paci-
fic at the top and in many issues,
and their present dependency can be
accounted for. The commercial paper
market depending on retail and whole
sale trade here is being renewed too
much and the banks are objecting.
The grain market though down. and
almost every body saying il is going
lower does not seem 10 benefit rail
road values, though some people a
few weeks ago said that short crop
would violently break prices There
are plenty of Inconsistencies in times
like these ii You want TO look for
them. But If you viii put the huc-
nation in prices down 10 floor mani
puIation you will come nearer 10 the
point.