The Cairo bulletin., 1906-12-03


sage will be awaited with unusual in
| terest IN order to see how far ii sup
ports some of the so-called radical
Tendencies Of the day; and the dispo
sition Of congress also upon such Is
sues will be important to ascertain
! Fortunately the coming session will
!. be short one, and probably unpro
ductiye of important new legislation (;
but discussion may be active and sig
nificant owing to developments In
public opinion shown in the recent
election.
Money market conditions improved
somewhat. Funds have been return,
ing more freely from the interior and
bank officials continue to follow a
conservative policy in the making Of
loans. A distinct improvement has
also taken place in the foreign money
markets, both the Bank of England
and the Bank Of Germany have been
able 10 strengthen their positions,
and the situation has been further re,
lieved by the willingness of the Bank
of France to release a portion of its
gold December dividend disburse-
$75,000.000, and caused slightly in
creased tension; but until prepare.
tons for January disbursements are
in order. the local money market
ought to be free from any serious
stringency, although firm rates are TO
be anticipated during the interval.
Around the first of January consider
able stringency may be anticipated.
In the middle of that month, how
ever, funds withdrawn for dividend
and interest purposes will have re
turned 10 the banks and the influx OF
crop money from the interior should
also serve to improve the local none
tary situation. Unless, however, we
are much mistaken, there will be q
very active demand for money during
the winter and spring months. Bust
ness continues to be very active. and
owing 10 high prices much larger |
amounts of currency are needed toll
perform a given service than in times
of lower prices, The spirit of ex-
trayagance is abroad, and the masses |
are saving less and spending more |
than In ordinary times. In conse- |
quence of our prosperity most people |
are carrying larger quantities OF
cash on their person than usual. and
this alone Is quite an element in the |
monetary scarcity. Concerning the |
20 tl,r ftro OF i,e,n mort |
ant demands are sure TO be made dur.
ing the early part of 1907. A number
of our large corporations have been
knocking at their bank doors for
months to little purpose. In some
cases they have secured temporary
but demands for inn
provements and extensions on both
railroads and industrial pldnts are
urgent, and during the next few
months there will be new security is
sues easily amounting to several hun
dred millions. Thi amount added to
the enormous new creations of the
past two years is anything but a bull
although the interests com
mftted TO such operations will be un-
obliged to give the market
all the support that they may be able
When the April settlements come in
1907 stringent money rates will be
more inevidenca than usual.
General outside conditions continue
satisfactory and no reactionary signs
Of importance are yet visible. Con
idence is generally strong. although
N many respects conditions are 50
abnormal as to induce decided
spirit of caution. Advances in wages
granted by railroads and number of
arge industrial concerns are exceed
ngly gratifying to employees, and per-
factly sd isfactory to employers as
ong as present conditions last; but
he high cost of labor and material OF
III kinds is exercising a growing re-
,traint upon new enterprise ana
more or less uneasiness regarding
he future. The immediate outlook, .
however is for continued activity. Z
md should we be favored by still an .
,ther good harvest in the year 1907 =
nav prove as satisfactory one as a
he year about to expire A poor har- ?
est however, In 1907 would surely i
ring a reaction. The annual report 3
Il Secretary Wilson of the Depart q
nent Of Agriculture shows how i'm e
,ortant an element the farmer is. n
'or the current wear he estimates the J
alue of farm products In the United {
itates at ss.794 900. 900. which is A
4s5 200. 600 greater than year ago. 8
his gain was made in spite Of drop c
T $4,000, 00j in cereal crops. As the
after showed a gain OF 120.O00e00 s.
ushels in quantity. the decline in Il
alue was OF course due to lower pre- a
alling market prices. The increase in a
he total value Of farm products was Il
lore due to a rise in the value of Il
heat products and animals than the b
ain in quantity or numbers. The D
rosperity OF the farmer is well IN
erstood subject: and Il u worth a
eeping in mind that our manufac
ires are now valude al more than
ouble the farmers product. Besides
Ie are making vastly more rapid
rogress in manufactures than in az
couture. This year W. are producing
IL iron at the rate Of 26.O05.0aO tons r.