The Cairo bulletin., 1908-04-20

situation continues 10 labor under
conflicting Influences. Outside OF
Wall street depression is universal
and in some cases is more acute
than at any time since the panic
Within the precincts of the financial
district, however, the tendency con
tinues towarGs recuperation. The
nest favorable feature, perhaps, is
the increasing eas- or money. This
tendency is always noticeable after
a panic, when slackened trade and
lower prices encourage the accumu-
lation of idle funds, and is being
stimulated by the return of currency
from the interior as well as by the
ligidity. Of q currency system which
does not permit of adequate contrac-
ton in times Of extreme stagnation
Until the CROP demands begin we are
practically sure of abnormally easy
money; the Glly offset being gold ex-
rorts and the withdrawal of public
funds from the banks 1t has been
rGmored thai the treasury would
shortly make 4 call for about 10000
eco; an operation which would have
little effect iipon rates at this time,
tecause the government already has
about $3.50 eco 600 deposited in the
banks and the withdrawal would
probably be made at points where
congestion is greatest. 1t is not like
~, therefore, that treasury operations
viii much disturb the money market
May Ship Gold to Paris.
AS for gold exports, there is a pos
sibility thai We may ship gold to
Paris. Some pressure exists in the
money markets, particu-
Iarly at Berlin owing to the issue Of
new loans and general strain upon
credit. For some reason the de-
nands appear to fall chiefly upon
Paris, and that center naturally looks |
to New York, where gold can be OBJ |
tanned upon the most advantageous
Terms. AS yet, however, there are
40 indications Of an alarming efflux |
81 the precious metal.
Decline in Exports.
here has been a marked decline in !
imports, thus permitting a continued
heavy excess Of exports. This, Of
course, is discAuraging to gold ship
Hents; YET IL IF always best for all |
that gold should freely go |
where it is most needed, and as we |
are in position to give freely of |
our large reserve, shipments of few |
millions Of gold to the Continent |
would probably prove Indirectly bene
icial through lessening the glut of |
die funds ut this center and relieving
he strain upon the other side. In
March 0uf merchandise exports
to over $f41 100000, com
Jared with $16i 100000 a year ago.
This was a decrease of about $780,
100000. Our importations during
he same ported were $4,000, 900 |
with S133,000.000 year
lgo. a shrinkage of $4,000, 900 This |
eft an excess Of export for the |
month amounting to over s52,000,000,
Is against $2S,5o0.000 in March, 1907 |
n this connection ii is interesting to !
tote that Turing the nine months
7nding March our exports of mer-
,handise increased $4,000 900. while
our impOrtdtions declined $135, 900 |
Conditions Unsatisfactory.
General business conditions are !
anything but satisfactory Here and |
here signs Of recovery are visible,
)ut in many cases zae industrial de-
preston is more severe than at any /
line since the panic. The consump. |
ion of ms, chandise is consequently /
being much retarded by the many |
hands thrown cut of employment and |
he universal necessity for economy. |
Such depression is, OF course. most
teenly felt il. the big industrial cen
.ers. and notably in the textile and |
steel trades. Wherever the necessity |
or readiustmeEt has Teen improving |
although no general revival of de- |
nand is to be expected until tn out |
come of the election and crops can |
5e more safely estimated. Per con-
ra, wherever readiustment has been
resisted depression is at its worst. /
no industry is more del
PRESSED Of the moment than the steel |
rade. which for a long period has |
refused to lower its |
prices in a manner that would facili- /
ate and rromite revival. There are
signs of weakening, however, in the |
steel market. and there Is no doubt |
nut that moderate concessions would |
Dc helpful. Perhaps the steel man
lgers have been depending upon re-
of railroad orders as a basis |
or renewed activity: but it is quite |
avident that the railroads for some |
line to come will postpone all i'm |
as far as possible, and |
until their finances are In better con-
4ition. Certainly railroad managers
would not be justified in paying pres |
mt prices for steer so long as the
recessity remains for the steel COM
anies to accept tier share in the
general Adjustment.
Railroad EARNINGS Fall Off.
Railroad conditions are still very
unsatisfactory. The earnings of Al |
roads in the fourth weak of March |
showed 2 loss of Is per cent. while |
for the month Of March AZ roads |
showed decrease of 13 per cent.
BY means of stringent economy the
raiIroadc have baaY, ohIa -oY,,ar-bot O.