The Cairo bulletin., 1910-03-21
Special.
New York, March 10, 1910.

New York, March 10, 1910.
Firmer money, labor troubles
profit taking and absenteeism al
combined to induce moderate reac
ton in stock market values. Sew,
eral influences also contributed te
higher rates for money. Disburse
ments around the ist of April are
always exceptionally heavy, ana
preparations for that contingency
had much to do with the recent adj
vance In interest rates. Bank re-
serves have been declining, and the
dmands upon the money market to
finance new security issues were al
so an important eelment IN the sitna-
ton. The advance of per cent in
the Bank of England rate, show
ing an unusual situation abroad, also
exerted a perceptible influence
Added to this is the general activity
in businss on high price level
which absorbs loanable funds upon
a lower scale. AS for labor troubles,
these have had a decidedly dterrent
effect, especially where demands
have been radical and unreasonable.
Demands for higher wages have fire.
quently caused less concern than the
regulations which some of the unions
sought to enforce upon their EN-
ployers. So long as present prosper
Nv Sc
among corporation managers to deal
literally with labor, which material
,ly softens the antagonism between
capital and labor, and lessons the
probabilities of any serious disturb,
ances. 1t is to be noted, however,
that the ability to pay higher wages
is frequently confined to the, large
establishments, many OF the smaller
and newer concerns not being able
to report such handsome rates OF
profit as shown by some of the big
indrstrials and the older established
railroad systems. A great deal is
made in the press of the profits of
some of the leading concerns, but
practically nothing is heard of the
smaller concerns, some Of which are
keenly feeling the increased costs Of
production, and are not always able
to meet the growing demands of EN-
ployes.
Activity Not Even.
The general business in fairly
active, and has a promising outlook.
still activity is not eveninly distrib-
uted The farming classes probably
lead in point of genuine prosperity,
owing to the abnormally high prices
of all agricultural products. The
iron trade. too, in its leading
branches, appears to be enjoying a
full share of activity, though on a
basis of lower prices. There is also
great activity in the real estate
field, especially in the West, where
speculative operations are being con.
Quoted on an unprecedented scale.
In other directions, however, the
outlook is not so roseate. The cot
ton goods industry is In very unsatis-
factory condition. Many cotton mills
are idle. The high price OF cotton is
q serious embarrassment to manufac
turers, and distributors are decidedly
reluctant about stocking up at the
present high level. In the wooden
industry, the situation is mixed, some
mills having full complement of or
ders and others finding business very
dull. In mercantile circles there is
q general feeling of conservatism be-
cause Of a very proper indisposltion
to carry large supplies at present
prices, this tendency being enforced
by bankers who are prudently dis
eliminating more closely In ,neil
purchases of commercial paper. Per
haps the most unsatisfactory feature
Of all Is the popular discomfort arts
ing from the presnt high cost OF
living. For this economy is the only
true cure. Already the crisis is be
ginning to work out Its own solution