The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-07-27

| oUtCidl.
New York, July 25.-Events during
the week were almost universally OF
the side of Improvement. Our crops
are making excellent progress; bust
ness shows better recuperative pow
Iers; confidence is rising; the security
markets have been unusually strong
and in general the trend of the times
is toward leaving the panic behind
and forgetting its consequences TO,
the present at least,
Decision Natural Sequence.
The decision in favor of STANDARD
Oil, upsetting Judge Lands verdict
of S29000,000 fine against that great
organization. was a natural sequence
Nothing else could we'll have been eX
pected because it was ridiculously eX.
orbitant. This decision viii have Il
good effect on the market because
with most security holders the idea Of
such a penalty was that it really
meant cOnfiscaton of stockholders
| property in corporations and they
never knew when the lightning would
strike them, which caused a feeling of
! insecurity 1t was this effect upon
the minds of stockholders generally
that did more than anything else to
Intensity the 1907 panic. Standard Oil
stock declined from Slots highest
price-to 390-its lowest figure The
rise from its lowest point makes a dif.
ference of $270,000,000 to the stock
holders of that corporation within a
comparatively short time. The effect
of this tremendous advance is to in
crease the confidence and courage Of
the members of the Standard Oil com
pany, who are the greatest combin1.
ton of merchants that ever existed
welding a power influence and energy
such as has been previously unknown.
A good deal of this influence is now in
the stock market and has done much
to make the recent advance possible
Bond Improvement Factor.
Next in importance to crop progress
and the Standard Oil decision as mar.
ket factors was the great improve
ment in the bond market; the result
of bettered financial conditions and "A
revival of investment demand Our
big railroad. systems, it is well UNI
derstOOd, are in urgent need of funds
for carrying on the Improvements pre-.
viOusly inaugurated. The panic sud.
denly cut off their usual source of SUP,
ply: throwing many hands out Of EN-
ployment and intensifying the indus
trial depression. Under present cOndi-
tons the raising of new capital by
stock issues would be impossible and
bond issues are the only resort. For
tunately a market can now be found
for higher grades of the latter on
reasonable terms; thanks to easy
money and a partial revival of conf
dence. This recovery of the invest
ment demand is one of the most sig
nificant and satisfactory indications
Of the times. AS long as capital re-
NAMED timid real recovery was i'm
possible and labor must have con.
tinued idle Now that capital has be
gun to come out of hiding, recovery
will go on and labor will once more
get employment The funds now com
ing to the railroads from bonds will
cause better demand for steel and
other products. imparting new life
to many channels of industry. The
abatement in hostility to capital,
which was so rampant last winter
will alsfo he helpful to capital and la
Dor alike. On all sides there are signs
of sure through limited recuperatons
It would be folly to anticipate a quick
return to old time activity: that will
probably be a question of months :
but the prospects for a good harvest
certainly give reasonable assurance
Of a much better autumn trade than
at one time expected. Thus far July,
which is often a period of deteriora-
ton. has been a month of steady
improvement in the condition of corn
cutton and wheat; so that today the
prospect is for a still larger yield of
these crops than indicated in the last
government report. Should favorable
weather continue and early frosts be
escaped we would come very near
having bumper crops; but this is too
much to expect and there is abundant
reason for hopefulncss in remember.
ing that owing to good prices our
farmers are likely to produce fully So.
900. 00O00 of new wealth or about
s5000O0.O00 more than last year.
Truly our farmers are still the back
bone of the country; for they at least
are prosperous and will be good buy
ers of the necessities of life and
many of the luxuries. This will worl,
for contentment. not only in the bust
ness world. but in the political field
which is a factor of not little import
ance during a presidential campaign
Stock Market Has Advanced.
The stock market has now had q
very big advance, and evidences of
inside realinzing are already apparent.
Aside from the better conditions noted
above the rise has been largely the
result of manipulation by a few big
caaprftia- .-a71