The Cairo bulletin., 1910-11-07

Special.
New Yock Nov. 5.--As a rule the
closing OF a political campaign has a
favorable influence upon values, be-
cause uncertainty is removed ard
final results are often partially dis
eaunted in advance. This probably
explains the present strength OF the
market The campaign has been ae-
companied by good deal OF acri-
mony, much of which should disas-
pear after election day. The country
is tired Of agitation and is entitled
to a period of rest at least until the
assembling Of congress month
hence.
Opinion Divided.
Speculative opinion on the stock
exchange has been somewhat divided
Prices reacted from the sharp Octo-
Der rise, which was due to very pow
oful leadership; and now there is Il
disposition to carefully weigh the in
| 1uences which are swaying prices
| in an upward direction Much Of the
popular dislike of corporations and
railroads which existed in the first
half of 1910 is disappearing, and the
! conviction is growing that attacks
upon property rights will not sue.
! coed and that indiscriminate raids
! upon corporation are productive Of
more harm than good. 1t is observed
| also that corporation managers are
mere conciliatory in their attitude
and are showing stronger regard
/ for public welfare, as well as a more
general disposition to obey the law
Such policy. as this If sustained
will do much towards disarming pub
lie criticism There is no longer the
fear that once existed of a radical
! decision by the supreme court on the
! Oil and Tobacco cases II will be re.
membered that an adverse decision
in the famous Northern Securities
case did not have an injurious effect
upon the market and there is no rea.
son for anticipating any calamity as
a result .pf she supreme court ,deet
sions When they arrive.
Railroads Position.
/. The position of the railroads in re.
gard to, Transportation rates is also
more satisfactory In the first place
many Of The railroads are showing
large gains in gross earnings, net
withstanding the talk of business de-
preston, and, could expenses only be
brought within reasonable limits
there would be no fear as to net re
suits Even in the latter respect the
railroads are maintaining their posi-
ton better than anticipated, ana
there is no immediate prospect OF any
;, reduction in dividends, The railroads
however, are much in need of new
capital, and this they are unable Il
procure under present financial con
ditions. In view OF necessary large
+ expenditures by the railroads it /
not improbable that the interstate
commerce commission may alloy
some advances in rates, which woult
enable them to finance urgent re
quirements and to maintain fair diyi
dends. The situation Of the railroad
as regards investment conditions !
well illustrated by the ract tnat il
October the total security issues re
ported was only s56,000,000, tn
smallest in any month since Septen
Der, 1906, and S500O0,000 less than i
TIE same month year ago. Sine
January / the total security issue
reported have been $t,299000,00t
against 1882, 100000 year ago. q
,, this amount railroads have issue
: TS5, 100000. as against s724,00O,0C
a yeaf ago, an increase of $61 ,O00,00l
1t is worthy of notice however, tha
/ this increase was entirely due to
! issue Of notes, which for the mir
G months amounted to nearly $4,000
Is 600, as against s50,000.00o for y
] nine months Of 1909. In bonds an
stocks combined there was d
crease for the year of $S3,00000
y while the issue Of notes increase
q mere than s144,000,00o This illu
: trates very clearly the difficulties
the money and investment market
> Monetary Situation.
The monetary situation is not Y
entirely clear The crisis so con