The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1909-08-02

i've policy, however, is to be COM
nended. since in the long run 1t VIII
Tend TO establish confidence in the
of this huge corporation,
with uncertainty as to the steel dlVl-
dend out of the way, the market tenn
porarily lacked specially interesting
features. The latter, however, were
soon supplied by the strength import
ed to the Hartman issues and New
York Central, both of which were tax
en- in hand by the speculative leaders
and pushed to new high figures on
rumors of his Forthcoming plans. This
apparently is the policy of those in
control-namely, to take special stocks
as leaders and mark them up one
by one, thus establishing contrasts
and comparisons calculated to excite
the speculative appetite. Expectations
of higher dividends now appear to be
the basis of manipulation. Mean
while the market is insensitive to I'M
favorable news. Ordinarily the
southern stocks would show some
weakness under the unfavorable news
regarding the growing cotton crop
but these shares in common with
others have maintained the old level
and advance more readily than they
Il ic hot
the market is completely under the
control of a few big leaders, and, un-
til they have sufficiently diminished
their holdings, their grip upon the sit
uation is not likely to relax. When
they have sold out, the market will be
left to take care of itself and we may
then see the long expected reaction.
But that is not in sight today.
Outside conditions continue favor
able. The trade outlook is promis-
ing. Interior merchants have been
buying on a conservative basis, and
the outlook is for good consumptive
demand for nearly all classes of mer-
chandise. Building is active, and our
railroads are free purchasers of ma
terials for constructive purposes. Al
vices concerning wheat and corn con-
tinue favorable, the only discouraging
reports being from the cotton districts
where continued drouth and hea-
have caused further deterioration in
the condition of cotton. Money con-
tinues in good supply at easy rates,
but the westward currency movement
has already begun and both the inte-
rior and Canadian banks are drawing
against their balances in this city. It
is not generally thought, however,
that the crop demands this season will
cause any material advance in money
rates. Western banks being abundantly
able to meet a large part of antici-
pated requirements. The condition
of the national banks appears to be
exceptionally strong. According to
the last statement, the amount of
loans issued by these institutions
amounted to 5000 900, the high
est on record, and an increase Of
1920, 100000 over year ago. 1t is also
an increase of $613,OOO,O00 over the
minimum following the panic. The
total deposits was $4,S9S,OOO,OOO or
nearly double the amount of nine years
ago. These figures show a tremenu.
Gus growthin our financial strength.
The tariff bill at this writing is ex'
pected to be Immediately reported II
is sincerely to be hoped that this
will be the end of the tariff discus
sion, and that the measure will ap-
pear in such form as to avoid further
friction in the House or Senate. Our
merchants and manufacturers now de-
sire peace more than anything else.
Uncertainty hampers all interests, and
many of the most ardent advocates for
an advance are now willing to be
let alone rather than invoke further
dSltdllOI II 10 uuIOI LuIldIt mat lut
Presidents wishes for downward re.
vision did not receive earlier consid-
Grafton by the legislature, because
the higher the tariff the more certain
it will be a mark for future political
attack and agitation. The tariff Is
rapidly becoming the chief political
issue, and the only way to have KEEP
it out of politics was to have sub
mitted to reasonable reductions. I'm
less signs fail it looks os if we should
shortly be troubled with another pc
riod of disturbing tariff discussion,
possibly at the next session of con
gress, and certainly during the next
congressional election. A good many
congressman are already anxiously
after their fences. President
Taft is to be congratulated upon the
firm stand which he has finally taken