The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-07-25
Special.
New York, July 20, 1917

New York, July 70, 1910
The stock market Is still under
going rigid course Of treatment I'M
der the rest cure. Many operators
are absent on vacations, and big
banking interests continue to discour-
age any special activity in specula-
ton at this time. No encouragement
to an advance is afforded, neither are
prices allowed to show any marked
declines without meeting with sup
port The general trend of financial
affairs is towards improvement. The
local monetary outlook has been
much clarified by recent liquidation,
by rising reserves, by contraction in
loans and general preparations to
avert undue stringency during the
coming fall. Gold imports have be-
mates are that no less than $4,000.
600 of specie will be imported from
from Europe this season. Complete
reports of national banks at the last
call shows a legal reserve Of 21,22
per cent and a contraction of loans of
about $2,000,000, The latter item.
however, Is still nearly $4000o0,000
larger than year ago Eastern banks
upon which the strain for moving the
crops will chiefly fall, show much
the stronger position. Altogether the
monetary situation is working uot its
own cure, and as money will go much
further, owing to lower prices and
diminished business activity, there
is much less reason for fearing any
undue stringency during the crop
moving period.
Political Situation.
The formation of the proposed cur
rency association VIII be beneficial,
inasmuch as they would provide
against any injurious stringency in
the money market. Secretary Mac
Veagh appears to have overcome
some of the objections to the scheme
and it is to be hoped the banks will
take advantage of his suggestions,
which are not put forward as a cure
for our financial evils. but as pal
liative until a more scientific system
can be adopted. The political situa.
ton is also much less threatening
With the adjournment of various leg
islatures the attacks upon railroads
ami other corporations have ceased.
The fact that such attacks tend to
aggregate any depression in business
also aids in the ir disbursement.
Public officials are beginning to learn
that these political raids upon capital
can be carried ia degree that is
harmful to their own parties, mas
much as it discourages enterprise
checks development and tends to
throw labor out of employment. Pres
ident Taft has been doing his best to
soothe irr.tatedi nerves and assure
business interests that while there
would be cessation in the pressing re-
forms. such movements would be con
Quoted with as little irritation and in.
Preference to business as possible
Apprehension as to the abuse of pow
er by the interstate commerce com.
mission are gradually dwindling away
and as railroad men recover from the
panic which beset them when the bin
was passed, they view the new bill
with less and less apprehension
Some are already cooperating cordi
ally towards its enforcement. Never
theless the railroad issues are not
by any means settled. AS for the
tariff issue, that is still too far dis
tant a question to have any effect up
on the market at present. It is near
ly three months before the fall con
gressional campaign will begin, and
during that time the politicians may
find it to be to the interest of their
constituents to show more consider
alton for business affairs.
General Business.
Genral husinss is very quiet, more
so than usual at this season. Curtail
t.