Bisbee daily review., 1908-12-08
TaEl eusiness SITUATION.

and prevent any interference by cor
 gross with the present high tariff
 This was expected. The steel trust alone Is willing to spend millions to
 maintain the prevent taIsff on steel and the other protected Interests will
 make a desperate effort to create a sentiment against rardR revision. In the week review O. the business situ- ation the Pittsburg Gazette Times. high tarif organ, -ass:
 One of the iron ard steel authori- ties, iu its review of the market this
 week, states that "tariff agitation is slready a disturbing factor in the trade" This is certainly an exaggera- ton. in the first place, the sesssdh of
 congress to consider tariR revision wiE rot be called until after the in mentioned June as the earliest prob
 March f, and Sy saker Cannon has mentioned June as he earliest prob able date for the law being passed. In the second place, consumers of iron and steel have bee1 pursuing a hand to-moIth policy for Learly a year, and during this time plants have been operated to 50 per cent of capacity On less. There are. therefore. no surplus stocks of iron and steel. and consum- ers' requirements must be becoming more urgent with each days delay. 1t Is not reasonable to suppose that seven months before there can possi- bly be any change in the tariff sched-
 ules consumers vii: sit down and wait for an uncertain event The lull noted in the market for pig iron this week is the naturai reaction from the three weeks of activity which prevail ed immediately following the election.
 It will not do to assume, however. that there will be no hesitation in business as q result of the reopening of the tariff question, but it will come later, and is likely u be more notice able In ether than ifcn and steel cir cles. Judging from che tenor of the hearings before the ways and means committee this week, it is likely that there will be some increases as well as decreases in the schedules. When the question Is before congress and the public has an opportunity to exer else some judgment as to the final outcome, then we nay look for the trade movement to anticipate the changes. Importatiors of commodi- ties on which the duties may be re- duced will fall of, while in the case of goods that will be compelled to pay higher rate there will be an in- crease in imporGtions. When the changes are violent. as was the case in some of the schedules of the Will son and Dingtey oils. the effsct: is felt in the money markets as well as in the market for commodities.
 An event in investment circles this week was the sale of ie,5oo. 900 New York city per cen: corporate stock. The bona ffde subscriptions amounted to s157 seoIOOO rehecting the demand for this class of security, and the price realized was relatively higher than at any similar sale for two years. A number of railroad loans were also negotiated during the week. and the Erie railroad gave notice of an inten- tion to issue s30;OO9.0eo bonds for cor porate purposes. Speculation in the stock market was less active and prices were irregular Wheat sold off slightly on the partial relief from the prolonged drouth ip the winter wheat territory
 The chief incident in the textile trade was the advance in prices of wool, following the heavy safes in the domestic and London market Cotton has held steady. despite the high esti- mate of 1s.9oaeee vales for the .sos crop. Owing to the unusually open winter. -business in some lines of dry goods is quiet, but the preparations made for the chris-mas trade indicate that the total this year will show a I large increase over last year