The Montgomery advertiser., 1909-02-14
Germany GraUely Disturbed
 Ouer Economic Question
nY BERNARD FISCHER.

BY BERNARD FISCHER.
 Berlin. Feb 11--Rareiy if eve has there prevailed in Germany so profound and general a state of suspense with re- rnrd to fsnaneiai and economic condi- lions as exists to-day. The Reiehstax has met. and It's deliberations are dominated by one issue--the issue of finance, Three important legislative measures. the prospective influence Of which cannot be other than decisive. are in contemplation at the same time A comprehensive scheme of imperial fssianciai reform. a new charter to the Imperial Bank of Germany. and De- ,posit Bill as yet unborn. for the bet ter protection of depositors with hanks are to be considered.
 Nobody can tell what will be the fate of these proposals. whether they will become law ct all. or what will be their final shape after the innum- erabie negotfations and discussions of which they have been the subject bet wsen the Imperial Government and alliance of Conseryations and Radi- calls. formed on the financial issue. and which is termed the Bloc" last over the present sessicny Even this is un- pertain.
 1t is. however, significant that Herr von Sydow. who has only just become Chancellor of the Imperial Exchange. ts already said to be tired of his duties and to have threatened resignation7 Such rumors have been promptly denied and they may be false, but they serve to show how confused and apprehensive Ia the state of the public mind with regard to finance. and how uncertain 1s the future.
 To this state of uncertainty another factor must be added. Public co1,fis 'dence In the wisdom of official hnan- ;cial proposals has been severely shaken by the complete failure of the socailed smaller imperial ananee reform mea- sures which were inaugurated only two years ago. and of which the principal clauses are now to be abolished And vet who can doubt but that 1t would be of the very greatest importance to the country, and especially for indus trial and commercial Interests. to know exactly and at once how the new scheme of taxation will look when tt passes Into law
 1t Is necessary to quote only one fn- stance--the tax on artificial light and it's appliances--to show how deeply interested large branches of industry must be in the coming iegssiation.
 The differences prevailing In the sBioc~ with regard to financial reform are already gave enough. so that the task of reconeiling them will Do og 7 immense dificuitx and if at some time or other merely the scmbiance or a crisis were to rise in the cong ation of parties the fate of the lffi-; perial proposals would be sealed for another year or so at least and the Empire would have to go on procuring the means necessary for covering tss unavoidable deficits by large loanA
 n 1906. when the smaller proposaIs brought forward by Herr won Stengsi began to be discussed, everybody De- iieved and hoped that the era Of per petual borrowing was at last nearing its end. and yet there is still another imperial loan in the air of the usual burdensoTde type. although we are only in. the year 1909.
 Charter Renewed.
 The general uncertainty extends ai~ so to the question of the renewal or the neiehsbank charter Renewal. of course. there will be. no matter what the distribution of praties at the time Of the second and tbird readings. but it will matter a great deal whether at that time the Agrarian Party will still be fettered by it's adhesion to the ssBloc," or whether it will be separated from its Radical partners, and at lib- ser9y once more to indulge Tn those partisan doctrines which have often in the past been exercised In sense adverse to the Interests of the bank.
 And if apprehension reigng in re- gions purely financial. the industrsaI world is no more at ease. The 'KaF- tels', fin iron which were dissolved some months ago owing principally to the initiative of that gzeat tronmaster and business man Prince von Donner- snarch have not yet been even partly renewed. Neither party in the great iron dispute has shown the slightest inclination to yield, the head of one side. Herr Kfrdorf. proving just as stubborn as Prince won Dohnersmarck who leads the other. Ultimately some sort of agreement is bound to be reach ed but meanwhile severe damage Is being done to a great national tn- dustry now almost at standsttit.
 Meanwhile hopes are being enter tained that the coming spring may prove a turning point in the iron crisis and such expectations are fostered by a slightly increased home demand for steel and iron products which is ai- ready noticeable. This increase may. however possibly be due to speculative purchases only, and some doubt exists as to a near revival in the building industry. which is being looked for by optimists At the present time, and, indeed. throughout the past few years the whole vast and seemingly stable German "Aufschwung." the great movement of industrial progress fs and has been, closely interlocked with real estate speculation in the towns.
 If one looks around today and sees the truly enormous area Of new do- nestle and residential buildings add ej to German cities. and especially to Berlin. in recent times. he cannot bring himself to believe that a part at least of this stupendous growth Is not of @ purely mushroom character The recent economical crisis may be a thing of the past so far as the money rate Is concerned. the present cheap