The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-04-25

is quite certain that efforts in this d.
rection have never been equalled in
previous years, thanks to the per
Sistent enleavors to stimulate more
scientific cultivation which have been
made in the last few years. Ii FIR.
Their evidences of the activity in the
west were wanted they could be
found in the regular report Of rail-
road earnings, which are exceedingly
favorable. In March SO railroads re.
ported gross earnings of $65,000,0G0.
an increase of $s,S00,0O0, or nearly
lG per cent more than year ago.
For the FIRST three months Of the cur
rent year fiftythree railroads report.
ed earnings Of s17,000,000, an increase
TO $24,000000, or over 54 per cent.
Such heavy per cent.ge Of gain Is
the latter has not been seen since the
year 1906, which was one of unusual
pro :perity for the railroads These
returns chiefly include roads serving
the agricultural districts. and do net
cover the eastern trunk lines, such
as Pennsylvania and New York Cen
trial, which are also known to be max
ing very handsome gains in revenuc.
1t is worthy of note that the southern
roads have made. large gains. notwitn-
landing the light cotton crop, and
western roads did well in spite of a
light grain movement, The railrG ad
situation would be eminently salts
factory were II not for the increased
expenses forced upon the roads by
the demands of labor, AMI high prices
for materials. Labor, however, is
getting big share of prosperity, and
it il but reasonable to expect that
stockholders, too. should come in for
better results, if present conditions
are maintained. Much will depend
upon the crops. If these prove good.
|, the year will be a satisfactory one
for the railroads.
The Money Market.
The money market is working ITS
way out OF conflicting conditions.
Funds are returning from the west
and bank re erves are rising The
Bank Of England did not r,vise rs
rate, as in some cases feared. aud tie
proportion of reserve to liabilities
rose last week from 43 per cent TO
80 per cent, a sudden and very en-.
eouraging Improvement. The weak
point in London Is the dangerous
speculative mania in rubber and oil
shares, which financial power there
have evidently ~been trying to re.
strain. Whether the climax of the
movement has yet been reached does
not yet appear, and the danger there
is one which must be watched with
interest on this side; because should
London require financial assistance
gold would probably be promprl,
taken from New York for that pur
pose.y On the pre- ent movement NC
have thus far exported about $1,000,
00e and further shipments are antici
pated.
Outlook Hopeful.
Taking all facts into consideration
there Is no reason for other than
hopeful views regarding the business
situation. Present hesitation is chief
" due to the uncertainty ri ing from
an inevitable readjustment in bust
nessand long needed reforms in poll
ties; both of which, as sail above
are from the long point Of view favor
able tendencies. The crop and the
monetary situation is improving, AM
there is still no reason in sight why
) the eel rity market should not in due
sea on respond to the favorable out
look in other directions Very char
money Is probable; on the contrar,
lenders are pretty sure to secure fail
rates for some time to come; but thu
money market outlook is REASONABLE,
safe untN the usual crop demands be
/ gin as the autumn approaches. This
immediate course Of the stock market
will doubtless be influenced consider
ably By approaching action on Stee
and PENNSYLVANIA dividends. A goot
deal Of new Financing iias been defer
red until the recent outprt Of new Is
sues has bee absorbed
HENRY CLEwS,