The Cairo bulletin., 1909-09-20

! Mr. ]. Pierpont Morgan. Jr., into the
directorate of the National City Bank,
with the powerful Standard Oils finan.
lcial interests who were prominent
among Mr. Hartmann strongest
hackers. Pointing in the same direc-
Ition is the election of Mr. James Still.
imam, chairman of the bank, as direct
Tor in the Big Four Railroad system
and the announcement of proposed
$4,000, 900 issue of bonds by that sys.
Item. The remittance into active work
of Mr.. Stillman and also of Mr.. Jacob
H., Schiff is also significant of de
Isire of the large interests to secure
Ia proper readjustment after Mr. Har.
riman's death, since both these gentle.
linen have been endeavoring to cast
off the cares and responsibilities of
details, and their action may be con
sidered temporary pending final read
Ijustments which shall follow more ma
ture and general consideration
4 The Money Situation.
4 The strength in the money situation
Twill not be surprising to the readers
lof these advices last week. The agri-
lcultural sections are now actively cali
ling on their Eastern correspondents
tural products and are severely de-
plotting the bank reserves at this cen
tier; but it is still fair to assume that
a large part of this money will be re-
leased before mercantile channels re-
lquire its more extended use. On the
lother hand our large banking inter
Tests end some Of the most powerful
market operators nave again been
, borrowing in London and on the Con
tinent and the advance in money rent
Ial rates that has taken place this
week has materially increased ON
foreign Indebtedness Cable advises
from all the financial centers of Eu-
rope indicate a worldwide awakening
to the real money situation, and the
/ days of superabundance in the money
isupply have definitely ended for this
season. The money situation, there
fore, suggests prudence and discrinl-
for the banks are not necessarily a
handicap to an upward movement of
important dimensions, especially If
J. such rates are the result Of improved
conditions in trade al industry. Aside
from the iron and steel industry there
lis, however slight indication of any
general trade recuperation But in the
particular instance in question the
improvement is taking on almost un,
bridled activity and may well be per.
United to connteract other deficien
cies in other directions.
Steel Stocks.
The Steel Corporation is at the
present time credited with operating
virtually its entire capacity. The in
dependent companies are participat-
ing in the general activity, and the
steel situation as a whole may from
the stock market view point be con
sidered in connection with the influ'
general security values. The impress
sion is becoming general that at their
quarterly dividend meeting in October
the directors of the Steel Corporation
CSA tr A
per cent basis and there can be no
question that the strength of the mar
ket during this week, manipulated
though it unquestionably has been
has predisposed the rank and file oil
Wall Street operators to optimism
This means popular disposition to
exaggerate the influences that permit
a favorable Interpretation and to ig.
more as far as possible those of DIFF
ferent trend. Cautionary signals are
at the monet unpopular but none the
less necessary. When powerful market
leaders who themselves own the
great bull of floating securities de-
eide to pct prices up with a view oi
distributing these securities during
the excitement attending the manipu
lated advances, the market becomes
one for the nimble trader The most
conservative description of the situa
tion at the moment is that prices are
unquestionably high but they may &C
higher as the result of the new stu
alton of control that has already beer
; outlined. Meanwhile there ca be M
; question that the higher money range
will encourage the release Of money
. tied up low income yielding invest
: ments ad long range investments
: should therefore be undertaken at the
| present time with extreme caution
) and discrimination. For the quick in
and-out trader the market is favor
3 able one.
RI HENRY CLEWS.
80.