The Cairo bulletin., 1904-05-16
Stocks = Bonds : Cereals
Special to The Bulletin.

asss - Aaaass, aA-sa' SSssf
Special to The Bulletin.
New York, May 14.-Largo ana coz
tinued demands upon the money mar
bet have impaired q iirmer tone in
that quarter, and also resulted in 81
corresponding weakness in securities.
Cola exports broke the record on
some days; the total shipped thus lor
this season, or since April s, being
ever s4Q000,000. This sum only part
Is covers The Panama canal payment;
which is being made with a view OK
causing as little disturbance as pos.
siblc. Other influences acting as ali
Important srimulant to gold exports
have been pressure in the Paris mos,
cy market, a less favorable trade bal
ance, the transmission Of Japanese
payments TO Europe across the Unit.
e3 States and Of course the ease y
The local money market coupled witl
the encrmous increase in our homo
supply oil gold. More gold is expected
10 follow, but how much it is impos
sihle to determine Much will depcnc
upon the development of the above
named influences The new local
ellis for capital are at present tae
only factors that seem likely to arrest
the golI efflu%, II these continue
higher money rates viii soon cheek
the foreign drain upon cur gold. This
week the new japanese loan, largo
new Issue Of bonds by New York Cen.
trail ana several important Rotations
we're announced, which mean a very
considerably increased demand upon
our supply Of floating capital It is
quite evident that this rapid growth
of new obligations cannot go on in
definitely without depressing the Sc.
Clarity markets.
Values on the stock exchange re.
coded during the week, partly because
Of reasons just noted and partly be.
cause Of unfayorablo reports concern
ing the crops and the iron ana steel
Industry While a considerable loss
of the winter wheat area seems iney-
iiable, it is still much too early to
,orm any idea Of the crop out-turn.
Tho chances fer a good harvest are
still as numerous as those for q poor
harvest ami at worst this is only orc
3f the uncertainties that must be
faced. Another important uncertain,
ty is the election. and though the is
sues here are not disturbing, still bus
ires3 initiative will he largely delor-
rel until the outcome can bo fore
a2enn Wall street win probably not
o able to make ND its mind about
ihcac problems until August next, OF
tarc0 months hence, As for the iron
trade, conditions are certainly unsat
| ifacory. Production Ct pig iron is
now running ahead OF consumption
aad d partial shutdown will be impar
adye unless demand improves. Tao
chief difficulty is that the yariOu
tpocls are holding prices much above
blyCrj abilities ana period of dull
nc3s seems inevitable The cotton in
GIatsy is also greatly depressed not
50 mucn, however, by oyerprOGucGan
ar by the inability of manufacturer
To get prices that will rocoup thom
| for high cost cotton. Curtailment has
been extensively resorted to, and VIII
probably extend unless consumers
consent to pay higher prices, or mold
cr5 Of cotton except concessions
which they are sturdily resisting
The general situation financial, in
dustria and commercial Gems
sound. But the reaction has not been
equally distributed the process Of re
adjustment is still going on. conse
cuently business is quiet and niua
| tive is holding hacg for more settle
conditions. Declining bank clearing.
and smaller railroad earnings tell the
same story, showing that the country
is settling down gradually to NOR.