The Cairo bulletin., 1905-06-19
OUTLOOK IS FOR
VARIABLE PRICES
AND CONSEQUENTLY A GOOD
MARKET FOR TRADERS
HENRY cLEWs SAYS WALL
STREET DOESN'T BELIEVE
RUSSIA Is SINCERE.
Special to the Bulletin.

Special to the Bulletin.
| New York. June 1.-THE financial
situation from the technical stand
point shows some Improvement from
thafof a week ago, But while there
have been several specific develop
ments of a distinctly favorable char
acter the stock markets only response
! thus far seems TO have been the davel-
opment of stubborn steadiness with
ont Improvement in general ACTIVITY
! These developments include: CD The
publication of a favorable crop fore
cast by the Department Of Agriculture;
| CD the transfer by sale of the cont.olI-
ing interest Of the Equitable Life As
surance Society which 1t is hoped viii
| remove d very disturbing influence,
| % tho strong efforts that are max
ing toward peace in the Far East, ana
/ CD the formal announcement by the
Treasury Department that The with
drawal of Government deposits from
! teh national banks throughout The
country mas been deferred two weeks.
until July Is, in order thar sucn with
drawal may not be coincident with the
semiannual dividend ana interest dis
bursements.
Wall Street Ignores It.
Wall StFeat seems 10 have turned
ldeaf ear TO this accumulation of what
-at any rata suparfcially-are UNI
! euestinnabIy favorable Influences
The fact is that the financial markets
OF the world are just now IN a cynical
state Of mind, especially in The in
stance Of the Russo-Japanege War-a
skeptlcism predicated upon the me-
diaeval standard Of diplomacy that still
obtains in ST Petersburg and which
furnishes suca a dist net contrast to
the blunt, straightforward, maGter-of
\ fact, and withal truthful diplomacy
80 characteristic Of our own Govern
ment at Washington and which the
Japanese with their natural aptitude
are copying Il must be acknowledged
that ample opportunity exists for q
considerable display Of skopticism, and
| from the NJ litary ACTIVITY en- the pa1T
OF 0yama it is evident tina The Japan.
4 esa estimate Of Russia's good Gal b
In the current peace negotiations FIJI,
lows very closely the estimate of Wall
EStreet. When these peace negotiations
result in the proclamation Of an ac-
tual armistice Wall Street may be ex-
pectcd TO show whatever response the
definite termination OF hostlities may
Justify. The measure of this response
is, however, apt to be disappointing 10
\ those not familiar with the Stock FIX
change habit Of discounting important
events.
Street Considers War Over
Wall Street knows today thai Rus
STA is beaten TO the opnt OF hlmila-
ton, and thar any effortsrthe Car may
now make are merely attempts 10 r.
tire with a degree Of dignity from a
disastrous situation. For all practical
purposes-w which means for al 1.-The in
fiuence the formal conclusion of peace
may ma broad sense exert upon Stock
Exchange values-the war has ceased
To be a New York Stock Exchange
|
mental reflection of rhenluence on
the London and Continental money
centers which have much mere vital
interest in declaration Of peace. and
second, tbs participation hat Ameri
: can producers and manufactures may
I Eventually secure in the reconstraa
ton both in Japan and Russia thai
Twill follow the war AS the warn
friend of Japan the United States may
expect, and will undoubtedly receive
tthe very best treatment from d com
mercial standpoint; and, so far as Rus
sia Is concerned, 1t will be extremel;
surprising IL American shipyards arr
not actively employed in the neces
sary restoration Of the Cars nava
power. In addt on there n the ulti
mate benefit Of the now permanent,
assured open Door" in the Far East
meaning almost Unreasonable expan
sion of foreign markets for the Ameri
can manufacturer But all these ar
matters of future development-o fl
ture prosperity distant even TO
Wall Street ii Immediately discount
Wheat Promises Well.
Turning to tas more immediate In
iluences, we find decidedly favor
able harvest promise for both white
s and spring wheat. The Government
c report showing the condition as d
\ June LIST, is figured by experience
trade statisticians as indicating tots
yield Of 727,432,0o0 bushels, or I'M
100000 bushels in excess of tn
lie amount harvested last year. Shoul
Ia this promise be maintained until ha
!, vest-and the chances are It win /
= somewhat modified--this will give III
y largest yield ever turned out by Anne
y lean wheat fields with the one sing
exception of the harvest of 1901
74S,AG0,000 bushels The Governmei
makes no estimate Of the acreage
- condition Of corn until It's July repol
but the present outlook III ccrtair
g not as fayorablea as In the case
NJ wheat, there being very general col
N plant of late planting and insufficie
M heat for termination, which will ma
N early frosts an important factor in {
10