The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-03-16

Special.
New York, March 14.--The better
undertone in these adyices for the
past two weeks is now bearing fruit
IN higher prices. Very fair advances
have already taken place in many of
the best stocks, and there are indica-
tons that the Improvement will make
still further progress, unless checked
| by unforeseen circumstances. There
| is also a better tone in business cir
cles generally. Pessmism is moder
ating because depression appears to
have reached its limit; and pur
chasers are taking hold more freely
frequently been established with
much less disturbance than expected
two or three months ago. II is very
generally recognized that while lux
uries may be dispensed with, people
must be fed and clothed about as be-
fore. 1t is also recognized that few
| If any of our markets are numbered
with a surplus of goods, and that the
general curtailment of production III
manufacturing circles has served to
prevent the accumulation of surplus
| stocks and thus averted demoraliza-
ton in many of the merchandise mar
| kets. Moreover. spring is approaching
and with II the more cheerful and
freer spirit which always seems to
| prevail when the sap begins to rise.
In Partnership With Nature.
| This once more brings to attention
the agricultural situation which has
always been the foundation of our
material prosperity. 1t is. of couTse,
well known that our farmers are in
ecod financial condition as a result OF
series of profitable years, and that
there is much less depression in the
west than here. Prices of nearly all
farm products are still high in spite
OF the panic. owing to the fact that
there is practically no surplus. Our
farmers can still earn generous
profits at present prices, and the out
look is for a considerably enlarged
acreage for all of the principal
staples this spring Europe seems
unable to secure any important in
crease in her own supplies, and this
insures good demand for whatever
surplus is produced in the United
States. One thing is quite certain,
that however the panic may affect
production in industrial pursuits. it
will have little effect upon the output
Of the American farmer. He is in
partnership with nature and will in
crease rather than decrease,
Ease in Money Market.
Another favorable clement is the
continued ease in the money market.
The latter has now fully emerged
from the region of doubt. To good
borrowers money is likely to be pienti-
ful at comparatively easy rates for
some time to come. This In having
stimulating effect pom the security
markets. tt not only serves to sup
port the better class of securities and
turn investment seekers in that direc-
ton: but it will also enable the rail
roads and other large corporations in
need of funds to come into the mar
ket before long and secure the new
capital required to complete the en-
terprises previously projected. In
ether words. the financing of sound
and legitimate enterprises will soon
| become much easier With even 4
partial revival of railroad construc-
ton work an important impetus will
| be given to many industries. The
steel trade will, of course, be bene-
| ncially affected by the placement of
orders previously postponed; so, too,
| viii other departments of construction
| work. Even the railroads themselves
will be benefited in this respect in
nS much as in the past a considerable
proportion of their earnings have
been derived from the carrying of
materials for construction work on
ether lines. Labor, also, will feel the
| benefit of this recovery, and the pros
pect of labor difficulties this spring
ought to be correspondingly dimin-
ished.
Outlook More Cheerful.
| Altogether. therefore. the stock
| market outlook is certainly more
cheerful. and there is no indication
that the present advance movement
has reached its elimination, although
occasional reactions must be expected
whenever leaders in the present move
ment attempt to take some of the
satisfactory profits which they have
already made. The most disturbing
feature is the political situation. II
will be another two or three months
before the nominations are settled
and the interval is likely to witness
more or less political agitation. Just
lrow it appears to be good politics to
attack railroads. corporations or CAPT
tai in any form. This is unfortunate
and highly injurious; but it is to be
hoped that this phase c. political de
mentia will soon come to saner ant
Iriore settled political views. Much 81
the agitation against the railroads il
not emily public revenge for past mis-
deeds. but also represents a positive
fear On the part of the public concern
| ,Dv III, cpNprno5fc npuar welded Ia