The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-12-28

exports for the month was only $50 =
100000. which was much less than
usual and which in connection with
the selling OF American securities
would suggest further gold ship
meuts were II not for January re-
mittances and fairly liberal taklngs
OF our new bond issues. In eleven
months of the fiscal year our exports
have fallen $i52. 100000, while our
imports showed the tremendous
shrlnkage OF $4,000. 700. leaving
an excess OF exports for that period
of S559. geo, 900. compared with
1886. 900 q year ago. Such were
the effects OF the panic upon our for
eign trade. Our sales abroad were
.curtailed much less than our pur-
chases.. tendency which OF course
served TO strengthen our condition
financial.
Demand for Bonds.
A good demand for bonds Is one
OF the most satisfactory features.
Investors seem Inclined to discriml-
nate against stocks. because OF their
hiEh isyei aud because there are
numerous good bonds TO be had at
about per cent level Stocks have
had a fair decline since the rise FOL.
lowing the election. but not sum
Client TO tempt the conservative In
weston. who Is more anxious to keep
his capital intact than TO secure
arge dividend returns. This eau
tiousness on the part OF the investO,
Is conspicuous and Is one OF the after
effects OF the panic There Is plenty
OF capital awaiting good Investments.
but no oyerconfdence In seeking iiA
employment January disbursements
are estimated at about SiS0.00O.00o.
or practically the same as last year.
Some decline was shown IN dividends
20 be- disbursed. but this Was Offset
by increased interest paymcnts. dut
chiefly To new bond ISSUES by the
railroads The railroad situation Is
gradually improving. Earnings are
beginning to.make favorable comparlI
sons with the panic period OF las,
year. and In spite OF idle cars. many
OF which no doubt should be In the
scrap heap. the vo.ume OF trafic isI
almost up to that Of 1906: so with
better rates and economical opera
tlon the railroad outlook for 1909 ISL
quite satisfactory. This fact has ne
doubt much 10 DO with the confidence
which the market leaders stlli dis
play concerning their speciaities
Traders have regarded the recent de-
cline with some satisfaction. as ri
tends to encourage activity. The
technical situation has unquestlOn
ably been improved by recent de-
yelOpments. and the market shows
an undertone which means renewed
buying IN case OF further declines
In the last week OF the year hurrlesI
In call money often temporarily I'M
settle the stock market.
Market.
The market shows surprising re-
slstance to tariff reduction talk. The
steel tariff Is OF course the main
point OF discussion. and Mr. Carne-
gie's frank statements will doubtless
30 much towards lowering the steel
schedules. which have always been
considered the keystone OF the pro-
tective arch. And yet United States
steel securities. which are scattered
among 10000 stockholders. showed
no greater declines than other active
shares. and fell less than l point on
the day OF Mr.. Carnegie's most dar-
ing statements. Evidently. as stated
IN these advlces several weeks ago.
tarlf revision is not going to be very
harmful to business interests; be-
cause the tariff Is in the hands OF It's
friends, our Industries are IN better
position TO meet a cut than ever inl