The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-09-24

A'"AhNt NphllHuGS ullutI influence Oh
the monetary situation The most
significant feature at the moment is
the world wide firmness in money
rates, and the advance in time money
at this center to G1a a 7 per cent
Up to date, we have imported or en-.
gagged about s30000,000 of gold Since
a large portion of this was made i'm.
medlately available by Treasury ad.
Vances, corresponding amount of
current imports will have to be re-
turned to the Treasury upon arrival.
The result is that over $40.000,090
more money remains locked ND in the
treasury than a year ago; nothing
but temporary relief from outside
sources having been afforded by the
Treasury through advances On i'm.
potis. Secretary Shaw has not yet
increased his deposits with the
I banks means of relief to which the
Government will apparently soon be
| imperatively driven Meanwhile the
! Facilities for gold imports are dimin.
lshlng. London, Paris and Berlin all
show an increasing indisposition 10
permit gold to come this way. The
bulk Of our about SIG 900
O00-have thus far come from Lon.
don. 1t was estimated that London
could spare $200OO,0G0, but that a.
mount will not be taken except at
nigh price. The Bank of England has
to meet important South American
and Egyptian demands: hence. New
York could not expect TO secure all
OF the spare gold from that institution.
The Bank Of France is in a strong
position. and could no doubt spare MS
a considerable amount of gold; but
there, too, is a decided inclination to /
restrain the efflux to this country /
ana also to be in strong position for
meeting future Russian demands. |
London and Paris are the two main
foreign available supplies of gold for
the American market In all probabiI.
ny, we shall secure further sums
IRON one source or another. but NOT
without paying good rate, for the
same and our bankers are securing
ne world to secure any surplus hold
ngS. Trade is active the world over
md the demand for money and cred.
1t more general than ever in the
worlds history
The situation Of the local banks
ought not TO again become as weak
as fortnight ago Gold imports
have MATERIAL strengthened local in.
situations, and there has been an i'm.
lortant contraction in associated
'ank loans which are now lower than l
or the past two years at this season:
md which in view Of the great bus. 7
ness activity ana heavy stock mark.
. operations, demonstrates that our I
fedlt abroad has been greatly ex d
landed in order to finance American L
took market operations. The de- 4
hands for cropmoving purposes are
OF the only unusual calls upon the /
anks II may be true that we have n
he largest wheat and corn crops on a
ecord, also an unusual cotton crop
nd that these requirements alone a
III make an extraordinary drain up. v
n our resources. But the unprace @
5nted activity in business is also 10 u
e considered as a very important n
.ctor in the present period of none. pi
Try stringency. Our mills and our II
crchants are all engaged in record. ~
'eaking activity. Their demands are el
rgcn' and must ne satisfied. The al
lancing Of new enterprises and new So
.curity issues also locks mp large III
inns temporarily Real estate specu. VI
ton is another element which has az
'sorbcd heavy amounts of funds: III
ID is, in fact the most unsatisfact. I'd
y element i'm the whole situation. VI
oanwhiic, there has been a great ax- IN
nSiun both in currency and in cred co
the latter not TO dangerous DE-. III
ee yet quite sufficient to impose a
avy tran upon our inflexible none
~ facilities. High interest rates
T. world over are simply sign
al the monetary machinery is be
g worked 10 its fullest capacity. In :"
IS country it is being worked :.
d there is friction. These high
les may not yet in any sense be re.
fded as a danger signal. bur they
licate that demand has overtakcn
pply and tina some sort of read. 10
tment and caution is imperative '''
oh rates will put a check upon
'kless speculation. and by such
ans the equilibrium should be
ldually restored
mother factor in The stock market 4,
ich will be watched with interest NJ.
the reported passing of control OF ~.
fillmore Il Ohio to the Union Pa 49,
r.. II cpusummaied this will give r.
Hartman The FIRST ami only com
To- tram continental route u will
.urall compcl Ethor transcond
ltal lines tu secure direct connect To
between tho Atlantic and Pacific Z
aus through lease or ownership. Vel
important a rcarrauGcmcuj Of the q
.road map a. Mr. Harriman's rr. sell
ted project must involve. suggests soc
" far reaching consequences. ret
ether &c will. or will mo-. revive age
mostly between the various trans
tinenta railroad systems remains 1 M
De seen Al any rate. it is evil
e that The community of inter ,