The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1909-08-23

1tcent future; but VINO KNOWS Wnat
1niOn Pacific will be worth eX Sc
.regation, or what would happen TO
his huge combination, still in its
stages, if it Unexpectedly
ost its master mind?
The stock market has again been
dominated by the Hartman issues,
rumors concerning his |
health causing a sharp decline in
Union Pacific, which in turn precipi-
tated large realizing sales in the gen
eral market. There has consequently
been a good deal of feverishness att
times and a conspicuously unsettled
tone, although it cannot be said that
the undertone of confidence has been
seriously impaired in the general sit
uation Yere it not for the fear Of
excessive manipulation by the big
operators, there would no doubt have
been good public buying on the re-
action, but the fact that the market
has recently been so intensely artifi-
cial is generally understood and Gre
ates more or less distrust. At the
same time the market still remains in
strong hands, and the probability is
that the leading shares will be pro
tected for the prese at least against
oIItttnpo1 xvia1Anf hraaly
Reports from the West are very OPP.
timistic, and the belief in trade i'm
provement strengthens rather than
weakens. The harvest is now begun
in many sections and results are re,
ported as satisfactory. 1t is still too
early for any satisfactory data as to
corn, August, it must me remembered,
usually being period of deterioration.
Nevertheless, the expectation still
holds for a 3,000,000000 bushel corn
crop. Along with this wave of optim-
ism, however, is a note of caution.
Western buyers, it is to be noted, are
taking hold of textile and other man.
hfactured products very cautiously,
fearing that present high prices may
check consumption and leave them
with large stocks of high
priced goods. Since the tariff agita-
tion was settled a decided sense of re-
lief has been felt in many manufac-
turing circles and prices in numer-
Gus cases have already advanced in
There must, of course.
be a limit to the level to which values
can be raised, and apparently, that
limit will not be reached until the
point of exhaustion; or until the con-
suRler through sheer inability must re-
fuse to pay. A favorable development
has been the recent decline in cereals
to more reasonable prices. This will
tend to somewhat offset the high cost
of living by providing cheaper food. 1t
should also facilitate a much needed
increase of exports. The liberal gains
in recent railroad earnings confirm
of improving business; for,
though rates are frequently better than
a year ago, the gains without this ad-
ditional revenue are large enough to
a very considerable en-
largement of traffic.
The continuance OF easy money
seems probable for several weeks
longer at least, owing to the abundant
supply of loanable funds. Firmer
rates, however, are noticeable, particu-
larly in time money. This was partly
due to increased interior demands for
crop moving purposes; and to gold
exports, the latter having been re-
newed by a partial withdrawal of Jap
anese and Canadian balnces this
ceter. There was also a reewal Of
gold shipments TO Angelina on London
account In Europe money is plenti-
Jul and rates very low. Since May
over $S,00O0O0 gold has been shipped
% Japan, and the probabilities are that
more will soon be for
yarded. Bank notes are still lowering
bout the high record, while reserves
re steadily declining. Last week the
urpIus was reduced to $4,000, 900, |
ompared with $34,OOO,OOO July 18th,
nd compared with $57,OOO,0OO a year
go.
Our foreign trade returns for July
ere not satisfactory. The total in
1rts for the month amounted to
~. OOO.0 900, an increase of over $685.
u. 900 compared with the low figures ,
last year. Imports have not been {
.cessive, though stimulated by bust I
.ss Improvement and anticipation of f
g tariff. Our exports during the 7
me month were 100000, very ,
" figure, yet 100000 larger than b
wear ago. The result of the months {
mmerce was very unusual, showing G
excess in imports amounting to