The Cairo bulletin., 1910-04-11

NEW 1OTR, ApTll J.-IDe SpTlUR
seasons tendency on the Stock Elk
change should soon turn toward in
creased confidence, hence improve
ment. The first of April was passed
with scarcely a ripple in the money
market, and this in spite of unusual
strain in London. Domestic ey.
changes are already turning in favor
|of New York, and from now on the
currency movement will be in favor
of this center; the ultimate result
being easier money rates until crop
demands begin to assert themselves.
The only offset to easy money is the
probability of considerable gold ex-
ports. London is undergoing period
Of unusual monetary tension owing
to complications arising from the
British budget, and an extraordinary
speculation in rubber shares. Dan
ger signals have already been hoisted
in London, and the brakes are being
steadily applied The Bank Of Eng
land reserve Is much in need Of re-
plenishing; Paris is unwilling to part
with gold, and the bank is securing
bank rate is advanced it would Gre
ate no surprise, the reserve having
dropped below 40 per cent compared
with 1922 per cent year ago and
51.28 per cent two years ago; the
consequence being that much of the
demand falls upon New York. For
the call. The United States is a
large producer of gold, and we can
readily snare $25,00O000 or $3o,000,-
900, which 1t is expected London will
require If the efflux does not run to
excess 1t will be beneficial, ipasmuch
as it will strengthen London, and
place gold where it win do its work
most effectively.
Crop Outlook Good.
Next to the improvement in local
monetary conditions, the outlook for
the crops is the most encouraging
factor. There Is no doubt that the
coming season will witness a phe-
nomenally large acreage of cotton and
grain, because present high prices
must inevitably stimulate the farmer
to raise the largest possible output;
first by increasing his acreage, and
second by better cultivation, the lat
tre including a large application OF
fertilizers than in ordinary seasons,
1t is too early to form any opinion
as to the final outcome, since that
depends chiefly upon the weather.
But with an increased product the
world over, it is quite evident that
the high price movement for many
products has about reached its eli
max This fact will eventually have
an important bearing upon our inter
national trade. 1t is probable that
considerable quantities of grain and
provisions are still being held back,
which later on will find an outlet.
Moreover, we will soon be within
three months of the harvest, period
which can be readily bridged by an
extension of our credit abroad
should that prove necessary.
Labor Matters.
There is considerable Improvement
in the labor outlook. Nearly all of
the leading railroads have made mod
crate concessions to labor, which will
not only remove causes of discomfort
but is an indication that the man
ayers of these corporations, who are
in an exceptional position for reach.
ing safe conclusions, are confident OF
another season of good traffic. Rail
road earnings continue to show hand.
some gains in gross, and the i'm.
provement in net is considerable
notwithstanding large increases in ex
penses. Should net results not prove
satisfactory it is quite within reason
to expect that railroads will recoup
themselves for advances in wages by