The Cairo bulletin., 1909-05-17
Special.


new fDIk, MAY 10, I1u5.
There are few, if any, clouds on the
financial horizon. The outlook con
tinues satisfactory; and the spirit of
optimism having extended itself into
nearly all the leading industries are
nearly all the leading Industries are
happily feeling the impulses of recov-
aud cheap money. The iron trade was
first TO respond to these conditions,
and Is at present showing considera-
Bile activity, the volume of orders for
structural, railroad and agricultural
implement work being very large.
Various other metals markets are al
SO rejecting these improved condi.
tons, while the electric and rubber
industries are showing symptoms Of
revival. The textile trades also,
though undergoing the customary
quietness at this period, are in rel,
atively healthful condition, while raw
materials generally. as well as par
tally fabricated materials, are in
much better demand from manufactur-
ers. Another noticeable feature is
the continued large importations of
raw materials, partly in anticipation,
II is true of tariff changes, but still
very largely in expectation of larger
requirements
Bank CIearings.
One more very striking indication
of business recovery is that bank
clearings in the United States during
the first four months of the current
year amounted to $5l,G0O,0O0, 600, an
increase OF 80 per cent over the same
period last year Allowing for the
fact that considerable of this increase
was due to higher prices and greater
activity on the Stock Exchange, il
follows. nevertheless, that an actual
increase in the volume of business
must have been largely responsible
for so great an expansion. A still
further evidence Of growth is found
in the latest reports of railroad earn
ings, the total Of all roads thul far
In April showing an increase of about
If per cent over a year ago. Railroads
are benelitting somewhat from slight
advances in rates, but here too, an
actual increase in the volume of traf
lie plays the most important part. nj
is quite evident that Cur railroad
will present satisfactory net results
Turing 1909, since gross earnings are
) Cadily increasing and expenses have
been greatly reduced by recently en-.
'Orced economies. Bearing in mind
hat the railroads viii be free spend-
srs during the remainder OF the year
)n account of deferred repairs, i'm.
and extensions. it must
be recognized that their return to
cannot be otherwise than
an important factor in stimulating
business Improvement elsewhere.
Crop Outlook.
OF all the elements in the situation
he crop outlook is perhaps the least
the reduced acreage con
lition of winter wheat and oats being
n the main responsible It is prema-
ure however. to take a pessimisiic
attitude regarding wheat, since much
If the loss in winter wheat can be
made up by the increased acreage OF
spring wheat and favorable weather
conditions during the balance OF the
season Much OF the acreage lost
to wheat will be planted in corn
which for the last few years has been
4 very profitable crop. The outlook
now is for big corn crop. and this
would practically offset any loss in
wheat Corn not only furnishes a
arge amount of freight 10 the rail-
'oads. but is transformed into pork
md other products, and is our most
important and staple of crops. Last