The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1914-03-23
Bank Statemnts Show Contraction in
Loans. General Slowing Down
of Trade.
TRADE REACTION IN U. S.
NOT BEEN VERY SEVERE
In Most Cases it Has Been SDotty
Both as TO Indutries and
Locality.

New York. March 22.---lt is time
to stop and ponder Us 10 whether re-
dictionary tendencies in the stock
market are not about exhaustiHs
themselves. We enjoyed pronounced
recovery in January based upon
| President Wilson's favorable state
| ment in regard to legislation and
upon the usual Investment demand
of the season. That advance has
been almost lost during the past six
weeks. and 1t can safely be said that
the decline more than discounts any
changes which have happened foT
| the worse. 1t is admitted that there
has been q general slowing down OF
business which is part of a world
wide movement. The trade reaction
in this country, however, has not
been very severe. In most cases it
has been spotty. both as to indus
tries and localities. The somewhat
Unsatisfactory situation has. however
been seriously aggravated by poi.ti.
cal tendencies at Washington and
| the popularity of corporation-baitihg
throughout the country. Much D.
the latter must be attributed to poll,
tics. especially as a Congressional
election is in prospect next fall !.
is doubtful, however. If the voting
classes arc as hostile in this respect
as those catering for their support
assume. Last week 1t was shown in
these Gdyices that there are over H.
100000 bank dcpositors with So
900, 100000 of deposits in the Unit
ed States who are vitality, though
often unconscio@sly, interested IN So
lcuritics This class has not yet been
Eawakcled 10 tho injury threatening
them. 1t is also generally overlook
ed that there are 32.000,000 Of life
insurance policies in existence in tho
'pited States. and that the assets Of
| these benevolent institutions amount
to over $f,000,000,000 Altogether
IT is safe to say that the financial In
forests of the bulk Of the voters Ia
this country ar being seriously i'm
IpCrillc1 by the present unreasonable
hostility towards corporations. I'm
questionably few OF the latter de.
served the punishment already re.
ceived but punishment cannot go On
forever Many mistakes cannot be
undone: and il is sheer folly to apply
the same treatment to the unoifend
ing as to the criminal. Unless ali
signs fail, radicaism, has seen Is
aitI. ana before long we hope "a
SEQ signs Of returning sanity In p0.
, litical circles. President Wilson is
believed to be more OF less conserve
-, lively inclined, but he is evidently
having difficulty in restraining tho
radical element We do not doabt
that Mr.. Wilson is absolutely sincere
in his promise to build NJ business
Perhaps the best thing that can b,
done Is for the constructive clcmca:,
in the country to aid him ii Tux
la1dable purpose of moderation.
u The monetary outlook Is 2nCour3g
= ing, and aside from expected nurric;
= about Aoril first which may Id
t. come, the outlook is for continue,
case. Last weeks statement SHOWED
Il cool increase in reserves and ;
g contraction in loans. the first sine,
t The opening OF the yea. Foreign
+ markets are also showing signs O
> returning monetary case resulting
), frcn a general slowing down O
7 trade. Some dlstust was caused Oy
/. the crisis in the French government
arising from the assassination Of VI
Calmcttc, but while temporary HIS
nr5aucc is possible. il not probaon
1t shoald be remembered that IA.
French as a nation arc distinctly
lconscrtatiyc, in spite of their politi
cal cNcitamlity, for the reason thai
tho masses are exceedingly thrift
land ID not favor any public move.
ment That will iajurc their financial
Interests. The Ulster difficulties ap,
| pear serious, but thus far financial
London has not sot very excited
over the controversy.