The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-09-09
NO HALT IN THE TRADE RALLY

provement in trade he would be
mistaken. There has been no change
in the business situation. An i'm
provement has been under way for
several months, but it has been
gradual. 1t was accelerated little
by the enactment of the tariff law,
and the consequent removal of al
uncertainty as to the rates of duties
which would have to be paid Near
ly four weeks have passed since the
president placed his signature to that
act, as the general lines of changes
from the Dingley law was marked
pretty accurately week or two be-
fore the measure left the conference
committee the effect of enactment
was discounted before It went on the
statute book The encouraging crop
news, which had a larger influence
on trade than did the enactment OF
the new tariff, is also several weeks
behind us, and could not have had
any hand in the sharp upward move
on the Stock Exchange. Indeed. the
drought in the past two or three
weeks will probably reduce the corn
yield somewhat. No longer does any.
body believe that 3,000,000,000 bu-
shel crop will be harvested. There
Is a fair probability that all the re-
cords will be broken, but the aggre.
gate is likely TO fall a little short
of that big figure.
The change in the direction OF the
stock movement Is speculative chief
.ly. The recent drop in the quotations
'shad no direct relation to the actual
business conditions. Mr. HarrimanS
i'll health, and his statement that
there would be no deal in which the
shareholders would receive a quick
and big gratulty in the shape OF in
creased dividends, were responsible
for last weeks drop in quotations.
Nothing in the business world justifl-
ed the downward turn. Nor does any,
thing In the Industrial situation give
any reason for the recent advance.
The change in temper on the Stock
Exchange was due to the knowledge
that Mr.. Hartman Is in no danger
OF death. Whatever plans he may
have in contemplation, either as re-
CARDS absorption OF the New York Cen
tral or In the extention of his West
ern connections, can be pushed. This
probability was grasped by London
whose exchange opens earlier than
that OF New York, removed the
fright OF the last half of last week,
and gave a more cheerful tone to the
market. In this account the general
line OF active stocks on the New
York Exchange moved upward.
London, which is little far
ther away from the scene, was af-
fected less by the scare than was
New York, and the drop over there
was less sharp and steep than It was
here. The rally also came earlier
there. The advantage of several
points which was made in some of
the stocks sends them all up again on
the road toward the high level of
NNh vi N"tlNt ago.
In the world OF actual business
the expansion has been steady for
months. The volume OF the lake traf-
fic which Is a fairly trustworthy bar
,ometer OF trade, Is very close to the
highest mark of the past. For this
reason thus far, according to figures
just made the public by the Depart
ment OF Commerce and Labor, there
has been a falling off as compared
with the corresponding time in 1907,
which broke all the records. But the
Improvement since the opening of
navigation five months ago has been
continuous. Thus the July movement
beats that OF 1907. which was the
largest ever attained In that mouth
until this year, and II Is far ahead of
that OF the month In 1908. These is a
fair probability that, under the
momentum which the Improvement
has gained, the aggregate shipments
for the season, when the account is
made up In November, will be found
TO be mp to the total of 1907, and
may exceed that mark Railway earn
ings, too are close to the high figures
OF this time in 1907, which was lust
before the scare came, and they
range from 10 to IL per cent above
those OF the same time in 1908. II is
learned that some of the steel mills
are refusing orders for work which
VIII be wanted within the next SIX
months owing to the amount which
is ahead OF them. James |. Hill tells
the country not to look for a bumper
corn crop this year, as the recent dry
weather has injured the prospects
for an unexpected yield. Nevertheless,
the shrinkage in the number OF idle
cars In the past two months, and the
report that the mills are not able 20
build new cars fast enough to meet
the demand, will prepare the country
TO hear, before many more months
pass. repetition of the complaint of
1906 and the first half OF 1907 that
the roads cannot handle the traffic.
The country is glad to hear that Mr..