The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-09-09

NEW fOrh, sept. I.--opccidi.~-o ut
side interest In the stock market hal
shown further Improvement this
week. Expectations of favorable
result at next Tuesdays sale OF $40,
100000 Az per cent corporate stocl
and bonds of the City of New Yorl
have been largely responsible for this
condition; while a more cheerful
feeling In regard to the money stu
ation--time money at any rate--seems
Ito have modified recent fears of ex
cessiye stringency Ii Is quite true
that Secretary Cortelyous action IN
Idepositing public funds In the banks
came actively acute has been re-
assring effect: but 1t Is still more
than probable that the money situa-
ton will continue an important al
verse influence In the market for a
considerable time, extending at least
over the turn of the year. We are
now on the threshold Of the annual
movement of indus to the agricultural
sections to finance the crops, fact
iemphasized by the firmer tendency of
call money These call funds have
been available for shipment for some
little time, the banks refusing to COM
NIT them for fixed periods, well know
ing that the demand must come as
soon as the crops were ready. Call
money rates have been almost nom
inal for some time under these cir
cumstances, but are now showing a
firmer tendency, and the Withdrawals
for shipment to the interior may be,
under ordinary circumstances, de,
pended upon to force interest rates up,
to at least the same basis as time
money. The natural effect of such 9
advance will be to cause liquidation.
especially Of securities that banks
and other lenders do not favor as col
lateral While call money is In the
vicinity Of per cent, lenders are not
so discriminating In theri scrutiny of
collateral as when rates reach G and
above. When the latter range be-
comes general there is usually a.
wedding out by lenders of the poorer
classes of securities. which causes Ia
turn liquidation of these securities at
a time they have very limited mar
ket The suituation, therefore, is one
requiring caution In buying and of
fers distinct encouragement to eonfine
purchases to the higher grades OF Sc
rift princ Of s.Sn Loft
is never qestioned. Securities of the
lower grades II purchased at all ut
the present time should be purchased |
outright, as with more active money
there is apt to be pressure to sell on
4 market that will not take them
freely.
Banking interests are fully alive to
The money outlook and are enforcing
in channels where such
action is necessary. This means a
continued check in bushes sof a
highly speculative character, and to
/ measurable degree is a protection
against an eventual widespread bust
less embarrassment On the other
idllus tnt out
ook Is decided influence against ex.
rene depression, and the market for
he immediate future is apt to be one
If wide and active fluctuation within
safe limits. Barring
possible damage by early frosts to the
:orn crop. otherwise the record for
he balance of the harvest of 1907 Is
low about assured. AS already noted
n these adyices, the prospects GER
ainly do not favor bumper crops in
my direction, but in all cases they
will be we'll above the average and
will be worth in dollars and cents to
he farmer fully what actual bumper
,rops have in the past proven to be
worth.
News developments of the week
lave, taken altogether, been rather ia
'orable. Active purchases of wheat
or export have been a prominent
eature, which has naturally operated
lgainst sterling exchange, removing
he probability of further gold ex-
lorts for some little time. Crop !
remain favorable, although
he harvest will not, OF course. reach {
he extreme figures of 1906. There,