The Cairo bulletin., 1909-10-11

New York, Oct. 9.-Reactionary in.
fluences are multiplying daily. At
last the cautionary signals displayed
in the money market are being heed,
ed, and it Is recognized that Stock
Exchange prices nave been forced to
a level beyond reason. Every known
argument in favor of higher prices has
been worked to the limit: every
known element of prosperity has been
more than fully discounted Even
better dividend returns have been
more than anticipated, as is proven
by the fact that when these occur
they are usually utilized as a basis
for fresh realizing.
Railroads.
For months past the street has
been stimulated by optimistic views
and activities of all kinds some of
them genuine, some of them far from
trustworthy Much of this so-called
prosperity talk has been exaggerated
and unfounded Only in the steel
trade is there extraordinary activity
and prosperity combined This indus,
try is certainly enjoying phenomenal
success; all records of production are
being far surpassed, and the best au.
thorities agreeing that the country
VI wit a ND IL m, IL
for steel at good prices for some
months to come. This is due to the
fact that the nations increase in pop,
ulation, activity and purchasing pow
er compels lareg extension is railroad
and industrial plants. Our railroads,
it will be remembered deferred many
improvements during the period of
economy which followed the panic,
and many new enterprises of an in
duStrial character were also postpon-
ed. Just now there is an almost too
violent, rebound; constructive work
is very active in all parts of the Uni
ted States, and the result is a call for
large quantities of iron and steel as a
constructive material is also a factor
of much Importance in this respect
Cotton.
Outside of the steel industry, how
er, it is difficult to find any cause for
immoderate enthusiasm, business as Il
whole not yet having reached the vol
ume of 1906. Our farmers, as class
are enjoying great prosperity because
of the very profitable prices realized
upon all agricultural products. Yet
their prosperity is of the kind that is
not universally desired, because it is
unevenly distributed and is mainly at
the expense of other classes of socie-
ey, Present agricultural prosperity
is based to a considerable extent up
on scarcity; which can never be con-
sidered entirely beneficial because of
the certainty that somewhere hard
ship is imposed in consequence. Cot
ton, for instance, is selling at 13c, not
so much on account of great demand
as for an important shortage in this
years crop. AS n result some plant
ers are making large profits while not
a few have incurred heavy losses.
Spinners, except those who bought
cotton early, are embarrassed by the
high cost of raw material, and curtail
ed production is necessary This in
turn means loss of wages to employees
and diminished purchasing power
while the consumer must either spend
more money on cotton goods or con
sumo less, either alternative acting
detrimentally to some interest No
doubt cotton has been unduly ad-
vanced by dangerous speculation
The rise in prices is out of all pro.
portion to the dimunition of supplies;
and, in view of the lareg supplies car
ried over from last crop the better
yield in other countries and the cur
tailed consumption both at home and
abroad, it must be conceded that tho
chances of cotton famine are very
remote.
Corn.
Next let us take the corn crop; u
highly important source of wealth tn
this country The yield this year will
be large and promises to command
good prices, yet the crop has fallen
considerably below earlier calucations
and is therefore somewhat of disap.
pointment. Necessarily this must
cause a modification of the ultra-opti-