The Cairo bulletin., 1905-12-11
MONEY CONDITION
DOMINATE MARKET.
PRESENT TENSION is LIKELY TO
REMAIN WITH US MORE OR
LESS UNTIL. AFTER FIRST
WEEK IN JANUARY.

/ has opened and Wall street breathe
II easier Usually the, beginning Of
II new session is an event of more cor
\ Germ in financial circles; but Presiden
II Rooscvelt's treatment Of the question
II connected With railroads ana corpC
|, Iaatons was so rational and temporal
/. as 10 allay rather than excite dis
/ trust. Ii is quite evident that no rad
ical Legislation will be put through
during this session Cf congress al
fecting either railroads, corporation
or thc tariff. A vast number Of bill
will be introduced on these subjects
! but Their volume and completely aIon,
will be quite sufficient 10 prevent rad
ical action In all probability The at
Itempt 10 fix the rate will fall bu
this does not mean that sane more
rigid supervision of railroad and cor
poratiOn affairs win not be secured ;
action In this direction being really
desirable. not only as a matter Of pub
lie interest but equally as n matter
of self protection 10 the railroads
themselves. The most unpleasant fca-
mrc in connection with the relssemb.
ling of the national legislature was the
renewed emphasis placed upon the
dencit in our national finances. This
has occurred In spite of our large and
Increasing revenue, and is to be at
/ tribufed solely 10 national eklra1a-
gance. The only way for adjustment
| lies in some form OF entrenchment, for
M increased form of taxation is to BE
! thought of; and the increase of rev.
enue from tariff and internal source.
due 10 national prosperity, cannot be
expected to continue indefinitely,
| Once more the stock MARKET has
been almost entirely dominated by
monetary conditions The tensi n
which has been repeatedly anricipat.
ed in these adyices is still on, and is
illliely to remain with us more or less
iuutil after the first week in January
While funds have been returning from
some paris OF The interior calls were
received from Other parts which had
TO be satisfied In both the west ana
Inc south there are unusual demands
for money arising fir m business ac-
tiyity. and The return movement is be
ing deferred until af er The holidays
because OF unusual activity in the hol-
iday retail trade. Considerable manip-
ulatiOn is observable in The money
market. call loan having touched as
high as q per cent. but these fig
ures. which suggested an effort to
force Secre airy Shaw into relieving
the strain, would not have been pcs-
sible had MOI conditions favored such
manipulation. There is no important
prospect of relief from gold imports. |
During the next few weeks consider
able remittances will have TO be made !
for dividends and cher annual pay
menis. There may also be a conaider
able Increase in the supply OF com !
mercial bills; a favorable factor which |
is not. however, OF sufficient strength |
under present conditions 10 induce |
gold Imports IN case of extreme !
stringency here the gold movement |
wcild be chiefly governed by condi. |
q MS abroad. The European money |
markets are sill under the influence |
of Russia's dlfhcultie, ana the state |
OF absolute chaos there is anything b5t |
assuring. Russian bonds have al |
ready declined more severely than was
expected. and while faith in Rnsia
meeting her interest obligations is
sin mistaken, her credi. has been I'M
paired and a selling movement start
cd the end of which is not yet fore.
seen. Should tho Russian crisis be.
come worse and trouble cnsue AT Bcr
lin and Paris. or even in LJndon. we
should be more likely 10 export than
import gold. n on the other hand. |,
The Rus ian situation improves. we
nigh. be able 10 draw moderately up
on Europe in case of necessity IN
any event. the Russian situation must
IIc closely watched. being the key for
he time being 10 foreign markets.
Trouble there would inevitably be re-
lected here, inasmuch as American
fErHiifs'n WHhHt W hiftiN fUt HfTt 10
be sold for the purpose OF protecting
Russian invc tmefss. as they are the
most marketable al favorable prices.
The tendency Of prices during the
week has been irregular This was
larily due 10 the tensian IN the men
> market and partly 20 the ridiculous
y high figures previously reached nv
iome Of the industfials. Tho turning
Il specglat. on TO the latter from bet
er class railroad is ucs is one of the |
nos undesirable features Of The si.u-
liion. emphasizing the fact that the
Upward movement in such securities
II this time has important support
rom The subs antial and conservative
"a eresfs in the '.treeL" Some Of the
llung'ng operations which were re
emily Witnessed are open 10 very So
Sous criticism. and can only react up- !
IN he market unfavorably. Fortunate +
y, the Ouiside public. res1ained by the {
commission houses. have I
III venturd very deeply in these 4,
reckless opera ions. 10. that The mar
ct is free Of this element of weak