The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-09-29
DEVELOPMENTS
DISCOURAGlNG

world with a distinct tendency towards
steadying the list of security values
On the other hand. the danger should
not be overlooked of any attempt by
the government to take from railroad
managers the proper duties of their
various offices. 1t will not do to place
the management of our great railroad
and industrial enterprises upon a plane
that shall in effect be purely mechan-
ical, a plane where experience. judg-
ment and ability shall not count and
where financial experience and backing
shall not be necessary. The preserva-
ton of enterprise is quite as necessary
as the suppression of abuses, especially
conditions that have in Difference to
human nature arisen from a too con-
centrated control of public utilities On
the other hand the first reception of
the presidents plans is apt to be con-
sidered too seriously. Mr.. Taft is a
man of exceptional tact and firmness:
he cares nothing for spectacular dis
play. and these two features may be
accepted as a decided protection against
the creation of a national legislative
situation similar to that current dur
ing the closing years of the preceding
administration. MIR. Taft has shown
no disposition to abrogate to himself
any powers not acknowledged to be
we'll within the province of the eXecu-
tive. He is not endeavoring to be at
once the legislative branch and the
executive branch of the government.
Therefore his recommendations are
likely to be thoroughly discussed and
their value appraised before they take
their place on the statute books. The
restriction upon the arbitrary issue of
securities will provide distinct check
upon the character of concentration
so clearly eXemplified in the Hartman
system of railroads. or, to go still fur
Their back. in the Gould and Vanderbilt
systems. A check upon arbitrary
financing means a check upon combina-
tions that as a first requisite must
have the necessary financial backing;
and the net result, therefore. will be
that combinations would not be pos
sible 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 distort their
true significance. 1t may thus be TAX
en- for granted that congress when 1t
convenes in December will be the
source of no little uncertainty and
nervousness in stock exchange circles.
Other features in the weeks news
developments that were the source OF
were. first the failure
of the directors of the Central railroad !
of New JERSEY to increase the dividend |
distribution. and second, the storms IN |
the cotton belt which We're interpret !
ed as indicating a still further redue- |
tion in the Weld Of the staple this sea- !
son. The reports of an increased dlvl-
dent had been associated to suDstan- ;
tial degree with the recent strength in |
Reading. which controls the Jersey line.
The money situation remained firm,
and in this direction New York is
merely participating in a WORLDWIDE
money movement which in turn is re-
hecting a steady Improvement IN the
worlds trade The advance In the
German bank rate is Significant In TINS
direction. Local money supplies VIII
probably be subjected to greater strain
before the agricultural requirements
,,,,a haen satisfied this season. AT
this time last year the banks rad sur
,,ins reserves of $4,000. 900, and BY the
second week in December these had
boon reduced to 100000 so that the
season is still too young to count our
solves out of the woods in respect to
the money market The Canaoian
t,on,,s ON September had call loans
outstanding in London aid -Sew YORK
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