The Birmingham age-herald., 1910-10-02
GENERAL TONE OF
 BUSINESS GOOD Though Iron and Steel Busi-
 ness Is Still Slow WAITING ON RAILROADS And Railroads Are Waiting on the In- terstate Commerce Commission. Exports of Merchandise Ex-
 ceed Imports
WAITING ON RAILROADS
By PRESTON c. ADAMS


 New York, October 1-(Special) )-The general tone of the business world Is good as the fall business season opens, al- though it must be confessed that in some important lines the outlook Is not as bright as 1t might be.
 The greatest disappointment at the mo- ment relates to the iron and steel indus try. The steel business is awaiting on the railways and the railways are wait ing for the decision of the Interstate Com merce Commission in regard to the im- portant question of an advance in freight rates, which decision Is not yet in sight. The hearing in Chicago Is to be followed by another at Washington, and then probably the arguments, pro and con, will be closed The consensus of opinion in railway and banking circles Is that the commission will render a decision as promptly as possible, as the men who are finally to adjudicate in the premises un- doubtedly realize the importance of the question before them. In the meantime the country's basic industry shows a con- traction instead of an expansion in vol ume, and there has been some shading in prices here and there.
 On the other hand the situation in the dry goods trade is distinctly good de- spite the high price of cotton, the distri- button of goods is going ahead steadily and in the other great staple business ap- pears to be on sound and satisfactory basis.
 One feature of the trade situation which Is causing comment, If not con cern, is the course of our foreign trade.
 During the eight elapsed months of 1910 our exports of merchandise have exceed ed our imports bv almost $1,000, 900, whereas the balance of exports during the same period last year was nearly Seo.0oo,oo, in 1908, fully s3so 900, 900, in 1907 Ns5,0Ooo0O, in 1906 $254O0O.Oo0. and in 1905 slsS,0OoO0o. August brought no improve ment in the tendency, there having been an excess of more than s3,500000 in inn ports. Of course the shipment abroad of our new grain and cotton will turn trade in our favor during the remaining months of the year. but 1t Is plain that the balance will fall very short of any recorded in a decade and a half.
 since the terrible panic of 1873, previous to which there have been a series of very large import balances, there has been continuous line of surplus exports, broken only in 1888. During the last 12 years the United States has on an ay- craze exported A90, ,000.000 more merchan- disc annually than it has imported These figures are not viewed with complacepcy by the financial community.
 The October interest and dividend dis bursements, according to The Journal of Commerce, will this year reach s169 434.- h37 which Ia oII for any month apart from January and July This is an increase of $9, 9,6OO, 900 over the October total of 1909
 Of this gain $5,S00,0O was in dividends. many corporations having increased their declarations and there was also quite a number of initial payments The increase in interest disbursements was due to the large output of bonds and notes, espe- cially by railways within the year.
 Brokers are doing their best to remain loyal to the constructive side of the mar ket, but their patience is being sorely tested. First and foremost, no business Is coming to hand. and 1t Is hard work to keep cheerful when nothing is coming in and everything Is going out Some firms are gravitating towards the bear side.
 Sentiment rather than conditions de- termine the attitude of most brokers. If a market be rising 1t Is easy enough to smile. but when 1t goes down and down on intense dullness. then the only bad fea- lures can be seen. And there are plenty of the latter discernible if hunted for through blue glasses.
 On the other hand. the out-and-out bull is also able to produce sound ammuni- tion. The principal question today fs: How long will the doldrums last? Some are hopeful that even before the elections the sky will have cleared. but they are in the minority. Most brokers will be satisfied if broad. healthy market start in November.
 The startling revelation was made by