The Cairo bulletin., 1905-11-27
LESS UNEAS|NESS
IN MONEY MARKET
ATTRACTED BY HIGH RATE OF
INTEREST FUNDS POUR IN
FROM INTERIOR AND EURO
PEAN INVESTORS.


II ing from the interior While additional
II relief has been secured by temporary
II 81 ttng Of loans to Europe Con
II fidence was also Strengthened BY The
II knowledge that Secretary Shaw would
i come to the relief OF rhe money mar
Il ket in case of necessity, and the fact
II that ne has cons nted to prolong his
4 stay in the treasury department until
the spring has given added Satisfac-
ton in this respect During the past
= two years there has bean great in
4 crease in the supply Of money.
amounting 10 about $225006000; so
that it is somewhat surprising that
scare ty should be 20 pronounced and
universal OF course the demand for
money has been greatly Increased BIZ
the activity Of business and the high
price. Of commodities IN all prob |
ability however. the chief Increase in |
demand has been from speculative |
sources not only in New York but |
especially in the interior, where OK
pans on has been going on at a rapid
rate. Since the frs. of September
there ha been a contraction of nearly
500, 009000 in loans at the New York
banks; bur this item stll stands al
1 very high figures and further con
traction would have been beneficial.
even had il caused wholesome liqu-
daiion The outlook is against any inn
mediate Improvement in the monetary
stuat on, especially as some tenn
p0rary Inconvenience may be eX- d
perienced about The first of December
and Tie first of January to meet the
disbursements usual at those periods !
Extreme rates, however are moi prob IN
able for the reason thar the situation (
has been partially relieved by lquida-
ton. and if necessary assis ance can
be obtained cithee by extending our
borrowings abroad or through dep nd
encc upon Secretary Shaw Europe ls
fortunately, IN a better condition TO
aid New York by means Of loans Of
money or purchases of stock Than for
some time past. and our aiding
bankers are quite able 10 borrow
abroad in case their Judgment so de-
cides The infinite postponement Of .
be Russian loan leaves Paris, which
had been making preparations for that y
event in a very comfortable position
W th which the new Japanese loan is
not likely to seriously Interfere Both =,
London and Berlin are looking to- -
wa,ds Paris. and any lessening of
pressure at those points would be -,
favorable to New York especially al -
.Ondon. where we should be most
likely 10 secure aid if needed After
he middle of January We may lcog u
or improved conditions in th' local ~
money market but until then there r.
win be no important Increase 10 the "a,
upply of funds available for tock ~
market purposes.
Stock speculation IS becoming Very
.ctiye. trading frequently running +,
.yer the rate Of 100000 shares per 49,
lay The firmne.s with which an ~e-
urities are held is remarkable Sell -
rs are few and trading j. seemingly
onhned almost ent rely o purcla es
,r the rise a great deal cf mauipu
al ON IN certain stocks. giving The
larket a decidedly sp1ty and fever
"a appearance. some Of these sccun-
les have been pushed up to what
aem~ top-hcayy level but coudi-
ons continue sausf factory and con
dence strong. so that in spite of the y
ommon belief thar prices are too high ~
De opinion is freely expressed that
iey may % still highe-. Beyond Il :
1Bht the speculative ~ rit is rising ~it
I'd cannot be inde6nt ly suppre spd nor
the situation remains as favorable Arr
! now. Besides. very powerful inside Al
lppo-t is observable in some quarters &
hich is no doubt basis of much Of exc
e manipulation by The big traders 4
5 yer the outside publ c though in eic,
easing their purchases. have not be- /
me free operators transactions ing
ing largely confined TO DE profe-- ani
1nal element The future of the mar a.
t however il hopeful. since hsIc UaI
nditiOns are almost universally 'sa5,
vorabie and nothing bur the posi- SAG
.iiy Of hitch in the money market rs,
reckless manipulat on prevents in 81
eased activity. ~ ~
Congress assemblies very shortly. D N
I this year will not be bsarish On"
tor The prospects are that Httie D..
portant legislation will DC accom- a
shed im the coming session No bv q
nit a regulatory railroad bin viii arr'
passed but irs prov sions are not
Ely 10 be so drastic as At one time rHF
rcd. As for .he tariff question. The
aHd-patiers- are in control and tha,
D De- iet alone unless possibly to O..
ke certain concessions 10 the Philip sGsi
les There Is some expectation that -:
ulsidy BIN wiil be- passed. also that = m
mama canal bonds VII De- made %
iilable as a basis for bank circula- Fsst
d which would help fhe money mar ny
b VI legislation TO this extent is ac- Atlsi
nplishei during The coming winter 80. -,
is all that can reasonably be ex- 100
ted. and this means no disturb -