The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-02-24

4
foreign trade returns We're unusua
and, all things considered eneourag
Ing. Our total exports in January
We're $20G, 100000, being much the lar
gest total on record for January, and
1$l7 100000 in excess OF the samt
month last year. This gain was CHEZ
~ due to increased shipments o.
breadstuffs, wheat alone contributing
nearly $8000,000 increase, or one-hall
Of the amount. There was also a con
siderable gain ia exports Of minera
oils. The import side of the account
twas not quite SO satisfactory, the tuta
impoftations i'll January amounting tG
only $S5,700, 600, Il decrease OF S42.
100000 compared with the same month
last year The total last January was
the smallest Of any January since
1904, the falling off being chiefly In
Injuries and expensive products. We
Ialso bought less Of raw materials for
manufacturing purposes, but the de
Icrease in this respect was smaller
than In the other. Our excess OF ex-
ports over imports for the month
amounted to 1920, 5000 compared
with $G2,7o0 600 year ago. Inasmucli
IT'S the excess of exports leaves a bal
ance in our favor abroad and assists
in the retention of gold these results
should be regarded as satisfactory. al
| though the decline In imports must
be recognized as the effect of huSi.
| ness reaction.
Monetary conditions have become
more settled, and the outlook is now
for steady rates for some time to
come. Bank reserves have been we'll
restored, and may rise to still high.
er figures as the inflow of cash from
the interior continues. The surplus
Preserve, however, is net excessive, and
a further strengthening will not b.
harmful. There is a good demand for
loans for commercial purposes. buI
money goes much further now than
ut did year ago because Of the de
cline In commodities, as Well as Sc
eurities. Demands upon the money
market will be considerable for sey-
eral months to come. Fully 100000.
coo of corporate obligations in the
stock market will have TO be met, eX.
tended or refunded before midsum
mer. 1t must also be recognized that
the treasury is now running on de-
felt of between $4,000, 900 and $4,000
600 a month, owing chiefly to the
shrinkage of revenue from Imports
As long as this tendency continues
it will be an unsatisfactory element
in the monetary situation. At the
same time there are 40 unusual con-
ditions to be faced in the money mar
ket, and the late extremes of string
ency and ease will not soon be re-
peated. In general business there Is
a somewhat more hopeful spirit. Mills
which have been shut down for a con.
siderable period are again starting,
and production Is being resumed on
a growing scale. even though output
cannot be expected to equal the ex-
traordinary results Of last year. II Is
now becoming generally recognized
that while the panic is over in the
financial district. there must inevita- |
bly, be a somewhat corresponding re
adjustment in commercial circles. The |
mere recognition of this fact is an
advantage, inasmuch as blind opposi- |
ton to natural forces is always harm |
full Prices of commodities have al |
ready yielded considerably and con
cessions in wages are occurring here |
and there. Gradually we are coming |
down to the lower level which will !
permit a healthy resumption of bust.
ness and Industrial activity. The pro-
cess IS Of course unpleasant. but il is
curative and Is accompanied by more |
hopeful symptoms. The patient was
stunned by the blow of the October |
panic and has not yet recovered its |
nerve. II Is still very irritable. AMI |
needs a period Of rest and quiet en-
enlargement If this be permitted. il !
will not be very long before recuperl- |
ton will become more marked II
would not be surprising If there was
a decided revival as son as the presi /
Dental nominations are settled: and /
if these prove satisfactory and cool |
harvest follows. it is reasonable to *.
Dect a universal recovery before the
close Of the year. The country is /
fortunately not burdened with over
production, such as so seriously ag-
gravated some of our preceding
panics.
On the stock exchange prices con.
iinue 10 fiuctuate within moderate /
limits. In many cases values have
now receded to almost the late panic
level. Some stocks are much lower |
Since weak spots have been pretty
Thoroughly eliminated and much Of the
news now coming out has
been known 10 insiders for weeks past.
there seems little chance of any i'm
portant decline in the general mar
ket. Individual securities NAV. OF
course. fall. owing TO unfavorabie de-
but the technical situation
Of the general market. 1t should not
be forgotten. is really much sOunder
than for a long time Auuarcnrlv tho