The Cairo bulletin., 1908-09-14

extent be welcomed as showing the
IeXtreme vulnerability of the market
Prices Of stocks are unQuestionably
high; their present range fully dis
counts the excellent agricultural sit
Iuation and whatever recoveries in
trade and industry and also in tinan-
cial circles have taken place since
the final upheaval Of last autumn,
Money has been so superabundant as
to be a great market factor AS 4
matter Of fact a condition Of imitation
may be said to have entered into the
| situation in the stock market because
of the practically unlimited ayailabil-
lily of money for market uses. The
money situation, indeed, has been the
chief agency in the hands of the large
market interests, who, acting in con
cert, have been behind the tsead adj
vance in the market that has taken
place during the last three months
or so. Whether the range of quota
tons will be further advanced will de-
pend upon the desires of these inter
ests and not upon legitimate develop |
ments affecting market conditions. A |
cautionary signal in this direction is
the fact that the call loans that one OF
the large local banks has outstanding |
falls but a shade under the enormous
sum of $l20,00O,000; other banks are
extended in about the same
and should it be in consu-
nance with the plans of te large capt
.alsts who control these banks to OPP
arate for a decline. it is quite evident
hey have. by the sudden calling Of
oans. machinery at their disposal
capable Of causing a particularly spec
acular decline in view of the present
sensitive condition of the market, L
5 hardly probable that the plans Of
he market leaders contemplate an at
ack of this character; but it is the
,art of wisdom TO keep in mind that
Conditions are present that would
make an attack highly successful from
he standpoint of decentralization,
Railroad traffic statements are
effects of most severe
economies, which must necessarily be
elected in reductions in the net re
rms of the large railroad systems
nd it is to be hoped that the econC 5
lies will not be carried to the point I
actual injury to the properties :
rade conditions are slowly improy J.
g and will probably continue to i'm
owe; but business affairs are still! :
better showing on Wednesday the n
rgest single days customs revenues S
nee Januarhy aying been collected n
the pohrt of New York. vile the
erage receipts so far in September
ow distinct improvements over Au- "
st. Exports are also looking M II
the value of domestic pro a
cts exported in August being SAC, is
1895. comparing with $4i,967045 in p'
leUst 1907 and $IS,S95.9S2 in Aa y.
ST, 1906, while so far for the cal Ia
dar year the value is $G7G. 455, 500, OF
against $5J5,0So,7ll one year ago d.
Il O4,lSS.2GS two years ago There o'
however, a large trade information ~
balance due tbs country. with the -
eign banks well stocked with gold fo
y substantial advance in money rates Of
re will attract the precious metal a
Jccially as the season of active ex y
-ts OF our grain and cotton is so ia
sely at hand -
The market OF the immediate future
lmises active fluctuations and will
badly be successfully taken adyaut w
? of by the uimble trader. The fact in
,uld be kept actively i'm mind. how al
pr. thath te price range is high and pl
Ition cannot be too strongly urged
particularly encouraging influence is
the continued demand for bonds or
the fact that with the secarcity W
the exclusively high grades in LEI
ast is now being shown in the best ~
the second grade issues -.
HENRY CLEWS. w
" OF
Romantic Rrftish Wooers fh'