The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1909-01-11
New York, January 9, 1903.

| The first week of the new year has in
| The Investment demand for stocks us
ually experienced at this period has
net thus far materialized, and at pres
ent its prospects for so doing are
somewhat remote Prices for stoke
are still very high Notwithstanding
| the decline Of the last few weeks, and
| it is fully recognized that much Of the
| prosperity that is likely to come to us
in 1909 has been already fully, II not
over, discounted. All the arts of ma.
| nipulation have been resOrted to TO
cary prices to still higher level but
without success. Buyers for invest
ment cannot be had at present figures,
and there is but one conclusion re
manning; that is the market for
stocks must seek a lower level before
renewed activity can be anticipated.
This impression is steadily gaining
ground, especially as the January in
weston is conspicuous by his absence.
and the market is consequently left in
a weakened and somewhat sensitive
condition, A rather serious blow was
delivered by the decision of the Unit
led States Supreme Court in regard to
Consolidated Gas AS a result this
stock broke 50 points, thus weakening
the hands of those who have been the
chief support of the market.
Monetary Outlook Satisfactory
The local monetary outlok is en-
tirely satisfactory unless it be that
rates may again become too etasy.
Funds are now returning more freely
from the interior and the banks have
gained from treasury operations, the
result being that both call and time
money are showing a declining ten
for at least the next two or three
months, for general business is com
paratively puiet. and the uncertainty
of tariff legislation is likely to put
check on commercial operations until
definite action has been decided upon.
There is little prospect that the tariff
question will be settled during the
next session of Congress, it being well
understood that President-elect Taft
will call a special session for the
purpose of considering the tariff after
his Inauguration. Should the tariff dc
bate be continued unexpectedly long,
il is quite possible thar midsummer
might arrive before uncertainty was
relieved, This would Of course prove
a very undesirable and protracted pc
riod of delay, and it is hoped that IL
will be averted. Nevertheless, it is !
one OF the contingencies that must be
taken into consideration.
Good Demand for Bonds.
One Of the best features of the stir. |
alton is the excellent demand for |
high grade bonds; there have been |
issues Of these durin theI
last few months, and approximately
800. 100000 were offered this week |
and are being rapidly absorbed by in
yestors who show very decided pref |
arence for bonds, probably because
their principal would be safer than If |
invested in stocks at present figures. /
Thus far the bond market does not ap
pear TO have been oversuplied with .
such issues, but in view of the large
sums already authorized and those
which are known to be forthcoming
Il is a question whether or not the
supply will not soon prove greater
than the demand if the present rate Of |
issue continues for any long period
The necessities of our railroads. how
ever. are imperative. and this is their /
sole means of successfully raising |
capital. Under existing conditions
there is no doubt that there will be a
large demand for all classes of secur-
tiles from investors IL these could be I
had at moderate concessions from /
present prices Confidence is steadi
.y rising. and as conditions have been /
made much sounder as a result of the |
panic there will be litIe difficulty In /
raising the necessary capital for de-
sirable enterprises. The require
ments to be met will be simply thosa
IF price and quality Of securities.
Prospect Of Easy Money.
The outlook for the market Is still .
Speculative leader.
have received a sharp blow. and their
Efforts 10 lift the market have been .
'urther impeded by the refusal Of III
vestcrs to buy stocks and their pr
lourced preference for bonds. Much |
ess Of the SlS0.o00.000 Of January
disbursements have come back into
stocks than usual. chiefly because
prices are too high. With the pros
Ject Of easy money for the next two
months az least, the position Of The
bond market is further strengthened
Vow that the technical position oi
tCclzs has ben so materially weaker
ID. o. ic0ks as lf little bettermeEr
.ould Do expected until values have
rachel a 1uu-fr far-ar pr-frr.- H---.. /.