The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1911-05-01

Special.
New York, April 29.---The financial
situation this week has once again
given evidence of underlying strength
An excellent test was the quarterly
report Of the United States Steel
CORPORATION, which was published al
ter the close of business on Tues lay.
This report fell very materially be-
low general expectations In tie mat
ter OF net earnings The exact fig
ures as given were $23 5l9,203, while
what were in advance considered con-
servatiye estimates had ranged any
where from S25,000,o00 to $2S,5Co o. 0
At London on Wednesday morning
the common stock of the Steel Cor
polation declined half a point. and a
similar reduction took place in the
early market at New York. But a
general improvement then set in
which was irregularly maintained
during the rest of the week.
This reception by the market of
such an unexpected showing is both
Significant and impressive. Ii con
firms what has already been repeat
eddy shown in these advices, that Sc
curities are in the hands of strong
people who are we'll satisfied with
fundamental conditions and are not
to be frightened into liquidation by
spasmodic Influences. AS investments
our standard securities are upon a
favorable basis and it is wisely ar
gued that any reduction in dividends
will certainly not be general even II
the should occur in one or two in
stances where current disbursements
are not justified by revenue returns
Abundance of Money.
We have in sight what Us usually
one of the most potent factors in d
substantial stock market, namely, q
period OF protraeted abundance OF
money that can hardly fail to con
tinue until the early autumn, whei
funds will be required to finance tn
crops. Until then and pending the
dev alopment of activity in industr.a
and commercial channels, this unem
ployed money, as has bcsn the Cas-
N the last few moatAs, viii auloma,
ally seek remuneratlve employmeA
in tAe stock market Meanwhile, b
fore it is called back for use IL
these channels, the unsettling fac
tors that are now retarling genera
business will have matured. BY
this we mean that the supreme cour
will have rendered its decisions il
the Standard Oil and American To
bacco cases and taEiff revision as al
influence of discouragement and un
rest will most likely, have been com
pleteI.
This general clearing of the situa
ton the stock market will undoubl
cdly discount. We nave before u
the current example of spectacula
British trade recovery HoIn u perlo
of dullness and dept esslon that, no
unlike our own situation, was cause;
primarily by political influences,
will be recalled that the british bud
get and the contest over the vet
power on appropriations by tn
house of lords upset British trad
and caused a period Of keen deprcs
sion and unrest throughout Grea
Britain. But throughout this perio
the people continued their usual funC
lions as consumers Of food and ra
ment; and since the political que!
tons have been settled Cor al an
rate now that the house of lords pre-
rogative has become the subject @
set in that has assumed record nal
ing proportions. This represents tn
natural accumulation of demand b
consumers. We, in this country, al
| in very much the same position a
the people of Great Britain were
year or SO ago. Our trade ana il
dustry nave abeen gradually becon
ing, restricted; manufacturers I, hay
confined their operations TO-, tn
basis Of reduced requirements fc
CONSUMPTION; and merchants " hav
| permitted tneir stocks to decline to
point where replenishment will /
urgently demanded at the first sig
4 of onward movement.
| CONGRESS and the Supreme Court.