The Cairo bulletin., 1905-06-05

grave Decentralization because it lacks
a courageous ana vigorous head. II IS
quite certain that the war cannot be
carried on by Russia without further
important loans, aud il is equally Ger
tain thar foreign bankers would be
more d sposed 10 loan money for a
peace indemnity fund than for the pur-
pose of continuing the present de-
structive and entirely hopzless s'rus
gle Beaten and Inundated az war,
ldemoralized at home and threatened
with financial difficulties. Russia has
NJ alternative whatever but peace,
which humiliating as it Will be. is
lthe only choice between that and pc
/ Hdcal disaster At home.
aonds arc Strengthened.
Roth Russian and Japanese bonds
were strengthened by the news oi
Japanese victory. presumably on the
assumption that the money markets
o. the world would not be under a
much longer drain for this purpose In
Paris tremendous efforts have been
made for the support # Russian cred
It and to prevent a crash during the
twar: so thar il still rema rs 70 be
seen what the lattsrs effect viii be
upon Russian bonds after bankers
withdraw their organized support and
allow these securities TO take care of
themselves In this connection il viii
be remembered that the greatest de-
, line IN British c0nsCls took place al
er the B ct war and nor during the
, struggle. when the national credit was
trengthcned by universal support
Market IS Improved.
The post on OF the stock marke,
las been further improved by rccen.
a quotation and the partial discountine
# such unfavorable conditions as real
exist. The franchise tax decis.or
|, Gems TO have been thoroughly dis
: uuteJ, iuasmuch as several Of tn
, rops rites interested have already
aid by sufficient funds to meet thes
emands. The fear Of hostile rallroa
= ,gislafion also seems 70 have spen
s force for the present. Consider
III BILE selling occurred at one time OWN
this apprehension. and it is nov
Il rdarst cd that the railroad lagisls
q on which it is proposed 10 put intC
feet next fall or winter will not be a,
laical as feared, ana thar no seriou.
4, tempt will he ma e TO have the go'
mmant fix the rate. Such lesislatioi
/ : seems probable VIII seek TO d
way with determinations and othe
ven known abuses which have bee
bieetionahle to both railroads an
hippers alike.
~ Tar Is Agitation.
We are destined ia have period 1
ariff agitation which mas Temporal
: ii check business and restrain nes
y nterprises. AS yet. however Their
. ire no indications Of serious change
g the tariff. particularly as geners
m business Cd and there is little iii
|. outent in the rants Of ether capiti
oa Labor. Our national revenue a
ears t. be insufficient 20 meet gro'
ng expenses, consequently the rev
: me producing schedules IN the tart
HI rot lie rau ri disturbed. In
ew eases where TIE fariff is prae. ca
nrohib tive a moderate rs nctit
would Increase the revenue, VIII le
lowering in the rates OF certain ra
materials would undoubtedly recei'
z nopular favor, creating minimu
mount Of friction here and proving
: desirable stimulus to many Of D
manufacturing industries besides e
ng additional employment to Anne
can labor.
AS to Extra session,
Any further increase OF revenue c
\ readily secured through some 70
u i internal taxation The latter
'rmation is that the president N
all the special session Of cougr
or N yember instead of October,
N u first expected This would br
he special session very close 10
gular session and desirahly les
he period of agitation Another
0rable element in the stock mar
IS the recent restoration Of harmt
etween the Hartman and dill-N
) IAN interests. 1t Ii quite evident I
hat he interests interviewer that b
fice des wish to avoid serious frict
the Since the rivalry between these
the factions has frequently been
storm center on the Stock excha
see Turing the last few years it is s,
how satisfaction TO know that peace
'ove tween them is dep ndent upon Sc
way hing more stable than purely per
'ond i relatis ms.
In the Iron Trade.
4 No change can be detected in
ron trade, which is experiencing
slight and somewhat des rable
$ taxation from peryious high press
W w An immense volume Of bushes
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