The Cairo bulletin., 1910-11-21

on that point declined to point
where gol, could have been Skipped
at a profit to New York, except that
Par,s insisted upon premium for the
precious metal Paris, it is worthy
Of note, Is showing more kindly IN,
terest in American securities, and the
question Of listing some of our first
class shares is being considered,
Our Foreign Trade.
A development of considerable inn
portance is the changed drift in our
foreign trade, exports continuing to
expand while imports correspondingiy
shrink, thus tending to restoration of
the normal excess of exports. In DC
tober our exports Of merchandise ag-
gregated $2oS,000000, the largest o.
tober on record, and more than ST.
100000 in excess of last year This
increase was largely due to the rush
ing forward of cotton psnding the bill
of lading dispute. During the same
month our importations were below
$124,0 e0 900, a los of nearly $4,090,000
compared with year ago. Declining
prices and lessened trade activity, OF
course, explain the shrinkage in i'm.
ports. The net result Of our foreign
trade fer the month kas an excess OF
exports amounting to SS4, 100000,
compared with $73,o00,0O0 year ago
and $70.000,000 in 1908. This ten
dency, ii continued, will rapidly re-
store our foreign trade relations to a
normal basis and make imports OF
gold possible at the customary sea
son. Should Europe buy our secur.
ties with any freedom that result
woould be soon attained
Quiet in Business Circles.
In industrial and mercantile circles
a quiet and conservative tone pre-
walls. In many cases the volume Of
business is below that of year ago
There is an evident tendency on the
part OF consumers to economiZe Com
modify prices ere declining, and with
the diminution Of extravaganza and
cheaper fod there should soon be less
complaint concerning the high cost
of living, Thel abor movement has
excited some concern, especially as
the high cost of living" has become
quite as serious matter to the cor
poratons as to the consumer The
process of readjustment and liquida
ton which has already taken place in
securities is now going on in the
merchandise markets andt the result
should ultimately be beneficial, mas
much as it will provide lower and
safer basis for fresh forward move
ment when the time is ripe. There is
no occasion for uneasiness or pes
simism regarding the outlook eau
ton, however, is necessary, as points
OF strain still remain and the read
justment Is by no means complete. In
previous issues we have referred to
important uncertainties which sti.
exist, and it would be folly to an.
ticipate any return of the former
boom period. That is both undesir
able and impossible under present con
ditions. Nevertheless, after a period
of more than six months depression
the business world seems entitled tc
moderate degree of recovery. In
trinslc conditions at the west are
sounl, thanks largely to a big corr
crop, and it is noted there is gooc
consumptive demand fer merchandise
whenever prices are low.
Market in Strong Hands.
The market is in apparently strong
hands yet it is difficult to induce in
vestmcnt buyers for stocks at theil
present advanced level. Fair treat
ment of the railroads by the inter
state commission the matter of rates
which there is good reason to an
ticipate would create favorable i'm
preston and have a stimulating effect
upon the stock market.
HENRY CLEWS.