The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-03-02


New York, Feb. 20, 1908 Recupe
\ ation is makinug slew yet steady pr
gress in the financial district. I'll
betterment which is going on is gel
\ lerally of sort that is not easily seei
but which is, nevertheless, layin
foundations for a more visible reco'
! cry later on Liquidation has bee
very drasticzand complete; weak spot
have been thoroughly eliminated, ap
prices are so low as t9 amply discoun
all unfayorable conditions in the be
ter class of securities. Ii is quite tru
that many unsatisfactory problem
have still to be solved. Business d.
preston, though diminishing, is sti
general and likely to so continue L
some extent at least until the Pres
, Dental nominations and the crop out
look are definitely settled In boil
trade and industry reactionary tenden
cies prevail, and more or less friction
and trouble Is inevitable as the re
adjustment of prices and wages to low
er levels proceeds. Our railroads are
keenly feeling this reaction, and theil
managers are more or less depress ed
over a complicated situation. What
with decreased earnings, high rates Ct
expenses, difficulty in curtailing the
latter and the hostile attitude of fed
eral and state authorities towards cor
porations, their lot is anything but
! a happy or easy one Some of the
weaker railroads and industrials will,
Of course, feel the present reaction
livery severely, and possibly with UNI
| pleasant consequences: but in the
main these conditions have been we'll
discounted on the stock exchange, and
there is little chance for any further
fall of consequence in the values of
good securities On the other hand
the inducements to buy for either in
yestment or speculation are restricted
The market yacks stimulating condi-
tons, and more or less inertia exists
everywhere. For some time to come
fluctuations are very likely to be with
IN a comparatively narrow range, al
though each week finds the market in
really safer and sounder condition
than before. After a panic prices in
variably show sharp recovery; then
a moderate recession, and then limited
fluctuations for a period of more CT
less length during which rest and re-
cuperation lay the foundation for a
more prolonged rise later on. 1t is
just such a period as this that we
are now passing through There are
reasons for hoping that this period of
inertia will be OF shorter duration than
usual; especially as this panic VIC
lent as it was in the financial district |
lis having less effect in trade than
usual. because of the absence of any
great surplus OF products. Better
times are surely coming.
A great deal of shallow abuse is still
being showered on the Stock Elk !
change from all parts of the country |
rhis always follows a panic 1t pleases
4 certain elias of ignorant and mis-
suided people TO hear Wall street de-
lounced and maligned on every op.
1t matters little whether
he accusations are right or wrong
50 pessimistic is public opinion that
he worse the charges the more ma.
nercus the believers. No one looks
N the ether side; no one is told OF
he manifold services and advantages
# Wall Street as a financial center.
10 one is taught that Wall street is
lerely central market for capital |.
ust as Chicago is for wheat. Bostoni
Dr wool New Orleans for cotton. etc,
low many appreciate the fact that
Vail Street is as essential to the f,
usiness life Of the country as is the !.
legislature at Washington to our po-
teal life? How many realize that =
VII Street is the primary nerve cen.
,r OF the American business world;
lat blow struck there is an injury
, the whole financial and business
brio of the nation? How many for
- tldL ia " al oAfttt int luNtHlti i.
IN deal with greater advantage to
imself as rule. than in any other
1ancial market? How many UNDER.
and that there the country can best
title its accounts; send its savings.
I'd make its investments more read
! aud on better terms than anywhere
sc? The very individuals who most
olcntly abuse Wall street are often +
nong the first to go there for financ- u
& new enterprises CT to pick up r
reap investments. Thither. also these >,
Ime grumblers hasten in order to II
ret rich quickly" When they sue
ed nothing is heard about the wick -,
mess" of Wall street. and they fiat \,
r themselves as to their own super r.
r shrewdness. But when these same In
dividuals lose, then Wall Street IS an
thing but a gambling hell and a a
spool IF iniquityT They fail 10 rec :,
.nize that their losses are the result ,
their own cupidity. or inability to Il
scriminate between sound and IN 4,
ind investments. They usually lose r
cause of their own bad Judgment: r
,. 1900 H.,r1r- 4Hr-r s- - 80 -