Pine Bluff daily graphic., 1906-04-30

ceVeea5Ie. half 9f ta9 ias.a.a5e o5fIl4 placed with foge54n eoappanis,
 Anoth ! blow to the stock market was=the drastic remarks President Roosevelt made ia his famou, muck rake speech last weel The ptesf= dents suggestion te tax largs fot- tnnes afts5 reaching a certain limi. 5}sa=to fnpese=a heavy taX=5a theIF transfer would be d restrain to thrift as t Worf5i virtdaIlv amount to q caH= fiscation of property thus acquired = a measnre too despotie for our form of government. Large fortunes have not as yet reached Il point to be seri ously dangerous. We had better not jump that fence until We get to II. 10 tax large fortunes would tend To drive money out of the country for the benefit of other nations and 10 the detriment of our own. II is a ue'=established fact in this country t5at people who make large fortunes are generous both it spending and giving away. Large fortunes are de prived of serious danger in this coun- try owing to the fact that they cannot be Willed 10 provide for more than two generations. while in England they are perpetuated by the entail law Experience thus far has proven that the third generation invariably disburses with rapidity their inherit aaee soon after obtaining possession. While do not quito agree with Frost lent Roosevelt in his suggested treat '@ent of large fortunes. dc agree with him in his statement that a will. 'ul liar is as bad as a thief, as no man < justified in telling a lie. Another rlan to avoid is the broker who de- t2mes a competitor and tries to in. ire his reputation for the purpose "t stealing his GUS omers Beware of such a man; he is just as dishonest e pickpocket, and quite as con temptible
 President Roosevelt's remarks in relation to the railroads and trust corporations may also affect the mark et unfavorably for period, but in the long run they will be for the pub llc good. If the laws of the land are heinz violated il should be known and stopped at once After inyestigation 'as been thoroughly made conditions Nill improve and the general public show more confidence in entering the market when tho fact are known
 For the future we anticipate a f1uct- l,;lting market. with frequent rallies ard frequent declines. tae latter prob ally predominatng until relations be- tween the money market and the adjEsted. When time money is to be had at 5 per cent and many stocks
 
 something is out of joint and read, justment must follow This can only be accomplished by either lower rates for money or lower prices for stocks. If the supply of the later could be diminished and that of the former increase, We might lock for better prices. But unfortunately the re- verse is true; the supply of securities il. an Oversuppled market continues to increase, and there is no possibility Of greatly augmenting the supplies of oney, which appear to be steadily diminishing under the many insistent demands. The Russian loan and the German loan have already made i'm, portant demands upon the foreign markets, thus increasing the difficulty O. obtaining assistance across the sea, although considerable amount of gold has already been obtained. Our own demands are growing in spite of CIV bank reserves, a striking example being the short time loan for S9,00O,- 900 of the Baltimore & Ohio which vas placed this week at as high rate as per cent. That a corporation of such standing and credit as the Balt- more & Ohio should be obliged to pay this rate is forceful testimony as to the needs of our railroads and the condition of the money market