The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-12-22
Stocks - Bonds = Cereals
CLOSE IRREGULAR
In Yesterdays Stock Market-Prices
Down - important Speculative
Liquidation Evident.

New York, Dec. 21.-Today's mar
ket here bore evidence of important
speculative liquidation. Conjecture
was a good deal divided as to the
course of this liquidation but there
was not difference of opinion as TO
fact. The apparent disregard Of the
effect on prices Of selling lent plausi.
bility to the fayorite supposition that
the holdings that were being sold out
had been acquired at an early period
of the advance in prices. The forma-
I ton ola powerful stock market pool
| was rumored at an early period in the
summer, having among its several
purposes that to demonstrate the re-
turn of confidence in the financial and
industrial outlook with the object of
cultivating conditions which should
conduce to success in the proposed
financial floatation and in a general
way, to give a start to the restoration
of conditions which had been impaired
by the financial upheayal of last year
The stock market had given an almost
constant indication. ever since that
period, of fostering protection against
any factors of depression and Of en-
enlargement and Indictment for buy
ing and advancing prices. The exact
meaning of present liquidation is diff
ficult to determine, as it bears on the
present situation Of organization |
which was inaugurated and has fol |
lowed a speculative rise in prices |
That it is prompted by fears of any i
effective backset in the progress OF |
Improvement in general business is |
not believed. 1t is attributed rather |
to the recognition that the advance in |
prices had been carried beyond the |
point warranted by progress in the |
recuperatiOn even in its most favor
able aspect as this point has been
dwelt on with increasing urgency by |
most respectable authorities in the |
financial world. Furthermore, there
has been elements of exaggeration in |
opinions formed of events 10 come, in
the political field particularly, and UNI
due assurance is assumed of benefits
to accrue to corporation enterprises
III that account Beyond that, very
81 stautial appetite of capital for In.
res, nent which is the present feature
# the situation testiies to the com
)lct.cn of the work of restoring con.
idonce. The rise in money, which
vas positive force for long time.
II injecting resources into the stock !
market, the constant issue of new Sc f
urities and the promise of more give !
field for employment of money /
which leaves would-be investors less
uzzled to find an outlet for placing b
ccumulations. II is argued that the c
angth of time over which the opera A
ions fthe supposed stock market $
DOL have continued and the extensive {
dvance in prices which have occurred Il
ford an opportunity for profitable |;
quotation of holdings on a scale \
own through the corresponding ex {
ensive decline. Stress is laid upon h
ne more immediate developments to l
ccount for, for the decline did not C
etract from the force of these more
eneral considerations. Rumors Of @
ne illness of +. II. Hartman, al e
lough authoritatively denied hal f
,me sinister effect on values which Il
,ems unavoidable in view of the al lei
ost fantastic extent to which Harri h
ans alleged single activities have ci
huenced the rise in almost every ci
apartment of the list The nature Of a
ndrew Carnegie's testimony in the S,
riff revision hearing is widening in C;
5 scope and In its expected effect OF
he confirmation of the purchase of 3.
e Colorado and Southern by the VI
arlington seemed TO hurt the Hill 10
ocks. which would presumably be &c
ncficiarics from the favorable result
this project. The money market 70
owed no further advance in rates, N
n the sub-treasury continues TO 4
thdraw sums from the money mar &C
Z. An extensive short interest. built Ier
in the course of the days selling, "a
ade basis for a partial recovery. III
hich much lessened the extreme ~
sses. The closing tone. however IS
rs Irregular. 81