The Cairo bulletin., 1908-12-07

New YORK, Dee, ESPECIAL l-FOl
some time past ii has been evident
that the rise in stocks had been OK.
cessively pushed. The big trading
element, which now carries a much
larger share OF floating stocks is gen
orally supposed showed no disposi.
ton to enlarge its commitments on
the long side; while the investing
land speculative public profiting BIZ
past experience, could not be induced
to absorb any important portion of
The stocks offered by the big holders
who have been enGrgetically lifting
the market ever since the panic
Along with this cessation of home
buying came free foreign selling. Lon
don openly encouraged realizing up-
on American stocks, and conservative
| foreign bankers have been very en-
pilclt IN their disapproyal of our
| stock market manipulations. To their
clients they freely expressed the opil
ion that the rise in this market hal
been altogether too rapid and out of
business conditions on this side of the
Atlantic. In consequence there has
been a return Of American stocks ana
bonds at a considerable profit to the |
foreign holders and on a scale not
Witnessed in many months. ii So |
happened that some of our own lead. !
ing bankers held similar opinions,
though possibly from different mo-
tives, They had no desire to see
another speculative debauch such as
preceded the collapse Of 1907. be
cause they recognized that a second
panic would not only indefinitely pos;.
pone recovery but might invite
wider deeper and more lasting dc
preston than the first.
No Bargains in Stocks.
One thing is certain, there are few.
If any, bargains in the New YORK
stock market, and shrewd investors
who usually begin to look around at
This season are not likely to pick up
many stocks TO rtheir strong boxes
at present prices; bonds and some
Of the new issues being more likely
% receive the preference as afford.
nf safer and more profitable returns
N the.r money, The difficulty of en-
'int eria& January rise, which often
t8"ts in December, will thus be
greater than usual and it may be
hot some time will clapse before an
ther prolonged bull movement can
,e successfully inauPurated. Mean
While, we should advise the taking OF
rofits on 'all good rallies, for th9'l
market leaders in spite of lessened !
oldings still have stocks for sale and I
lill no doubt keep up an appearance /
{ strength, Notwithstanding weaken.
d technical conditions. This was /
hown in the effort to advance sec. J
nd class stocks as a cover for sell q
lg the high priced issues. {
Firmer Money Rates. !
The money market. while flrmer. is ;
iii too easy TO please large lenders
no desire more profitable employ.
tent for their surplus funds The pro.
,nged case in money was not entire. ,
satisfactory. II is one OF the usual !
aquences of panic and indicates con. :
nued inactivity in some lines Of :
lsiness. II is also Objectionable | >,
II the reason that an excessive SUP
y of cheap money is always a dan c,
'rous incentive TO unwholcsoul n
.agufatf,t sTb. t,rg..,t f,,n.tf.... g.. b..
ocks and increased speculation il h
al estate has been largely losfsrel
T redundancy and low interest rates h.
radually, however. this condition q
III disappear Business Is becoming q
ore active. and both mercantile and Il
dustrial demands will grow. Alant a.
W. capital issues are fo1hcumn. "
d these should shortly considerable 10
minish The surplus of idle .capitaL -
bid exports have also begun and viii "
crate on the side of frmcr rate
r. money Having an unusual sup
y Of gold az hand. we can readily
are large sums without injury. AMI :
Europe continues 20 buy sparinglt :,
Our grain and cotton while freely =,
Hing our securities il follows tina. !.
nsi9erable gold must 60 abroad cd :,
ulement. Some authorities already a.
pect 10 see sI0.00o.ooo. more or Jess :,
ut out this month al
Meeting Of Congress.
NeEt week Congress Opens foItu -
tely with much less apprehension Sd
an usual President Roosevelt wil in
course adhere 90 his well know ~
,iicies regarding corporations. bU OF
this viii De- his last message. and oi
be has lut three more months iu !"
ice bis utterances are not likely te I"
disturbing By arousiuE public ol -
on tn the grave political dsnze ~
iur f.um mourUnIi-fir and cerlo -
900 Addresses Trc ileHf Roosevelt lII =,
country ana iIe.Ii1s hir service. d.
taiHc al ulirn YiI se infHifrt Al,
He appreciate tu tte fu-grc Than d..
present The dose De- administer.
h q litter one. bet the patient Nee
b. The period FOR agitation. how
10. Is BOW over, Ar Roosevelt has On
bel The work for Wlhch De- was best 49,