The Cairo bulletin., 1910-11-21
Special.

Special.
New York, Nov. 19,--ln sipte OF
dullness a stronger undertone appears
to be developing on the Stock EN-
change. This is partly due to a clear
ing of the political outlook by the
elections to the encouragement at
forded by a big corn crop, the favor
able prospects or the interstate com
mercc commission agreeing to fair
advance in railroad rates to Offset the
increased wages to meet the demands
made upon them and to the gradual
disappearance of approximations re-
garding the money market Perhaps
the money situation is just now the
controlling factor. There had been
good deal OF uneasiness owing to a
strained credit situation, as emph&.
sized by continued excess OF loans
over deposits. The situation, how
ever is gradually i improving; the
period of greatest demand incident
to crop movement has been safely
passed, and funds shipped west for
that purpose are already beginning to
return to this point. The lower price
of corn has induced some farmers 10
hold for a higher price and compelled
others to invest more freely in cattle,
which can be profitably fattened at
the present price of that staple. Suca
operations of course, lock up consil-
cradle money The WESTERN situa-
zion, however, is gradually working
out its own solution, and bank re-
turns made in response to the last
call show a better situation than was
expected In the east it is believed
that tn period Of greatest strain has
been safely passed In London and
Paris easier conditions also prevail
50 that the Improvement in monetary
conditions is practically worldwide,
Expect New Financing.
Many capital applications have re-
Gently been postponed owing to un-
favorable conditions, but the more
favorable monetary outlook renders 1t
probable that more or less new finan-
cling win be taken up in January, If
not sooner. Some of our great cor
poratons are absolutely in need of
funds to complete enterprises already
under way and so long as t ey are
willing and able TO meet none mar
let conditions the probability is that
issues within reasonable amounts can
be readily placed. In October and No
yember the output Of new securities
was much below previous years, a
fact which should assist the invest
ment market in December and jan
uary. There are also some signs of
Improvement in the bond market, and
with the January disbursements not
far distant, it is expected that there
viii be a somewhat better inquiry fot
this class of investments. Several i'm
portant new issues are under consid-
Grafton, including $50,000,0o0 New
York city bonds Two or three rail
road loans have already been an
nounced and others win follow. II is
probable the knowledge that these
new issues must be placed, also a
recognition of beterment in intrinsic
conditions, has induced some of our
strongest bankers to take more hopt-
full views regarding the future The
strength of the market during the last
few weeks has certainly been az
tiiicial, and could not be attributed to
either investment operations or pub.
lie buying of stocks for speculative
purposes. There is still an important
contingent in the market who believe
the situation would be more substan
tial if prices had not been forced t.
such an artificial level.
improvement Everywhere.
The Improvement in monetary con.
ditions is not confined to New York,
but is reflected in other foreign mar.
kets. Paris shows the most comfort
able position of any point Exchange