The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-04-27

| New York, April 25.-The most sig
nificant event of the week was the
successful underwriting of the $40
100000 Pennsylvania per cent bonds
| This is a very gratifying indication of
revival of confidence, as we'll as posi-
tive proof of Improvement in mon
tary conditions. Another pleasing
feature connected with this transac-
ton is that practically one-half of the
issue is to be placed abroad; a very
practical demonstration that there is
| a reyiving foreign market for Ameri-
can investments of unquestionable
| security, especially when they are
backed by management of good repu-
tatiOn. There is solid encouragement
in the fact that prominent foreign
bankers are once more willing to
finance our best American railroad
properties Europe, however, is still
in very discriminating mood, con
sequently it would be premature to
anticipate any general influx of for
eign capital into this market Dur
ing the next six or twelve months sew
eral hundred millions of railroad obi
cations will mature and must be eX-
tended or refunded in some fashion
or another hence it is a relief to
know that Europe will take a portion
Of our high grade investments. For
some time 10 come our leading finan
ciers will be well occupied in taking
care Of refunding operations; in the
fotation of issues deferred by the
panic, and in the congratulations
made necessary by present depressed
conditions and past corporate mis-
conduct
Removal of Credit Blockade.
Fortunately the prospects of finan-
cling such operations have been much |
facilitated by Improvement in the I
money market and removal of the |
credit blockade. What the effect Of |
these operations upon the interest
rates will be, remains to be seen |
Possibly the extreme monetary ease |
once expected may not altogether |
for, in addition to the |
demands just referred to, |
and the export movement of gold !
there is the early prospect of With |
drawals of government deposits to !
the extent of $50000,000 The gov
deficiencies are steadily
and Secretary Cortelyou
must soon begin to call in the heavy
deposits made during the panic; prob
+o1y In, |
Judgment they are least needed.
From these three quarters it will be
een that the demand upon the money
market between now and the crop
moving season may be considerable;
rot sufficient, however to produce
my stringency whatever so long as
General trade and industry remain as
depressed as at present.
Gold Expectations.
About $7500,000 gold has been or
Tered for export thus far, and more
S expected to follow; estimates vary
ng from $4,000, 900 to $50,000,0O0
Such movement is perfectly natural
md should not cause the slightest I'M
'asiness. Hitory shows that much
If the gold brought in to check pre-
,ious panics was invariably returned
few months after the crises. 1t
hould be remembered we are now
ARRIVING a very large surplus of gold,
nd can readily spare the amount
uggested to Europe, where it Will
10 more good and indirectly benefit
he United States by Strengthening,
he situation there. Our imports of
,old since October last have amount
d to about $120,G00, 600: and as We
AVE been producing gold at the rate
# $90000000 annually-the worlds
PRODUCTION being about 100000. 900
,er annum-the expected shipments
an do us no harm now that our time
# need is past. Nor is the effectof
hese shipments upon the money mar
ct likely to be important; for New
DIRK banks have already a surplus
serve of about 100000, and cur
ancy returning freely from the in
,rtor. encouraging the accumulation
/ idle funds So far as the gold
lovement is concerned, the balance
f trade still continues largely in our
avor. While our exports of mer-
handise have been shrinking, es-
acially cotton which fell off $1,000
20 in March, our imports have been
at a still more rapid rate
acause of trade depression. We
)nsequently have a much larger ex-
ess of merchandise exports than
ear ago. This fact would tend to
iscourage gold shipments; and il
urope takes our securities TO any
Important extent this will of course
lrther hinder the effuX of the
recious metal.
Industry Still Depressed.
Trade and industry continue de-
ressed and unfortunately the signs
renewed activity are few and far
atwecn Economy is still the order
the day in both corporate and pri-
ate expenditures; and retailers are
DIV feeling the effect of depression
hich results in the placing of fewer
rdcrs for nearly all manufactured
rnducts thus diminishing the vol
ne of trade and keeping many in
istria establishments on short time