The Cairo bulletin., 1910-04-04
Special.
New York. April, 2, Is

New York, April, 2, 1902.
The month OF April opened with
the stock market hesitating and de-
pre- sed. Prices underwent a further
reaction, and had it not been that
stocks were generally in strong hands
the decline might have been still
more marked, Nevertheless, the big
holders had somewhat lightened their
burdens and were indisposed to re-
enter the market as buyers until con
SESSIONS of Importance could be OBJ
tanned. 1t must be admitted that cur
rent developments were temporarily
of an unfavorable nature. The all
vancing tendency in money was adj
verse to stocks. In London the strin-
gency was particularly noticeable,
the situation there being aggravated
by the British Budget dfficulties.
The quarterly and fortnightly settle
ments in London occurred this week:
added to which the Government was
obliged to meet unusual financial oh,
legations. This imposed a severe
monetary strain upon London, the
hight rates for money there necessi--
tating gold exports from New York.
This movement would have begun
some time ago had it not been that
our adverse trade balances had been
partly Offset by liberal European TAX
ngs of our investments estimated at
about S200,000,000. The foreign de-
mand for our securities, however, has
suddenly subsided; and the adverse
trade balance it is feared will con-
tinue until the new crops are avail
able, Considerable quantities Of
grain and provisions are still held
back and these may be exported
later on, thus partially relieving the
export situation. Another depressing
factor has been a sudden rus to
market new securities in unexpected
ly large volume.
Railroads Need Money.
The railroads continue in need Of
immense sums to keep facilities equal
to demands. and a desire to take ad.
vantage of the first opportunity the
market afforded has been accelerated
by fear of Federal restrictions upon
the issue of new securities. The flo
tations during the month of March
We're unusually heavy and it Is known
that many other important amounts
are suspended awaiting the next OPP
portunity. The result is much cen
gested bond market. The new issues
have been readily underwritten, but
have not yet found successful Place
ment with investors. Low rate bonls
moreover, are adversely affected by
the better rates demanded Tor money,
and the necessity of investors seeur-
| ing as large returns ds possible ~ or
| der to meet the increased cost OF
| living. Short term notes are again
| coming into prominence as the riest
| feasible method of raising funds fof
the railroads. Ono mora element at
weakness has BEEN the l,bor G1tn
alton. The railroads generally have
lmade liberal concessions to their en-
nloves, which will materially increase
working expenses. How far this VIII
affect net results cannot yet be de
termined; but railroad managers de
pend for compensation through an IN
crease of traffic, a. well as some ad
yances in rates, Railroad earning
it is encouraging to note, are already
making very satisfactory gains com
pared with a year ago, and the eX
lpectations of traffic managers are fol
a heavy business next autumn, if not
before Still other causes of uneasi
ness are, delay in the Supreme Conr
decisions arising from the death o
Justice Brewer, and the general polit
ical situation. especially regardlns
1.-THE tariff 1t is being more and nort
recognized that the latter question
will not down and must again become
the subject of political controversy
4 the high cost of fod making the issue
all the more inevitable.
Outlook Not Unfavorab!e.
Such are the unsatisfactory feat
ures of the present situation. The.
have, however, been pretty thorough
" discounted, and the general out
look Is not unfavorable. On the con