The Montgomery advertiser., 1909-01-03

mand because of illness. and on May the forthy-three warships, great and small of the combined Atlantic and Pacific fleets took part in a great na- val parade In San Francisco Bay, one of the most impressive naval spec tacles America ever has seen.
 Leaving California July '. the fleet reached Honolulu July Is; Auckland. tralia. August 20. and Melbourne August 2s. The highest oficials and the people generally of these two im- portant British possessions welcomed the fleet uproariously, spoke of America as their brother and gave the world the impression that they looked to the American Nation rather than to England to be their protector In the event or a struggle for supremacy with the yellow and brown races to the north of them.
 After putting the Australian coast behind it the fleet made it's first stop at Manila. where the presence of cholera. cutting off landing privileges Committee. From Manila the ships went to Japan. and after the last salute had been fired in Yokohama harbor one-half of the fleet proceeded at Manila, where the presence Of while the other half proceeded to target practise in Pilippine waters Some days later the fleet reunited in Manila harbor, and that city began to hand out to the officers and men its delayed welcome and entertainment. As this review is being published the fleet Is on its homeward journey by way of the Indian ocean. being due at Suez on January 5. and at Gibraltar on February 3. It Is scheduled to reach Hampton Roads again on Wash ingtons Birthday. when President Roosevelt will review 1t.
 It is believed that the sixteen heavy battleships and their complement of lighter craft will have travelled 42.oO0 miles in circumnawigatinB the glob. naval feat of greater magnitude than ever before has been attempted by any nation.
 American Hard Times Felt Around the
 World.
 Americans money scare affected the bourses and chancellories of the whole world. Japan. in whose trade the United States now leads. suffered such hard times that the new Katsura Ministry began a drastic course of governmental I retrenchment. Katsura estimates that by the postponement of national works previously undertaken the amount saved will alone aggregate s17s. 900. The national fair planed for 1s12 has been postponed till 1917 Since the war with Russia Japan taxes have doubled.
 In England, American and German business conditions affected the textile and steel trades to such degree that hundreds of factories were closed. The London Times estimates that there were 1000. .000 of unemployed in Eng land of whom lSo.oo0 were in London. Veritable armies of idle men have marched up and down the streets Of the British capital, headed by Stewart Gray demanding that the Government give them employment
 Although money became easier with the beginning of the year. there was little assurance of any business re- eovery until Taft and Bryan were nominated. The most effective means taken to a1lay the stringency was the action of the Government In depostting it's Treasury surplus in various banks. in selling a new issue of Panama Canal bonds and in floating a short time loan under powers conferred on the Executive at the outbreak of the Spanish American War. The maximum amount of this loan was not issued however, as 1t was found that con- ditions were fighting themselves with out. Meantime the New York city banks imported great quantity of gold from abroad. while in about 100 cities throughout the country the banks adopted the use of clearing house certi- fcates
 Railroads securities, despite all theso precautionary measures. remained shaky until the end of April. several railroad companies going into the hands of receivers, the Chicago & Great Western, the Seaboard Air Line being notable examples Harriman's offer to buy enough of Fries SIS, ,00o, 900 note issue April is said to have saved this road from bankruptcy and greatly hastened the return of confidence in railroad stocks and bonds. The stock market began an especially active up- ward movement on April 27, when the $50, 900. 900 bond issue of the Penn sylvania Railroad was tremendously oversubscribed. Since that time the tread of stocks has been to even higher levels.
 The Knickerbocker Trust Company, the closing of which marked the be- ginning of the panic in 1907 was re- opened for business on March 26. Of the fifteen banks and trust companies in New York city which collapsed dur ing the panic, all within the past year paid their depositors in full. except two institutions which furnish complete satisfaction of their deposit liabilities,
 AS a precaution against future money scares, Congress passed an Emergency Currency bill. which was signed by President Roosevelt May 27 Its passage In the senate was not ac- eomplished until Senator La Toilette In an eighteen -andand-one- half-hou speech, together with Senator Stone of Missouri and Senator Gore ofOkiah oma. had exhausted all their legislative resources to effect its defeat. The bill was a compromise between the Vree- land measure of the House and the Aldrich bill of the Senate.
 According to this act, incorporated national currency associations are to be formed, each one comprising at least ten banks, and each empowered