The Cairo bulletin., 1908-03-23

when mas been In progress for some
time past received a check in the lat.
ter part of the week, owing to unfa.
Vorai'ie railroad reports and dispo.
sltion TO take profits. A good deal OF
realizing has recently taken place. es.
peclally by the larger interests which
plught stocks during and immediately
after the panic to check the decline.
Very substantial profits have been
made by such buyers, and the induce.
ments torealize We're irresistible, in
view of the greater difficulty of carry
ing prices to still higher level on
this movement
Poor Railroad Showing.
1t evidently appears to be the mo
tive of the big leaders to induce ac
tiyity by creating frequent moderate
fluctuations. The two NEST potent
factors just now for the selling Of
stocks are the poor railroad returns
and the political situation New York
Central, Baltimore & Ohio, Pennsyl
yania's Western lines and other repre-
sentative roads are all reporting very
unsatisfactory results in beth gross
and net earnings. New York Central.
was obliged to reduce its dividend toI
) per cent. This was not unexpected
and the reduction was fayorably re
ceiyed inasmuch as the payment Of
the recent high rates at a time when it
was known net results were very poor
invited lack Of confidence in the man.
agement. As a matter of fact, this
decision was favorably received, and
similar action on the part Of some
other lines which it is known are not
earning their old dividends would aid
In restoration Of confidence. The !
stock market has already very thor
)ughly discounted reductions in diyi. /
lends
Labor Should Share Reaction.
January and February We're disas- |
-reus months for nearly all of the lead. |
ng railroad systems, and the reduc |
ion Of Baltimore and Ohio's February |
net from 81 1920 in 1907 to $570I
700 in 1908 is typical of railroad eX |
lerience. Under such conditions It is
nconceivabe that labor should expect |
o escape taking its share of the bust
less reaction. Yet railroad labor stub |
,crnly refuses to make any conces
ions and insists upon maintaining the
Id rate Of wages, With the heavy in
rease in expenses brought on by
hese demands, and the unreasonable !
ttacks upon the railroads in the va
ious state legislatures, conditions are
nything but satisfactory to railroad
and stockholders. In some
istricts traffic is beginning to re-
ever and the gross results for March
hould not show so large a decrease
S those in February; nevertheless,
he railroads have some serious ex.
ense problems to settle during the
ext few months.
Money Situation Better.
While the technical situation of the
larltet appears to favor the taking of
rofits and the exercise cf caution in
uying the general situation appears
be growing better rather than
orse. Reports from the West as to
usiness are generally of more en-
nature The depression 4
lere has been nothing like so severe
5 in the East and the tendency to
,cover is more marked in the indus 5
ial centers Cf the West than in New I
ork, which has all along been the /
'clOniC center. The monetary situa c
on shows further Improvement; and t,
consequence financial disasters re. i
lifting fro mthe panic, though un- +
easantly large, are proving less seri- d
Is than at one time feared Money /
ties are now reasonably low and S
'od borrowers have little difficulty III Q
lding necessary accommodation, al C
ough banks are pursuing a conscrva- a
re course and rigidly turning down o
eculative or promoting schemes that C
ould have been taken up with avid &
Z year ago. This present attitude c
conversation on the part of the ii
INKS will unquestionably in time lay b
g foundation for fresh start on
fer and sounder basis than has ex "
ted for some years. A favorable d
ature was the reduction in the Bank Il
England rate to per cent the low o
t rate since 1905. High rates To-. ft
oney continue in Germany where a b
action of more or less severity is N
w being encountered as a result of "
somewhat similar TO what Il
experienced in the United States Fl
morally speaking. however. thel 81
1ney markets of the world are now "
satisfactory condition as a result of 81
@ check to nflationary methods
lich began in our panic OF October G.
t. p
Demand For steel improved. %
Among the signs # recovery are q
Chilly better demand for some pro d
cts Of steel and iron. Increasing u
lcrs have been received for both -
.lroad and building shapes, prices in y
2 meantime having been well sus- =
ned There has also been a larger
siness in copper. American consum- =
; having. # is understood, made lib :,