The Cairo bulletin., 1914-11-30
Banks of Country in ExcelleE Shape;
After War, Loan Rates Will
be Higher
COTTON CRISIS IS
NOW ABOUT OVER
Stock Exchange to Make Gradual Re
sumption-Reserye Banks Made
Successful Start.

New York, Nov 29.-Conditions
are growing better daily. Only two
things stand in the way OF sharp
ecovery-business depression at
home and the war abroad. A candid
estimate OF these two factors is neces-
sary before an opinion can be safely
reached as to whether they have
been adequately discounted or not.
In the frst place, it Is folly to ig-
more existing depression at home Be-
fore the war began rcaction9y
symptoms were widely prevalent
Declining bank cleariAgs. decreased
railroad earninss, Industrial rae
tiyity. increased fallsres, aud ether
indications, all told the istog% of
business staenstion. Moreover, d.
preston was aggravated ly the CON
tinuous political ba.taring Of big
business. as wcil as by the rising
tide Of oppressive legislation. Then
came the war with its unparalleled
decentralization OF International
trade. taxing the abilities and re-
sources Of our financial headers al
most to the breaking point, There
5 no boastina in saying thai The
American business community net
this crisis magniflccntly No scrous
disaster resulted Oar financial ma
chinery faced the storm and came
| through the stress, not only m
| cathed. hut actually strengthened
| by the terrific strain thus imposed,
II is true the tension was less Sc
we're here than in London, Berlin
or Paris. hat on the other hand,
practically 10 government hcip as
necessary here and no moratorium
was ever seriously considered This
| supreme test proved American
| finance and American business 10 he
| wonderfully strong in things fanda-
| mental our banks are i'm excellent
shape. our industries may ba slf-
| reIing from lack Of orders bat il Is
| satisfa tion to know that thef are
| generally sound. Our railroads, it Is
| true. are laboring under oppressive
equation and slack traffic; never
slhelass. their credit has ben mar
| teIously well maintained, consider
ing tie obstacle to be overcome. Our
merchants have been OBLIGED to re-
trench: stiil they are operating on
conservative basis, ana they also
| are in a generally satisfactory con1i-
| ton, Notwithstanding dull business
So much for domestic conditions.
Looking across tho Atlantic we
Gna the war still a factor Of slpre ne
Importance in American Grade. Il
must be remembered there arc al
least 20 100000 Of men under arms
I in Europe and the cost Of the var is
: placed by conscrS alive experts at
. about $5Q,000,000 a day, OF at The
f rate Of about $4,000 100000 per
year. These figures, be it remembered
d do not include incidental losses tc
d war, such as destruction Of property
i arrangement Of trade, etc. not tt
= speak Of the sickcnina loss Of If.
and the misery and suffering Of mil
5 lions which cannot be expressed il
,o,,o,- ,s,f.t1e Mr. 1oee this p<timat
include the additional losses cause
BY the recent outbreak Of the war il
Turkey and southeastern Europe !
= goes without saving that it is ntterl
= lpuosstble for the worth to endUr
:. srab wholesale waste Of life an
n wcaltr, ana at tho sam" tine pre-
II serve its prosperity Distinct an
distant as we NAV be from EurCpca