The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-09-23

Special
New York, Sept. zI.-The week h;
seen no change of moment in StoC
Exchange circles. AS was to be e
pected, the market from day to da
has this week proved a favorable on
for traders, fluctuations covering
fairly wide range as result of til
natural influence Of day to day ha,
openings. But fundamental condition
remain unchanged, particularly as n
CARDS the money situation. Secretar
ICortelyou, it Is true, has by his timel
use of public funds removed the fea
lof extreme strngency: he has not
4 however been able, and probably viii
Inot be, to more than temper tn,
4 strain caused by the permanent lock
ling up of capital resulting from thu
tremendous business and industrial
energy that has marked the last few
years Of unreasoning optimism anc
unrcgulated expansion. Money Is I'M
questionably scarce, with the pros
poets Of continuing SO at least over
the turn of the year. The situation Is
well illustrated by the difficulty that
virtually all large mercantile estab
lishments are experiencing in dis.
counting their paper very close to I
ment from the largest and strongest
houses, with corresponding figures,
amounting in instances to practical
prohibition, for houses under ordinary
conditions considered strong, but not
strong enough to receive accommoda,
tion when money can readily be
placed on a safer basis at equivalent
rates This. is a feature fraught with
danger. The commercial paper strain
is one of gradual development Money
Las for so long been active at New
York, the financial center. that the
Of many of our larger mer-
camille houses were about sixty to
Dinety days ago financed by out off
town, aud especially by Western, in
5titutions. 1t was quite natural these
should only discount ma
tnrities that would allow the i'm
unemployment of their funds
when the crop financing period ar
lived, and as that period is now at
band, the mercantile borrowers are
being compelled to take up their
laper and are experiencing unusual
difficulty in replacing 1t. They are
to apply to New York in !
for that purpose, and lend
RS here have much more than they |
an handle without taking up the al !
litional burden We are experiencing
national-an observation-disclosures
/ liquid capital and must be content
D enter period of rest and recupera-
ion after a long period of eXhausting,
financial industrial and
lercantile enthusiasm and hysteria
trough which we have passed. Wall
treet, the nerve center of the countryt
as first to realize the necessity of
1ntraction-its functions gave the I
ecessary foresight-and 1t is but I
itural that there should be CORE
'onding reimbursement of Industrial !
nd mercantile energy-a readjust
ent that from a broad standpoint Is '
once natural and necessary aud !
he that will prove beneficial. I
The annual statement of the comp {
oller of the currency on the condi- s
'n of all national banks of the coun- d
y under the call of September is }
exceptionally important one. Com. 9
PRISONS are available with the fir c
rs Of May 20 this year and Septem. q
= last year. In the case of the Z
rmer the loans and discounts show u
. large expansion of AZ million dol b
rs. while the corresponding figures {!
r last year show the rather stratling Z
pansion of more than $40 millions. o
a partial Offset, there has been an a
;rease of GS millions In specie aud Il
millions in legal tenders. while de- b
sits have Increased 119 millions. 81
apprcciable part of this expansion "
doubleday represents the transfer q
loans to this country from abroad: I'll
IL nevertheless also reflects "
ain upon the financial situation IT
ich foreign money centers are not al
position 60 relieve in the form ~
abstract loans. On the other hand. Il
may unquestionably rely upon the d'
lefcial effects of large exports of ia
: agricultural products. of which IA
have a sufficiently adequate sup q
to export at the favorable prices m
editions abroad win compel buyers nc
re TO pay. II is quite evident that In
re is ample room TO adjust prices
a favorable export basis If it should pr
we the present range is too high: liz
ton, for instance. is about 2izc per ia
nd higher than a year ago. wheat Ia
25c per bushel in round figures. he
n 15c and oats 25c. Imports are on
thinning at a new reeord-breaking