The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-02-10

ance to unfavorable news. Unusus
trade reaction, declining railroa
earnings and diminishing profits woul
ordinarily exercise a more or les
depressing effect upon values; bu
in spite of these conditions, price
have been well maintained, partl
owing to continued ease in money
lpartly because unfavorable develop
lments have been well discounted, an
lpartly because the market has had tn
support of powerful interests. TIL
most encouraging eiemefrt in tn
financial interests. The most Ell
lcCuraging element in the financial sit
luaton is the continued demand 10
bonds, showing that there are fund
lawainting investment and that safet,
is just now more important facto
than price. Among large holders Their,
| is the hope that present business de
preston will not last long in its
present stage of acuteness. Already
many concerns which had previously
Ishut down are restarting and with the
approach of spring further improve
ment in this direction should follow
| II was this expectation which led tho
United States Steel Corporation not to
reduce prices Before long construc-
ton work win be resumed, and the
improved ability of the railroads to
finance issues when were held up
during the last three months OF 1907
encourages the expectation of recov-
cry in demand for iron and steel from
railroad and other corporations. Gen
eral business is now going through a
similar process of REIMBURSEMENT to
that which has occurred On the Stock
Exchange. There is this difference,
however. In the stock market the re-
adjustment is practically finished and
stocks have recovered to a normal ba.
sis. In general business tho adjust
ment is not yet complete, and natur-
ally progresse more slowly. Neverthe-
less, there has been marked curtail-
ment in the product of many articles
of merchandise and commodity prices
generally are lower Whether the de-
cline has reached it's limit or not
events only can determine. This re-
turn, however, of the commodity mar
kets to more normal conditions is a
Wholesome symptom, and will doubt
less hasten as confidence reyiyes.
which is mater of time business
will be helped towards a fresh start
b. reduction in the costs of produc-
ton. On the Stock Exchange there
has ben slight weakness at times.
and there is more or less disposition
to take profits. The general market,
however, is in an exceptionally safe
md sound condition, following the
irastic liquidation of 1907. Weak spots
nave been thoroughly eliminated, and |
IN all marked declines the better class
shares will prove good purchase.
Recent attacks upon the character
If the New York Stock Exchange are |
entirely unjustified and have been |
prompted by either ignorance or pre-
udice. If the Stock Exchange were |
Ibolished great enterprises would
loon be paralyzed. Without its me-
lium, it would be impossible to raise
he capital for conducting our great
ailroad and industrial corporations;
INVESTORS would be deprived OF the
means of finding profitable employ.
nent for their capital. and there
mould be no free market for the many /
Millions of securities there dealt i'm.
Abolish the Stock Exchange and the
rec play of market forces which best
evelop real values; then investors
would be kept in the dark and their
roperties would be exposed TO gross J.
r manlpulations than ever thought of |,
y stock market operators. The New
'ork Stock Exchange. It should be
is nothing more than a
'cll systematized market-place for
he exchange of or trading i'm securi-
les. From the very nature of its
urpose and its organization 1t can
OF exercise any direct control oyerl
he the management or the corporal
ons whose securities are dealt in by
s members. It many establish Ger.
,in rules as to the conduct of bust
ess by its members. and may in
st that only securities of certain
tandards shall be dealt IN on Us 4,
oof. Beyond that it cannot 60; AMI
myers and sellers alike. as in all mat
rs Of business. are expected to exer-
se their own intelligence as to the
lerits OF investments. One thing is
ertain; that whatever its shortcom :
lg there is no organized body OF bust |,
ess men where the standards of in
gritty are higher ans more fixed than /.
4 the New York STOCK Exchange. Its /,
-ansaetions are carried on chiefly bv
crd OF mouth; the spoken word be- 4.
T. as saeredly kept as signed con 4,
acts Further. there is a Board OF
9vernors to whom an ycomplaint can
+ carried. whose parpJse is to pre-
sft all abuses within their power and !
} maintain the highest possible stand :
ri= e business. All attractions Of the :
lies are promptly punished. Certain /.
:. whoever begins throwing stones a. $
ie New York Stock Exchange Shout In