Bisbee daily review., 1908-12-13

The difficulty of engineering January rise, which often starts in December
 will thus be greater than usual, and Il may be that some time will elapse be
 fore another prolonged bull movement can be successfully inaugurated. Meanwhile we should advise the tax ing of profits on all good rallies, for the market leaders, in spite of lessen ed holdings still have stocks for sale and will no doubt keep up an appear ance of strength. notwithstanding weakened technical conditions. This was shown in the effort to advance second class stocks as a cover for sell, ing the high priced issues.
 The money market, while firnIer, is still too easy to please large lenders who desire more profitable employ ment for their surplus funds. The prolonged ease in money was not en- tirely satisfactory. It is one of the usual sequences of panic. and indicates continued inactivity in some lines Of business. It is also objectionable for the reason that an excessive supply of cheap money is always a dangerous incentive to unwholesome speculation. The present imitation in stocks and in- creased speculation in real estate has been largely fostered by redundancy and low interest rates. Gradually, however, this condition will disappear. Business Is becoming more active, ana botn mercantile and industrial de- ,nands will grow Many new capital issues are forthcoming. and these should shortly considerably diminish the surplus of idle capital. Gold ex- ports have also begun, and will oper- ate on the side of firmer rates for money. Having an unusual supply or gold at hand, We can readily spare large sums without injury, and if Eu- rope continues to buy sparingly of our grain and cotton, while freely selling our securities it follows that consid- erable gold must go abroad in settle ment. Some authorities expect to see s1O,OO0.0OO, more or less, sent out this month.
 Last week congress opened, fortu- nately with less apprehension than usual By arousing public opinion to the grave political dangers arising from monopolistic and corporation abuses President Roosevelt did his country an inestimable service, the value of which will be infinitely more appreciated in the future than at the present The dose ne administered was a bitter one, but the patient need ed it. The period for agitation. how ever, is now over: NIT. Roosevelt has done the work for which he was best fitted, and the work of erystalizing an awakened public opinion into intelligent and equitable legisk1ion regarding corporations must soon be begun. It should be left to the judi cious action of congress, aided as far as practicable by the tactful Mir. Taft, wAo stands pledged to the Roosevelt policies of reform. The tariff, how ever, is sure to be the main issue of the coming session of congress; also of the special session which MT. TafI will likely call In all probability the tariff discussion will be complicated by the rapidly growing government de- felt, which, if not checked, will cause no little embarrassment; for either na- tiCnal expenses must be checked, or further sources of revenue provided, the latter having suffered from busi- ness depression and the prohibition campaign. Last year the government reported a surplus of $S4,OJ0,000; this year there is a deficit of S5S,0G0.000, g loss of $142,000,000 in twelve months The tarifT battle will chiefly center on the steel schedule, especi- ally as Mr. Carnegie has said the steel duties are unnecessary, and many American manufacturers wish to buy their raw materials in shape of steel in the cheapest market. More or less hesitation is sure to accompany tariff agitation. but the derangement to bus mess will be much less than on former occasions, because many of our indus tries are much less dependent upon a tariff than formerly, and there are