The Cairo bulletin., 1906-03-19
FAVOR FIRM Rates
There viii Be No Lessening Of Money
Rates in Next Couple Of Weeks,
Says CleWs.


ldlHtu tAitIilHS III NoHSpliNdl'u NIdS'
Missouri Pacific and Chicago Union
Traction. for the collapse of which
there was ample Justification. Re
newed firmness in the money market,
however, exercised a somewhat ad-
verse influence While the prospects
Of acute stringency have apparently
disappeared conditions favor firm rates
for the next two or three weeks Divi-
dend disbursements incidental TO the
middle OF the month caused tempor-
ary stringency but as these sums
were again released that element of
disturbance quickly passed away.
Within few days there will be n
demand owing 10 April settlements,
after which, however, the money mar
kct should gradually assume normal
conditions Bank reserves have been
by recent contraction in
loans resulting from stock market
liquidation. This in itself is a favorable
feature A very considerable volume
Of loans has been transferred 10 the
other side, and this Is relief 10 New
York banks. A tone time conditions
favored gold. imports and about ST.
$50 900 was positively engaged in the
London market for this side The is
sue however, of a Russian loan for
SOP 600 600 quickly checked the TEND
ency TO ship gold from New oYrk,
tirmer money rates following imme-
diately at Berlin, Paris and London.
The reports of a deadlock over the
Morocco situation also exercised a
somewhat chilling effect in the foreign
markets; the determined attitude OF
France making The outlook again ap-
pear stormy Owing to this change.
feeling has set in again
with European bankers, and New York
will feel the effect of this while It lasts
by the curtaiiment of credits, which
at present Wall street is mainly rely
ng upon in the event of a squeeze in
The money market between now and
he lst Of April. There Is, hoewver
no reason to apprehend any very sci.
ous disturbance in the New York
Money market as after the middle of
April the crop moving money will flow
his way in considerable amount. Par
ial subsistence of excessive specua-
ion recent liquidation, and The shift.
ng of loans to London have afforded
'ery material relief 10 The local situa
ion; and while it is premature TO lcok |
or easy rates the prospects for undue |
are now much more remote |
fhe money market, therefore Is not |
likely 70 be a serious obstacle to rea !
enable stock exchange activity for n
much longer period.
Stock exchange operations are !
much restricted, partly owing To a |
arge absentee list, many of our big |
nd active operators being absent for
ne reason or another and still indis-
Osed TO re-enter the market with any
reedom. Apparently they are await
lg the turn of events. and are not in
lined 10 invest freely at this level
ieneral business, it is true. continues
ctive; this fact being demonstrated
y very encouraging railroad earnings
nd continued heavy bank clearings.
luch depends upon the crop outlook,
'hus far no serious injury seems to
ave been done 10 winter wheat and
he season is now So well advanced
hat that cereal should now be beyond
anger of harm by frost Certainly the
usiness and The crop outlook are ia
orable and 10 this extent the recoy-
ry in the stock market was perfectly
lstified A good deal of hesitancy,
trike in the coal trade. ! doubt wheth-
r one will take place however. owing |
0 the fact that il would be sure 10
esult i'm failure on the part Of the
trikers. There is too much coal piled
p in operators hands and the weather
, too mild 10 make any urgent de-
land for coal from now until next fall, |
D that operators were never in a bet
ar position for a strike and the min
RS never in worse one. Should a
irike materialiZe Il would inure TO
he benefit OF the operators, as il would /
nable them to keep mp The price and
Ell more Of H. The time 10 make a
ucessful strike is during a period Of
hort supplies and az the commence
ient of a freezing cold winter. Ap- II
arently the chief issue will be the
pen ship-a vastly more important
uestion than that Of an increase in
ages. President Roosevelt has al
aady been appealed TO in the matter
nd il the subject should come TO him
,r final decision there is little doubt
5 10 what il will be. The president
hile thoroughly friendly TO labor. Is
niie as much opposed 10 a monopoly !
that division of industry as he is
, a monopoly Of capital. and his al
lady taken a position in favor Of the
pen shop Il will be unfortunate II
Iitchell insists upon this vital point.
tr unoft No rn0 will tho disaster Of a