The Birmingham age-herald., 1908-02-28
A SIGN OF RECOVERY.

From the New York Tribune.
 We called attention last month to the steadying power in the present period of depression of the countrys constantly increasing export trade. Our exports have just about doubled in value in the last decade. The total for the 12 months ended June 30, 1897, was $1 ,05O, ,993.556 The total for the 12 months ended January 31. 1908, was $1, ,940 351,096 Imports have also doubled in value in the decade, and in the last two or three years-years of great expansion in business and accom- panying imitation of credit-the rate of increase for imports has been larger than the rate of increase for exports. With the check to trade and credit which fol- lowed the financial disturbances of Oc- tober and November last this tendency was quickly neutralized, and evidences of the general and radical economy which the people have begun to practice are nowhere more patent than in the rapid shrnkage of imports and the equally rapid enlargement of our monthly credit balances in foreign exchange.
 The reversal has been really astonish- ing. In August before the credit storm threa tened, our exports were valued at $127 270, ,00O. Imports almost balanced them amounting to $125,S06,000. In October, when the storm had gathered and was about to break, imports fell to S11l,0O0,OO0 and exports rose to s1S0,O0o,0oO. In No vember, December and January our pur- chases fell further to $11O942,916, s92, PAT ,9S4 and SS5, 69S, 704 respectively, while our sales have been $204, 100000, $207 GOO and $2O6, O0O0, respectively In the last three months we have ran up favorable trade balance of $33O,000,OO0, and if we con tinue to buy sparingly and sell literally abroad we shall have a trade balance for the year ending June 30 next of from s7OO. 900 900 to $9OO, GOO OOO-by far the great est in our history as a trading nation.
 This demonstration of recuperatve power must go far toward allaying the fears of those who see ahead only a tedious recovery from depression. The Tribune has always maintained that the panic of 1907 could not cut so deep or in flict so serious wounds as other panics had, because it came at a time when the agricultural interests of the country had been strongly fortified by years of abundant harvests marketed at high prices and when the farmers of all sec tions were exceptionally prosperous and free from debt. The purchasing power of the farming class has not been ma terially weakened by recent disturbances, and we have ample surplus products to send abroad in exchange for credit and cash. With agriculture active and un- embarrassed, there can be no long sus- pension in manufacturing, commerce or transportation; for the new wealth ere ated by crop production must go promptly into the channels of business. Specula- tive enterprises will doubtless languish until more fluid capital is available, and care will be taken in industry to avoid over production until an adjustment is struck between the old inflated scale and the new real scale of values, and prices
 But there are welcome signs, like the quick turn in our foreign trade balances that the country is economizing success fully and that recuperation will not be long delayed because of any vital depre- cIation in industrial energy or resources.