The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-12-19

I. fetal It has checked pace that was
altogether too rapid, and has facil-
tated the restoration of equilibrium
| which may pave the way for fresh
activity later on.
Values inflated.
The feeling Is still abroad that
values generally are upon an inflated
basis. This may be true of comino-
ditles, but not OF securities, which
are now selling considerably below
E, high levels. AS to commodities, some
reaction has already set in, prtaicu-
larly in food products and the re-
cession there nut ultimately result
III a partially reduced cost of living.
As yet, however, these reductions
have not reached tire consumer, large
, ly because middlemen are endeavor-
ing to maintain their old scale Of
'prolit as long as possible The most
, serious problem which producers
have to face is the high cost ele-
nents. How this Is to be reduced, Is
! a problem vet to be solved. Some re-
Iduction may be mad In raw materials,
but this will not be sufficient, and
cannot offset the greatly increased
cost of wages and the advances in
rents, taxes, etc. The best solution
would appear to be in securing more
efficiency in labor. Wages have
risen, hours have been shortened and
cutprt restricted until these factors
have been very serious element in
Increased costs. Under present con-
editions it is almost impossible to ask
labor to accept lower wages. Labor,
however, can materially reA@Ve the
situation to its own advantage by en-
couraging policy of greater eff
cheney and larger production. Labor
is after all the chief consumer, and
while insisting upon advanced wages,
has been unconsciously diminishing
the purchasing power Of its wages
and increasing its own cost of living.
Business is Quiet.
AS the year draws tosa close gen
eral business is quiet in nearly all de-
partments. Fortunately there are no
serious indications OF rnsound condi-
tons AT the west some financial
strain is reported, the lower prices
for farm products having induced
farmers to hold back supplies, but in
this there is nothing serious. The
south continues prosperous, owing to
the large profits Of cotton growing;
and the country as a whole shows the
activity and energy inevitable with a
ranid-growing population the east
is still decidedly pessinistic, while
the west maintains it's characteristic
caily optimistic attitude. The true
course probably lies between the two
extremes. Our iron trade, usually
considered the best barometer, con-
tinues anduly depressed and is run
ming only about half its capacity. This
state OF affairs Is due to the inabil-
ify Of the railroads to raise funds
Should &iey succeed in placing con-
tenplated issues, and saould the IN
terstate commerce commission allow
some reasonable advances, the pros
poets are that the situation will soon
be relieved and that the railroads,
the largest buyers of iron and steel,
will once more place their orders for
construction and equipment with cas-
tomary freedom II much longer de-
laged rush of orders must follow, Ii
only to fill the vacuum created by
long postponement. TIE immediate
outlook, of the stock market is en-
couraging rather than otherwise. AS
for the more distant future, that can
be more accurately gagged when we
Lave fairly entered the new year.
HENRY CLEWS.