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 at
ter the close OF business on Tuesday.
This report fell very materially be-
low general expectations in TIE mat
ter Of net earnings. The exact fig
ures as given were $23 ,20o, while
what We're in advance considered CON
seryative estimates had ranged any
where from $2j,000,000 TO $2S,5C1090
AT London on Wednesday morning
the common stock OF the Steel Cor
pn!ation declined half point, and a
similar reduction took place in the
early market at New York. But a
general improvement tnen 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. 1t con-
firms what has already been repeat
eddy shown in these advices, that Sc
curities are in the hands of strong
people who are well satisfied with
fundamental conditions and are not
to be frightened into liquidation by
spasmodc 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 is usually
one of the most potent factors in {
substantial stock market, namely,
period OF protracted abundance 81
money that can hardly fail to con
tinue until the early autumn, whel
funds will be required to finance tn
crops. Until then and pending the
development Of activity in industr.a
ana commercial channels, this unem
ployed money, as has besn the c>a
n the last few molths, wi aut oma,
ally seek remunerative employmeA
in t.Ie stock market, Meanwhile, b
| fore it is called back for use il
these channels, the nnsettling fac
| tors that are now retarding genera
| business will have matured. B,
| this we mean that the supreme cour
will have rendered its decisions il
the Standard Oil and American To
bacco cases and tariff revision as al
influence of discouragement and III
rest will, most likely, have been com
| pleted.
| This general clearing of the sitUa
ton the stock market will undoubI
| cdly discount. We nave before u
the current example of spectacula
British trade recovery rom 4 perio
of dullness and depression 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 depce.
| sion and unrest throughout Grea
Britain. But throughout this perio
the people continued their usual funC
| tons 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 c
| co mpromise) trade movement ha
set In that has assumed record NAL
ing proportions. This represents Tia
natural accumulation of demand b
consumers. We, in this country, al
in very much the same position a
the people Of Great Britain were
1 year or so ago. Our trade ana ii
dustry have i.been gradually becon
Ing. restricted; manufacturers hav
confined their operations to-. til
basis Of reduced requirements fc
consumption; and merchants " hay
permitted tneir stocks to decline to
point where replenishment will
urgently demanded at the first sig
OF onward movement.
Congress and the Supreme Court.