The Cairo bulletin., 1909-12-27
Special.
New York, Dec. "a, 1909.

Holiday quiet prevailed in the
stock market. This is the season of
the year when many concerns are en-
gagged in making fresh plans for the
future. and speculative attention is
generally diverted in consequence. A
good undertone exists and hopeful
feeling is shown regarding the future.
Railroads are doing a large traffic,
and the volume of business is general
ly up to the pre-panic level, and in
some cases is in excess. The coun-
try now feels the stimulus of agricul-
tural prosperity. Everyone is familiar
with the fact that western farmers
and southern planters have been re-
ceiying phenomenally high prices for
their products this year, enabling
them to be liberal purchasers of
clothing and household goods, not to
speak of such Injuries as pianos, talk"
ing machines, pianolas, automobiles,
etc. Not a few farmers, instead of
buying more land, are making invest
ments in securities with their surplus
funds, a condition of affairs which will
eventually promote the floating of all
sorts of questionable schemes in
tended to entice the inexperienced.
Industrial Activity.
Prosperity of the farmer is natural
ly followed. though in a less degree,
by the activity in industrial circles.
All our large plants are busily run
mig on full time and over, and labor
is well employed. In commercial cir
cles there is a corresponding degree of
activity, and the only classes who are
not sharing in the benefits are those
with fixed incomes and those of work
is of a professional nature. The lat
ter, however, did not suffer during the
panic, but often benefited thereby in
q reduced cost of living, SO cannot
seriously complain. But those who
who took the brunt of the disaster
should now have an opportunity of
averaging up. Labor is showing much
unrest and making demands for high
er wages in order to share the i'm
provement, often forgetting that It
took little of the loss which followed
the panic. While it Is satisfactory to
record a generally active state of bus
iness. it should not be overlooked that
the benefits of such activity have not
been fairly distributed. Its advan-
tages have largely gone to certain Or
ganized classes, who should now be
content to see the unorganized get a
share before demanding more for
themselves.
In Securities Market.
Investors are beginning to show
some interest in the security market
and with the opening of the new year
there should be a brisk demand for
desirable issues. Dividend distribu-
lions will be larger than usual, and
at the same time there is likely to be
no lack Of attractive new offerings,
A number OF important new issues are
in prospect, which in all probability
will be readily absorbed owing to the
very high prices at which we'll Sc a.
soned and high class securities are
now held. 1t must be recognized that
securities are upon a higher level
than before, and that this geenrally
high level is largely justified by exist
ing conditions The high prices of
securities and commodities are part
of a worldwide movement arising
from the depreciation Of gold, the
activity of trade, the comparative
scarcity OF agricultural products, the
advance in land and numerous other
causes which enter in the complex
makeup of prices. 1t is easy to pick