Daily Arizona silver belt., 1908-12-05
Market News

cheerful yesterday in consequence of the decided improvement in prices and
 market activity. After rather weak opening, the market soon began to mend and the upward movement gained inn petus and volume as the session pro gresscd the close being at nearly the highest figures.
 Although London reported some
 what weaker copper market and the changed, copper stocks under the lead of Amalgamated were buoyant. Of the local stocks, Old Dominion and Arizona Commercial were noticeably strong, the former advancing to 50 and the latter to 39%. Superior & Boston was also well supported around 15K. Miami de- veloped weakness. selling off to l2as bid. We consider Miami one of the best buys on the board at present.
 The new Globe Notation is now active ly traded in on the eurbs at Calumet, Ishpeming, Duluth and Boston, and sold yesterday between ? and 2A. Local subscribers are still in the dark as to tho amount of stocks allotted to Globe. Several persons who applied through Boston houses have been notified that they were allotted one-ffth of their sub scriptions, and it is probable that GUS toners of the local brokers will fare no better. There is strong feeling that Globe should be treated more lib- erally in the distribution,
 "The outlook is for good trading market, in which stocks should be sold on all sharp rallies and bought only on the good breaks. There is no doubt that iudicious and moderate revision of the tariff would be positively stimulat- ing to business. The only sufferers would be those who are now enjoying swollen profits, and those concerns could often do equally we'll by simply using more modern and economical methods. Free raw materials would be great advantage to many manufacturers, es- pecially when not produced in this eoun- try. The tariff upon lumber should re ceive attention, because il destroys in- stead of protecting one of our most valuable natural resources. The tariff on art is also one of several absurdities, since it protects no interests and is pos itively detrimental to the development of art, which could prosper vastly more in the United States if the best foreign examples were admitted free. This country is now so strong industrially that it has littl to fear from foreign competition; our superior methods and enterprise often offsetting the advan. tages of foreign cheap labor. We are quite prepared for freer intercourse with foreign nations, and no country in the world is better example of the advantage of unhampered commer cial developmnt than the United States with its forty-six states and s7,0OO,O00 population enjoying absolute free trade among themselves. Where would this country have been if tariff walls had been erected between it's various sec tions l''-Henry Clews.
 Money rates will remain very low un- til next autumn, it is now believed by those who have most to do with lending and borrowing. This view is taken af- ter giving full consideration to the pros peetive flotations of loans by the gov ernment. the larger cities and corpora tions of all kinds There is unquestion- ably an enormous reservoir of uninvest- ed capital that has not been more than tapped Recent offerings of trustworthy securities have demonstrated the truth of this statement, and it is confidently believed that no attractive bond issue need prove failure-the money is there. eager for investment on the right terms and under proper safe guards. New York city's 1 per cents were oversubscribed twelve times and were placed at premium of fully 21a per cent in face of many adverse cir cumstances. Denver & Rio Grande sold $l7,500,000 bonds, the Erie Railroad has asked permission to offer $30,00e,00o 3 per cent collateral bonds, several indus trial stock and bond issues have made lHtlT dpltdidH'ts i'hBVht"hs i"'i''',N fotations are known to be pending, and the $30,000,000 Panama 2s will be awarded on Saturday. Yet money rates have ruled near the minimum recorded in recent years; call money sagged to per cent at the close of the week and six months accommodation was in large supply at 3H per cent. There may be- temporary firmness today and on Mon day next, but the business demands dur ing December are expected to be light, so that rates will probably continue low until preparations are made for the January dividend and interest disburse ments of approximately $lS0,000,00O. If trade makes reasonably rapid progress mercantile borrowing, which is now quite light, should make itself felt early next year-New York Journal of Com mprce