The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-10-26

ket As election day draws near tn
! impression grows that Mr. Taft vii
be the successful candidate. and thi
appears to stiffen the confidence o
those who hold investment securities
In fact, belief in this result has be
come so widespread that it's effec
upon security values has been large
ly discounted, although a further ad
: vance will probably follow. Mr.
Taft's election. What would happier
If the reverse occurred cannot be
foretold There is not question but
that the election exercises a powerful!
lily sentimental effect upon business
But this is only temporary and in the
long run it can have but little effect
upon the entire volume Of business.
| While uncertainty lasts certain
amount of business may be held up;
/ sometimes for political effect and
sometimes for the purpose of opera
| ting under the most advantageous cir
lcumstances; but over a lengthy per-
iod Of time the lection of an ordinary
president is really Of lesser import
ance than the selection of the egisq-
tive branch of the Government; since
the former simply executes laws
which the latter enacts. For another
week or so, however, the election
will be an influential factor in stock
market fluctuations.
1t is now ydtr since the panic was
at its height TO those who fully APP
preeiated the wide ramifications of
that disaster and understood the ire
mendous amount of liquidotion that
must follow, the recovery since then
has been simply astonishing. In no
previous panic, of anything like such
severity, has recuperation been so
rapid or so complete. Already secur-
ity values are back upon practically
the same level as before the panic; |
some Cf course being lower, but not |
lew actually higher: and this after
large losses in earnings and frequent |
in dividends, Much of this
recovery In securities from post panic
prices was of course due to the glut
Of idle money at exceptionally low
rates of interest which made good
stocks and bonds look exceedingly
cheap. In consequence, chrewd inves-
ors bought freely; and the big specu-
atOrs and their easy control of the
money market We're enabled to man
pulate prices freely and secure large
lrofts on the securities they bought
o stay the panic. For the courage
displayed in the time of distress the
ich men who took the brunt of the
hook in October last have reape
handsome rewards, which no one who
thoroughly appreciated the crisis he
ne of the most important elements
a the rapid recovery OF 1908 was the
Extraordinary abundance of cheap
money, which not only stimulated
God concerns from going under that
Cd concerns from going under that
therwse would have been obliged to
quidate. At the same time cheap
Money was only one factor. There
as come another of still greater con. |.
and that is the unboundedl
rosperity of the American farmer.
Without repeating familiar facts it Is {
10 remark that here is the !
aal foundation of the remarkable re. q
Dvery in the United States, which
as had no parallel in other countries.
ven where the depression was less ,
cute. Last year our agricultural pro :
nets were valued at less than $500 q
10000 This year they will reach {
lily $4,000, 100000. or more than $500. q
10000 in excess of last year. This
lplains the optimism which one be
ms to encounter as son as he passes n
Ie Alleghenies. and which seems to- D
low no bounds when the rich prairie e
ates o. the west are reached. Our J.
estern bankers and merchants are !
] enthusiastic concerning their bust
sss future. especially after the cleo
On: and the only notes Of pessimism
be heard come from the great citie- n
here the depression Of industry i
hich arose from The financial crisis Il
most seen and felt This Is paricJ C
rly true among the astem cities a
svertheless conditions are imprOy !,
g and the volume Of business is !.
=adily growing up 10 that Of a year 4,
o. This is emphatically proved by 7
- attest railroad earnings. 81 roads q
porting a loss Of less than { per D
Mt during the first week Of October =
the first week Of September 80 a
ads reported a loss Of 10 per cent.
. in the first week Of August 81
ais reported a loss Of Il uer cent