The Cairo bulletin., 1908-11-30


ing at least the speculative leader
wisely ceased their efforts to carr
prices TO still higher level. Pr,
sumably it was considered good DO
icy not to invite disturbing reaction
by forcing the advance TOO fast. bu
rather TO permit moderate setback
III order to induce fresh huving IN
to accustom the public to the presen
nigh level. Owing to the steady in
| proyement in business there is an en-
! couraging degree of general conf
dence, accompand by an unquestione
anxiety in high financial circles t.
avoid disturbing this new and YER
welcome growth Our leading bank
ers are still surprisingly conservative
Although funds are abundant AM
| there is plenty Of capital seeking pro
titable employment, those in contro
| are exercising an unusual degree o.
caution. When new enterprises are
proposed, only those of the soundest
character are undertaken Foreign
bankers are also protesting against
the too rapid advance Of this market
in view Of the danger of another spec.
ulatiNc outbreak Our speculative
leaders have fortunately been i'm
pressed with the desrablity of mov-
ing more cautiously, and the result
is that the whole market shows a
much more cautious tone than week
or two ago.
Conyalescence is still the rule in
business affairs. The Improvements
is more marked in some directions
than in others; but recovery is rea'
nevertheless, and in many instances
the volume Of business is as large as
in 1906 or 1906 at this time. compar-
isons with last year being misleading
rms is clearly proven by the weekly
bank clcarings, one of the best of bus.
mess barometers, Compared with
last year clearings are fully so pel
cent greater, owing to increased spec
ulatiye ACTIVITY and the fact that a
ca ago business was paralyzed byI
-he pe2.c. Compared with the TWO
Te"'cla years they actually show 1
liGat Increase, particularly in the
Fe1t where the depressing influences
T the panic have had least effect |
tailrcad earnings shoy steady I'M
'rovemcut, the groes receipts of 81 |
Dads in the second week of Novem |
'er exhibiting a loss of less than |
er cent In the month Of September |
II roads reported a loss of nearly |
100000, but owing to a reduction
t $l9,700000 in expenses there was
net gain Of $5,SOo.000. an unexpect-
dly favorable result. The railroa
utlook is just now more satisfactory
han for many months With increas
~ traffic, better rates and decreas
d expenses stockholders have every
aason 10 be hopeful; and this has
much to do with the firm
ess with which good stocks are held.
his is fortunate, for the railroads
III be compelled to make large an
LEGATIONS for new capital in the nearl
lture, several important issues hay.
g already been announced and OH.
IS being forthcoming in order to
Get the pressing demands for new
work.
Tariff agitation is not having the {
lsettling effect upon business at on
me feared; the fact that many IN
lstries are less dependent upon the d
riff than formerly and that no radi.l
u reductions are probable being re- y
.onsible for this state of public or
ion. II is very evident that the tar. 4
is going to be reformed by its Fl
lends only. and that no serious un. O
ttlement of business is in sight y
ven Mr.. Carnegie's remarkable 7
itements had little effect except to Id
cite the opposition OF other manu-. C.
aturers. Upon steel securities the a
iuence was practically nothing. In It'll
e merchandise markets prospective a
vision creates little comment be. ld
use importers are carrying small
Dck and a reduction in rates would
lp and not depress this line of
siness. There is no doubt tha
iicious and moderate revision 90
E tariff would be positively stiml-
ing TO business. The only suffer
5 would be those who are now en- )
ing swollen profits. and these con II
rms could often do equally well BY I'm
1ply using more modern and more Of
Inomical methods Free raw ma a.
ials would De great advantage to ice
my manufactures. especially When d
produced iu this country. Thot1C
III upon lumber should receive az
.tion. because 30 destroys instesi las
protecting one cf our most valuable ior
ural resources. of
This country is now So strong iu su
.friaily shat 81 has lettle 10 fear er
Do foreign completion. our superior Of
'hods and enterprise often of S..
ting The advantages Of foreign gu
.ap labor We are quite prepared OF
a freer Intercourse with foreign
Ions and no country in the world fr
g better eXamplt Of the advantage ell
unhampered commercial develop
Or than the United States with its or