The Cairo bulletin., 1907-05-20

STOCK PRICES.
II New York, May 1S.--Special --Op
teratious on the Stock Exchange have
been of a dull and insignificant char
lacter. Speculation FOR the time be
Inns appears to have been largely d
Iyerted TO wheat and cotton. A back
ward spring has undoubtedly been the
cause of considerable damage to the
| wheat crop, and acreage has been di
Unfinished. OF course few weeks OF
Favorable weather would quickly com
lpensate for much of the damage thus
far reported, and there Is no doubt
that much OF the acreage already
plowed up viii be planted in corn or
4 ofhcr crops. Nevertheless, for the
time b Ing facts are on the side of the
bulls in wheat and the speculative fol.
lowing, which is considerable, readily
jumps into the first facorable stream
/ There Is a large supply of wheat left
lover from last season and Indications
I do not point to any serious shortage,
although crop reports from abroad
/ are also somewhat unfavoraDle. Cot
ton has been strong, mainly owing to
the enormous consumption Of the
staple, the backward condition of the
crop, and he probability Of only an
average increase in the acreage AL
though a wet and backward ason Is
adverse to some crops. it should be
noted that ii IS extremely favorable
TO hay and to oats, and abig hay crop
win go far towards making good all
known deficiencies in wheat
One Of the most depressing inhu-
ences on the Stock Exchange is the |
continued issue Of new securities.
Some Of the most reliable estimates
that $1.000,000,000 securities |
have been authorized since January |
first and of this amount about $780, |
100000 have been issued. the latter
consisting largely Of short
term notes by railroads These de. /
mands for capital coming upon an al |
ready oVertaxed market account for
much Of the present depression in
Wall street, There is plenty of money
in the country i is capital; that is
scarce, the floating supply of the lat
ter having long ago been practically
exhausted and not .i----;Tt Il tI,c ra{I
iteAA,- 1-ss. 'ss-tfts As IL iS, tnS Fdil+
roads arr, practically selling all the
available new capital that Is offered.
Their wants are imperative in order
to enable them TO meet the enormous
traffic forced upon them in all parts
lf the country OF course, these out
lays mean active employment fer la
Dor, and he demand for structural
continues promising to last
lntil railroad facilities have caught
mp with demands. General business
continues on an active scale. While
here has been a partial cessation in
he launching of new enterprises, ow-
ing very largely to conservatism Of
banking interests, the productive ca
pacities of the country are still fully
employed. There is an enormous de-
mand for all staple products al god
only let-up being in the
demand for Injuries. The demand for
iron is reyiving and heavy sales of
pig iron are reported. Tabor is well
employed at good wages in all parts
Of the country and this accounts for
the large consumption of many staple
Throughout tho interior the optimis
tic spirit still pr walls, and the pes
simisiic wave so noticeable is New
York appears to have been unable to
cross the Alleghenies. an.
Our foreign trade continues large
in value. In April he exports of mer
chandiso from the United States
amounted TO Sl57ljO,o 900. an increase
Of over Sl3 100000 compared with the
same month last year During the
same period the imports of merchan
disc we're about sl29.300,0O0. a gain
of almost S22.000.000 over the same
time last year IN both cases the fg
ures were record breaking for the
month of April, although naturally be-
low the level OF the rush season. TIL
net result was 10 leave an excess OF
exports amounting 10 s2S000 600 IN
April. as against sS70eogoO in 1906
and S33.Dbe 600 sn 1905. This deelin-
ing tendency in preponderance Of ex-
ports IS d serving Of attention. mas
much as il affects our ability to draw
gold from abroad. For the ten months
Of the fiscal year the excess of ex-
ports has amounted to Sil3.000,0oq
which Is S5l0o0,000 less than the
same item last year A. the same
time II is worth rem mbering that the
net imports of gold thus far during
the fiscal year amounted to Ss6.000.-
600. or s57.000.000 more than a year
ago. To those who have not followed
the specie movement. this amount
may seem surprising II shows that
we have not been idle in strengthen
ing uur gold reserves. The relatively
large increase in imports Of merchan-
disc IS chiefly due to increased i'm