Pine Bluff daily graphic., 1907-05-20

employed There is an enormous de- mand for all staple products-the on ly Iet-up being in the demand for lHxuries. The demand for iron is re- viying and heavy sales of pig iron are reported. Labor is we'll employed at good wages in all parts of the country and tbis accounts for the large con sumption of many staple articles. Throughout the interior the optimistic spirit still prevails, and the pessimIs- tic wave so noticeable in New York appears to have been unable to cross the Alleghenies.
 Our foreign trade continues large in value. Tn April the exports of mer- chandise from the United States amounted to s157, ,450.000 an increase of over s13 900 900 compared with the same month last year. During the same period the imports of merchan- disc were about s129,30o 1000, gain of almost s22,000,000 over the same time last year. Tn both cases the fig ures were record-breaking for the month Of April, although naturally be- low the level of the. rush sea- son. The net result was to leave an excess of exports amount ing to BPS, 10000 in April, as against s37, 7,00O, 900 in 1906 and nnnnnnnnnnnn 12345 12345*6 $ s33 100000 in 1905. This de- clning tendency in preponderance of exports is deserving of atten-
 tfon, inasmuch as It affects our ability to draw gold from abroad. For the ten months of the fiscal year the excess of exports has amounted to s413 900, 900, which is s54 100000 less than the same item last year. At the same time it is worth remembering that the net imports of gold thus far during the fiscal year amounted to SS6.- O00,0o0, or s57,0oo,0o0 more than a year ago To those who have not followed the specie move ment. this amount may seem sur
 prising. 1t shows that We have not been idle in strengthening oar gold reserves. The relatively large increase in imports of merchandise is chiefly due to increased imports of raw materials. and reflects the tremendous industrial activity Of the nation at large. That our ex- ports should show a much smaller increase than imports is not sur of trade and industry at home nat urally encourages imports and is more or less adverse to exports
 Of the increase in exports less than one-quarter occurred in agricul
 tural products; and, although the details are not yet forthcoming, the
 inference is that our exports of
 manufactures are showing grati- flying and significant increase By oC Hlutu dS we dic dpic tO hHu h
 market abroad for our surplus man. ufactured products, we shall be able to defer the unpleasant con- sequences of overproduction; and
 the fact that American products
 are finding an enlarged demand
 abroad is one of the most auspi
 cious signs of the times.
 In spite of the general dullness and the declining tendency of values on the stock exchange, an
 undertone of gradual returning confidence is quite apparently de-
 velopins. It is possible that values
 may drift 10 a still lower level. especially if security issues continue
 and railroad Irofits decline on ac- ! count of increased expenses; but there is noticeable absence of i the excessive distrpst which began to undermine the market six months ago. Occasional shocks oc- i eur arising from the policy of in
 vestigation of large corporations by
 the government. and further devel- opments may be expected since l this policy is simply to secure fair
 and open dealings on all sides, no