The Cairo bulletin., 1906-07-30
Stocks - Bonds y Cereals

respects emnently promising. ana
upon this condition of affairs our
bankers are depending for liberal gold
imports during the autumn. OF course
the Russian situation is somewhat
disturbing, being problem, the solu-
ton of which no one can yet foresec.
; There has been some fear OF a finan-
cial crash i'm Paris or elsewhere ow-
! ing TO the decline in Russian secur-
/, tiles. Russia, however. has never
failed 10 pay her interest and as she
must continue to borrow for some
time to come il is not likely that she
will destroy her credit by default.
So far as can be seen Russian diff.
culties have been amply discounted
for the present by the last decline in
her securities.
AT home the outlook is as promis.
ing as at any time during the last five
years. Our crops are making exec
lent progress. Some deterioration
may be shown in cotton, but that is
usual in July and August and is no
cause for concern Everything points
to an ample yield of cotton and fair
prices for the same. All reports
coming from the South are OF the
same tenor. The agricultural classes
there are well to do and great aciv-
lity prevails in industrial circles. Re.
| ports concerning the wheat crop are
splendid. Condition is unimpaired
big yield is practically assured and
quality generally is reported fine.
Corn is doing well and justifies the
expectations of big crop. From all
parts of the west come optimistic re.
ports concerning the farming and in.
|dustrial districts alike The business
horizon is almost cloudless, and in |
the absence of any disturbing events |
the country is as sure as it could be |
of another good year A good harye |
is once more the saving factor.
Good rates for money must be an
ticipated because the country has
been Investing its surplus earnings
witr great rapidity, in some respec4 4
perhaps with TOO much rapidly. but |
SC far there are no serious signs or
danger Lending institutions are al
ready exercising restraining mfr.
ence upon unwise real estate opera.
tons, which have been among the
most threatening features in The en-
tire situation. The demand for cap.
ital has been extraordinarily great
and, in spite of the INCREASE in sup
ply, the available amounts have been
well night exhausted. Hence the con.
gested condition of akhe bond market
for mney easily finds better employ.
ment than per cent bonds.
The favorable developments lust
noted of course exercised an import
ant influence on Speculative senH.
ment and resulted in a change IN the
attitude ON important market inter
ests, Some of these leaders who
were quietly absorbing stock on the
decline have come out openly on the i,
bun side of the market With their
facilities for information
t is not likely that they would take .
such stand unless well justified. A.,
How far the advance can be carried .
to be seen. A fair rally has =
llready been experienced and reac I
ions may be anticipated Thus far q
he public have not entered the mar. c
iet with any freedom, and the rise /
las been almost entirely due TO the =
operation Of powerful capitalists Our a
ailroads are enjoying great prosper
ty and this accounts for the eXpecta. =
ions of better dividends in several +
roperties. Some important deals arc 7
$50 under way which are likely 10
ave a stock market innuence Sew
raj prominent capitalists have re-
lrned from abroad and others will
lsO soon follow Freshcncd by !.
eriod Of rest. encouraged by the ad .
lurnment of congress and relieved :
Y abatement Of the investigation 9
ever. stock market operators are :.
lore free in their efforts for an ad. =
lnce. The prospects, therefore. are >
" more active market Such man =
'ulation "a there is based on improv. D
j ee7eral conditions. and so long =
the money market remains free =
ON disturbance we may hope for y
recovery u
The low price realized on the Newt ~
ork city bonds was disappoint y
ent but might have been expected \
view Of the conditions New York y
ty has been borrowing too freely.
he bond market is already badly y
ngested and capital can find safe q
d much more profitable investment :
an in city per cent bonds at a
tie above par
HENRY CLEWS