Pine Bluff daily graphic., 1908-10-13

, Ill the leading cities was : per cent greater than a year ago. and ill the city ol New York alone ;he increase
 Was II per cent: much more grati- i fyine exhibit than expected Mills in 1 dllferent parts of the cOup}rE. which
 have been shut down either owing to
 dull business or the drouth. are start ing ID and many that have been run ming on short time are preparing to
 run full time. In many instances moderate concessions have been made ] i'll wages; and there is no doubt that l. the election proves satisfactory there vii! follow a widespread i'm proVtment in the volume of business. The first question to he asked is how long will this imProyearnt ias; i III view of the fact that the country Will shortly be precipitated into a sharp tariff agitation both parties be l lnS pledged 10 revision. Tariff cha,- 2es arc always tinsettliu9; the nncer-
 tainty as to what will be done usua1Iv ; DeinS more serious matter than the i actual changes. a-sortunateiy, the country is in some respects better able to stana tariff discussion than ever before. The tariff in mat in- stances is 50 nigh that q moderate re- duetion would do little or 10 harm 10 home interests, and would increase the national revenue. Tn other cases our llanufacturors would be Positively benefited by q reduction of the tariff on their raN materials. The most likely point of attack is the steel 1 tariff, but there is ;lA ample margin here. and our steel industry is so well for 'fiea by superior methods and low cost of production thai its future will
 not he seriously endangered bv any
 we'll considered reduction. Whether the campaign against corporations IWlll be conducted as agGressigely as heretofore, Or not, is an open question. Already there has been decided re- action in public opinion i,t this rc- speet, and the feeling that the coup try needs $ rest from this sort of a4i- tation is steadily gaining ground As soon as the Presidential election is over, the anti-corporation policy will not be so much in demand a. [ poli- tical issue.
 This week the market reflected the uneasiness felt ill London and other European centers oges tue listur- bance in the Balkan Peninsula. There is little prospect Of war at present. because Turkey is iii no position to carry on hostilities, and strong E,u- ropeaA pressure would be used 10 pre- vent Resides several Of these States have enjoyed practical autonomy ever since the Berlin Treaty, control by Turkey having been merely formal
 Perhaps the most significant feature is the necessity for calling a conference of the great Powers; t proceeding that will bring about readjustment of the terms of the Berlin Treaty There is more danger ill the rivalry likely to develop at the conference 0e- tween some Of the great Powers han in war between Turkey and the sc- ceeding States; and it must be r@ melnbered that the foreign financial markets are always pecuiarly sensi
 tive to diplomatic disturbances and that such movements are usually re- tlected here.
 Activity on the Stock Exchange was considerably Interrupted by the home politics. Tn other respects, also, the market is under conflicting influences. Improving business and more definite political conditions are of course fa- vorable to securities But security prices are still very high. and fl + a question whether Or not all the favor able features have not been fully dis counted. It is generally recognized that recent high prices We're largely the result of abnormally cheap money, due to the financial and industrial
 paralysis succeeding the panic As business improves there vii: be a bet ter demand for money; rates will gradually stitfen and approach h." normal It follows. therefore. that fl interest rates advance, securities must decline in the long run unless better returns in the form of increased di
 yidends are forthcoming, which just now is not Probable. Ii is quite cer
 tain that guaged by money market prospects alone the majority of stocks are quite high enough Just here. however, another factor interferes The big insiders are still carrying large surplus lines of stocks which they wish to sell They will certainly push prices to a higher level at the I1In o1,nnrtnpiIX- tI1a1. caN