The Cairo bulletin., 1908-08-24

SG,4G0,000, compared with $124C00.
eco a year ago. This was a shrinkaec
of $32,200000, or about 30 per cent
due largely to lessened arrivals of dry
goods and raw materials for manufac.
turing purposes. Exports, meanwhile
were the smallest since 1904 and fell
to S103. 600, against $12S.58O,00
in 1907, a loss of $25,&00, o00,or about
20 per cent The decline in export;
was chiefly in foodstuffs. Loss in for
Ielgn trade, however, was not confined
to the United States, but extended 10
Great Britain, France. Germany and
other countries, showing the world
wide character of the late depression
| British imports amounted TO $3.50
| 900OOO in July, decrease Of 10 per
cent compared with year ago, while
exports were only SIG5, 600 coo. a loss
of l6 per cent. Our own foreign trade
figures left an excess of exports of
Sl6,10000 in 1906. For the seven,
months of July the excess of exports
reached $372,000,0o0 in 1906. So large
a credit balance as these figures sug.
gest must of course strengthen our
position abroad; and it will be an in
teresting problem as to how the great
balance in our favor will be settled.
Ordinarily we should import gold. but
we already hold an immense stock of
the precious metal, and have not re
turned more than half Of what we
took from Europe last winter. Very
likely with Improvement in business
conditions We shall begin to buy more
freely of foreign wares, though not to
the extent Of last year.
There has been a decided halt in
activity on the Stock Exchange, due |
chiefly to profit taking and temporary
absence of the big speculative leaders. |
Whether the downward reaction has
yet run its course or not remains to |
be seen. 1t is known that some of the |
leading operators, especially those !
who bought to check the panic, have !
been taking profits on a liberal scale |
Ii is hardly probable that the recess !
sion h1s gone far enough TO tempt /
TIER &c reload; and, rs the mark 81 |
has lost IN Important element OF sup
port In their change uf attitude. /.
would be difficult TO renew the adj
vance without their cooperation in
short, the immediate future of the
market is largely dependent upon the
plans of the big leaders for the rise
who are not likely to take the public
into their confidence until they have
accumulated a fresh supply of stocks
at prices satisfactory to themselves
As to the natural influences. which
should govern the market in the long
run, they are mostly favorable Our
crops continue to make satisfactory
progress \ good wheat crop has
been harvested and both cotton and |
corn are doing wen and promise a fun
yield Very shortly the bulk of thess
important crops will be out of dan
ger from frost 1t looks as is a good
and profitable harvest is going to be
The turning point in our business
affairs and prove the main factor i'm
fitting us ont of the slough of desponi
INTO which the country fell after the
)auic There are signs 100, of gen.
lie industrial recovery. The railroads
ire placing more orders for iron ana
steel there are some symptoms of
'eyival in the building trade, the tex
lie industry shows improving conti-
ions, and all branches of business de
pendent upon agriculture or food pro
luets are in relatively good shape
Tearing House returns show much
mailer decreases than formerly. the
number of idle cars is diminishing
md railroad earnings are expected to
how better results when the crops
,egin to move. The railroad situation
however, is still very perplexing, the
great shrinkage in earnings and the
possibility OF adequately curtailing
expenses rendering it probable that
urther dividend reductions may be
Some argue that the
market has already discounted lower
livideuds. and that In any event their
fleet would be largely counteractcd
f decided upon, as sens intended az
time when earnings both gross and
net were Receiving. Others, however.
Ire apprehensiye that reductions ia
Iiyidends would cause smart rcac-
ions. also that discussions regarding
rusts and tariff during the political
would not be favorable to
, furtha' rise In spite of all these
listurhin- rector. there Is d remarE-
lble inJizpositiJn among investors t,
'art with stocts even at top prizes
The average holder is 50 strongly JIM.
re5=td with the idea that affairs are ,
improving that he holds ON TO all that ,
he possesses with unusual tenacity. !
Next TO good crops the most import
mt factor iu The outlook is the unus-
lal ease OF the monef market which
.rop demands are NOT likely to mater
ally interfere with Ioanable funds z
ire always abundant and cheap after
! panic. This is because of money
'eleased by liquidation, and the lack
# demand accompanying the subse