The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1909-08-09

zen SeneNtny are not OnlV dn'ler IL
ating a good fall trade, but are d
laking preparations accordingly. :,
Call money continues plentiful and
asy, while time money is gradually
and still better rates are e
during the next two OF
.hree months. This is due to the re-
vival of business activities and prep ;
arations for financing the crops. The
West will undoubtedly need some as
from the center for the latter
purpose, and the employment of funds
in that capacity will, of course, tend
to firmer rates. The effect of firmer
time money upon the stock market is
somewhat problematical. If stocks are
to be pushed to still higher point the
natural result will be to drive money
out of stocks into fields where it can
secure better returns, although high
rates for money and an active bull
stock market are not infreQuently seen
together. AS a result Of firmer
money there have been some liberal
offerings of finance and other bills
against American securities abroad.
There has also been a somewhat bet
ter supply of commercial bills in anti
cipation of cotton and grain shipments.
The recent weakness n exchange has,
of course, put an effectual stoppage
upon gold exports, and later on a con-
siderable increase in security bills is
anticipated in connection with forth
coming security issues.
The international situation is better
than a week ago owing to abatement
of the troubles in Spain. These now
seem to be over and are not likely to
cause any difficulty in the foreign
money markets, although Paris, which
represents large holdings of Spanish
securities, showed some temporary
weakness when the crisis was at its
| height. Now that the tariff is settled
the sentimental effect will prove ben.
eficial although practically the tariff
makes no difference whatever to bus.
mess in general. No very important
changes have been made either down
wards or upwards, the net result OF
the new bill beng practically victory
for the ''stand-patters.r For some
time past our manufacturing interests
recognized that they had but little
to fear from any downward revision.
and have consequently gone ahead
with little regard to the tariff situa-
ton. For this reason the new tariff
will have little influence upon general
business other than the sentimental
effect of relief from agitation. Such
troubles as come from the new meas
ure will be chiefly those relating to
its administration.
Stock market operations must still
be conducted with great precaution. Il
is not impossible that prices may be
forced to a still higher point, but it
should be recognized that values are
already unwarrantedly high and that
the big holders are quietly distribut-
ing their surplus upon every advance.
market whenever good news is forth
the tariff bill, for in
stance-are highly suggestive. The
outlook is certainly encouraging and
prevailing optimism cannot be ig-
nored, yet all the good features dis
cernibe have been pretty well dis
counted. A distributive market, such
as the present one appears to be,
holds many opportunities for the MIN
BILE operator for quick in and out trad
ing. 1t is reasonable to assume thai
the tactics of the past (such as mark
ing up sharply first one stock and then
another) will again be used in an en-
endeavor to aid, as well as disguise,
the liquidation which will be attempt
ed in other departments of the list.
Quick in and out operations on the
long side, however, should be entered
into with carefulness, as we are still
of the opinion that clam digging is
unprofitable at high tide.
HENRY CLEWS.