The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-04-02
RETARO|NC EFFECT
On Stock Exchange During the Past
Week as Result Of Monetary Con.
dtions and Threatened Strike.
Special to The Bulletin.


New York, April 1.-Uncertainty
regarding monetary conditions and the
| coal strike eXerted a decidedly reard-
ing effect on the Stock Exchange.
Prospects of the coal crisis are very
much mixed. Conditions seem unfa-
yorable for the miners. inasmuch as
there sa large stock of coal on hand,
and 1t Is asserted that as a class htey
are already much better off than usual,
and that trade conditions do not war
rant further advance in wages. The
dispute, however, Is still in a critical
state, and while the probabilities IA
YQr some sort of compromise the out
come is stu uncertain Mr.. Mitchell
seemed anxious to avoid an open rup.
ture, yet ii was difficult to see how
he could do so without backdown---
something which, as a matter of pres
tige, he could scarcely afford to do.
A strike at this time is especially TN.
! fortunate, because of its effect upon
I an oyer-sensitiye and somewhat hys
, terical state of public opinion The
latter is considerably incensed at the
abuses of both organized capital and
| organized labor, and ii realizes that
any concessions To The latter must re-
suit in an increased price for a com
modify which is already selling at
abncrmally high figures. Ii is quite
evident that a prolonged rupture be
tween capital and labor a this time
would accentuate the public demand
for government Interference policy
from which, in the end organized labor
would suffer Just as much as organized |
capital With such momentous prob |
lens al Issue ii is not surprising that |
stock market operations are held in |
allegiance until the atmosphere in this
respect becomes more clear.
The monetary situation has much |
improved. Temporary stringency was
anticipated previous to April list but |
the disturbance from this cause have
been much less than expected. Funds
are still retained in the interior with
greater tenacity than usual ow ne to
continued activity in industrial ana
merchantile affairs, Local bank re.
serves continue too low, and The con
traction in loans has not been radical
er ough to permit of any important re-
The chief relief in the
local situation has come from Europe,
where n case of necessity il is known
that we can obtain assistance. Moder-
ate amounts of gold have come this !
way but relief is usually obtained
through extension or expansion of our !
credit in the foreign markets. Owing
o the improved outlook of the Moroc-
IAN ques ion foreign bankers are more
Inclined TO give New York the assist, {
NEE it dcs res: and the only present S
liHdrance to q further utilization of
hi source Is the probability that Rus
;ia and France also will soon be
arge borrowers in the International Z
markets. The Russian loan for $780, c
100 600, II will be remembered. was ]
postponed last winter because of the F
Internal disturbances then existing
fortunately, the Russian government
as demonstrated its ability to temper A
rly at least repress disorder. It's VI
financial necessities. however, have ~
robably been increased rather than
Unfinished by these events. and the
russian treasury cannot indefinitely
its loan. A partial ssue OF
50,000.o00 has already been made ami
Their instruments are likely TO fol.
wv Russia endeayorod 10 establi D.
nancial conoc.ions In New York. but
lrclatcly Americans do MT take
indy 10 Russian issues ard the prob.
bility is that those who have already
cen large lenders 10 the government r
III be compelled 10 continue their G,
5si lance as a matter of self-'nterest
nd protection. The foreign demand
" American securities shows a slight
particularly from Dutch e
)urces; but this demand s not stuff G.
est to have any material influence ].
pom values. r
The immediate outlook of the mar
IF is encouraging. We have uttered
insideratle react on and in view Of
'ssant general business ACTIVITY there Z
little chance for further depressi5n. n
lless the coal situation turns out :.
Somewhat better buy w
2 of stocks har been noticeable at -
mes. and the liquidation By large
regulators seems TO have ended for
e. time being. On April lst between
% 600, 900 and $40 600 Goa Of dividends
II be distributed; a much larger -
mount than usual at this season ow
E to the active business done by
q big industrial corporations. Tenn
lrarily, at least. this will have a
nehcial effect. Further We are now
preaching the entrance Of spring,
zen the market is generally inclined
be strong ard pessimism al a mini Z
nm. Technical conditions are. there 4
BE-. quite favr rable for moderate r. 3
very In values. Later on march VIII e