The Cairo bulletin., 1910-08-08

ago. More than $1,000. 100000 in new
months. In July the issues were
only about S62 100000 compared with
$121 100000 a year ago. Railroad
earnings continue to show liberal
/ increase in gross; but number of
the roads are showing startling losses
in net since the increase in wages
which went into effect on June /,
Plainly, railroads must secure better
rates of freight, unless they are to
cut wages and expenses to point
that would be hazardous Doubtless
policy of rigid economy before very
long; something that will neither be
relished by labor nor by concerns
supplying the railroads with mater
ials and equipment.
Stock Prices Attractive.
The above is rather a formidable
array of unpleasant facts, The ques-
ton arises. What will the stock mar.
ket do with them" The answer
! is. THAT to very large extent these
adverse conditions have already been
fully discounted" Many stocks are
| now selling at prices which should be
attractive to the investor even in
event of reduced dividends Lquida,
ton has been severe: many weak
spots have been removed and stocks
have passed from weaker into strong
hands. Tt is impossible to avoid the
| conclusion that the drastic liquida
| ton of the last six months must
have very material ystrengtnened
| the technical situation of the stock
market. So far as the railroads are
| concerned, there is a fair prospect Of
| their securing better rates when the
appeal comes before the Interstate
/ Commerce Commissioners after the
| November elections, 1t is also impof
tant to note that the market is in
excellent control; this Being demon
strated by the skillful manner II
| which heavy liquidation has been &C
complished without causing any i'm
| portant excitement
| Bankers Conservative.
Perhaps the best feature 10 tht
whole situation is the very decided
! improvement in monetary affairs
! Possibly there may be some loaa
stgingency or disturbance from III,
overextension of credits in the in
terror but nothing serious in this re
spect is now apprehended, or certain
| ly nothing more than what the bank
can easily take care of The finan
cial situation is noww well unde
| control Bankers are conservative
| and encouraging contraction. Oul
| credit abroad is good: gold imports
| will continue, Europe mas aided Il:
immensely by the free purchases o.
| securities; the Eastern banks have
| greatly ST enlightened themselves, an
are perfectly able to give needed as
sistanc for marketing the crops, 81
j that there is no further reason TO
/ the apprehensions which existed II
the early nalf Of the year. Currenc
associations are being formed il
> many states throughout the interior
but, as no emergency is now expect
ed. their usefulness Is not likely t
be tested We thus find that the ma
ket is working under conflicting COZ
ditions but into a safer position. FC
ced lisuidation has about exhaust
, ed itself and the fact that securit
7 values are already upon such 10
basis strengthens the probability {
= sharp rallies hereafter. Hence o
| pronounced declines the better elias
of securities should be considere
: practically at bargain prices Tor II
vestors; and if the crops turn OF
' we'll, there is reason for expecting
. substantial recovery. IT is. howe
} er, still largely a crop market--t'
! the present
= HENRY CLEWS.