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

ton against the creation of a nationa
Legislative situation similar to thai
current during the closing years Of
the preceding administration. Mr.
Taft has shown no disposition to alb
rogate to himself any powers not &C
knowledged to be we'll within tn.
province of the executive. He is mo-
endeavoring to be at once the legislt,
| tive branch and the executive branct
of the government Therefore his
| recommendations are likely to b.
| Thoroughly discussed and their value
appraised before they take their placs
on the statute books. The restriction
will provide distinct check upon the
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 finan-
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
depressing features connected with
their progress will be the tendency
by parties affected by them to dstrut
their true significance. 1t may thus
be taken for granted that congress
when it conyenes in December will
be the source of no little uncertainty
and nervousness in stock exchange
circles.
Other Dscouraeements.
Other features in the weeks news
developments that were the source of
disbursement were, the failure Of
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
staple this season. The reports of an
increased dividend had been associa-
ted to a 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 rejecting a
steady Improvement in the worlds
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 $50,GO0,C2o, and By
the second week in December these
had been reduced to $10,000,000 so
that the season is still too young to
count ourselves out of the woods in
respect to the money market. The
Canadian banks on September | hal
call loans outstanding in London and
New York amounting to S120,G95,5 500;
they had balances in United States
banks of s45,900,C00. 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.
1t 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
10 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 adViCes last week
that they should be undertaken with
great caution and discrimination. The
discount what actual Improvement
has taken place in trade and indus
try. Iron and steel have entered an
exceedingly active epoch. 1t is prop
able that the restricted deamnd tos
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 IT
means Independent manufacturers
can obtain supplies on equal terms
with the steel corporation
HENRY CLEWS.
Smoothing life's Pathway.