The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1909-09-27

/ ton against the creation of nationa
| legislative situation similar to tha
current during the closing years o
the preceding administration. Mr.
Taft has shown no disposition to alb
rogate to himself any powers not &C
| knowledged to be well within tn,
province of the executive. He is no
endeavoring to be at once the legislf.
| tive branch and the executive branc1
| of the government. Therefore hi.
| recommendations are likely to bt
thoroughly discussed and their valu,
appraised before they take their pac,
on the statute books. The restriction
upon the arbitrary issue of securities
will provide distinct check upon thu
character OF concentration so clearl,
eXemplified in the Hartman system
OF railroads, or, to go still further
back, in the Gould and Vanderbilt sys
tens. A check upon arbitrary fnan
ing means a check upon combinations
that as first requisite must have
the necessary financial backing and
the net result, therefore, will be that
combinations would not be possible
until examined and approved The
presidents ideas may therefore not
be considered highly revolutionary in
themselves. But not the least of the
Il viii s,
their progress will be the tendency
by parties affected by them to district
their true significance. 1t may thus
be taken for granted that congress
when it convenes in December will
be the source of no little uncertainty
and nervousness in stock exchange
circles.
Other Discouraeements.
Other features in the weeks news
developments that were the source of
encouragement were, the failure Ct
the directors of the Central Railroad
of New Jersey to increase the diyi,
dend distribution, and second. the
storms in the cotton belt, which were
interpreted as indicating a still fur.
Their reduction in the yield of the
staple this season. The reports of an
increased dividend had been assoeia-
ted to substantial degree with the
recent strength in Reading which con
trolls the Jersey line. The money sit
uation remained firm, and in this di
rection New York is merely partici
pating in a worldwide money move
ment, which in turn is reflecting a
steady Improvements in the world
trade. The advance in the German
bank rate is significant in this direc
ton. Local money supplies will prob
ably be subjected to a greater strain
before the agricultural requirements
have been satisfied this season. At
this time last year the banks had sur
plus reserves of S50,000,Gg0, and b.
the second week in December these
had been reduced to S10,000,000, SO
that the season is still too young to
count ourselves out of the woods in
respect to the money market The
Canadian banks OH September | hal
call loans outstanding in London ant!
New York amounting to $120,G95,5 800:
they had balances in United States
banks of $45.000,C0o. In view of the
large borrowings by the market in
London and on the continent, our
foreign trade balance does not prom
Use much relief in the local money sit
uation for some time.
Quick Traders Will Thrive.
II is evident that the market from
now on will he subject to influences
that will encourage distinct interest
on the part of the public Fluctuations
will be active and the situation will
he exceedingly favorable for the
quick traded. So far as purchases for
permanent holding are concerned,
find no reason to change my belief
outlined in these adyices last week
that they should be undertaken with
great caution and discrimination. The
market ha5 had sufficient rise Ia
discount what actual improvement
has taken place in trade and indus
try Iron and steel have entered an
exceedingly active epoch. II is prop
able that the restricted deamnd TO,
steel products last year may make it
self felt in the form of demand
much above the normal this year. Al
ready there are warnings against
OVERRIDING in this direction, however
The new tariff permits importations
of iron ore and other supplies at pres
ent prices. This is significant. as il
means Independent manufacturer;
can obtain supplies on equal term:
with the steel corporation
HENRY CLEWS.
Smoothing Life's Pathway.
at..aS