The Cairo bulletin., 1910-08-15

European SOlu because foreign tax
lingo OF Our securities in the last six
months more than made good the
loss of commodity shipments.
Quiet in Business Circles.
In business circles very quiet and
conservative tone prevails. Some
slackening in the demand for mer-
chandse at the hands of distributors
is observable, but no serious reac-
ton. Manufacturers are moving eau
tlously, and in some lines of indus
try there has been considerable les.
sening of activity. The iron trade
has taken its full share of depression
due partly to lessened purchases by
railroads and also to falling off in
building operations, the latter being
estimated as much as rs per cent
If all accounts prove true, depression
has been keenest III structural lines
Our great textile industries are quiet.
but not unduly depressed The po-
litical situation confuses business
men TO some extent, because they es-
pecially dread reopening of the tar
If question this coming winter. Up
on the whole, however, there is no
longer any special cause for anxiety
regarding the business outlook The
general situation as Z; result of recent
! liquidation is much sounder, and as
soon as harvest is over trade should
again become normal
Better Feeling on Change.
| On, the stock exchange a decidedly
better feeling prevails Prices have
now recovered from TO - points
since the depression which accom-,
lpanied liquidation OF Inc Pearson Syn
dicate, 1t would seem as If all the
lunfavorable conditions which have
been so prominent during the past
| few months have been fully discount
ed The chief problem confronting
| the railroads is that of net earnings
| The volume of traffic appears to be
we'll sustained proving that business
is not falling off as much as some
suppose, and the chief concern of
, railroad managers now lies in the
direction of keeping down expenses
and If possible securing better rates
| Both of these elements are questions
for the future. Current reports show
that most of the roads are doing well
some of course feeling the effects
OF increased wages and growing ex.
penses and consequently reporting
smaller net earnings. 1t is still too
early, however, to assume that divi-
dends will have to be reduced Such
contingency has already been large
| ly discounted, for many shares are al
ready selling on lower dividend ba.
sis. Good stocks at today's quota
tons are in many instances excel
lent investments, and as money grows
lin abundance this fact will become
lmore evident, When business is dull
money is always plentiful and idle
funds are more apt to seek employ.
ment in the stock market Thus il
Happens that after s-ocKs have fallen
in anticipation of business reaction
they frequently recover and show ex
IceptiOnal strength al time when
business depression is keenest. Ap
Iparently history is repeating itself
and we are coming through Just sucl
Ian experience at the present mo
ment
Confidence Grows stronger.
| Confidence is growing stronger ii
Wall street, and there is noticeable
freedom from disturbing rumors
Stocks taken over by strong interests
during the recent liquidation are not
for sale, and this is an important
factor of strength. There may he
some protit-taking on the part of trad
ers who bought ten days or two
weeks ago; but the general market
is still in a better position and may
easily be carried to still higher
level, particularly if the crop and bus
the tremendous isue of securities dur
ing the first six months, there are ne
signs of indigestion in this marke
because of large foreign purchases
This display of confidence by Europe
in our financial condition is exceed
ingly gratifying, though it is situa
! ton of which we should not take tn,
great an advantage. Our bankers
recognize that the worst thing which
= could happen at this fine would be
fresh outbreak of speculation. VIVA
! is most desired is moderate activity
: and fluctuations within reasonable
: limits.
HENRY CLEWS.