Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1909-09-23

activity which will surpass anything
which the country has seen along to
this time says Marvin Hughitt, pres
ident of the Chicago and Northwest.
ern, who has been taking look over
the ground in the East and West.
Not always does the stock market
reflect the actual trade conditions,
but it does so at his moment. The
recent rise in most Of the active
shares is justified by the earnings of
the railways and the industrial COM
binations, and by the work which
is just ahead Of the country's great
industries. A great merger under
the direction of H. c. Prick and the
Mellon banking and trade interests
is being formed either to fight the
United States Steel Corporation or
to ally itself with that combination.
In this coalition many of the indie
pendent steel mills of the country are
said to be represented. This may or
may not mean a contest with the
steel trust. Wall street evidently
has no fear of any harmful compe-
tition, for the trusts shares are ad-
vancing in price. On the other side
of the Atlantic, as well as on this
side, the reapproachment between
the Morgan interests and those con-
trolled by the Hartman combina-
ton is having a bracing effect, as it
means peace where formerly there
were frequent clashes. The present
prospect is that the output of the
iron and steel mills Of the United
States for the calendar year 1909 will
be up to the 1907 mark, and be far
above the highest figures of the past.
The report that United States Steel
is about to be listed on the Paris
Bourse is revived, and it gets cred
ence this time in quarters which
discredited the story told few
months ago, when it was first start
ed. Most of the steel mills of the
country have more orders for work
ahead of them at this moment than
they had at any previous time since
the setback in October, 1902.
Coincidentally with this improve
ment the treasury balance sheet be-
gins to tell a pleasing tale. The de-
felt thus far in the present fiscal
year is $4,000, 900, as compared with
$36,0O0,000 for the corresponding
time twelve months ago. Treasury
receipts from all sources are on the
increase. This is due to the expan-
sion in trade and to the influence of
the new tariff. It Is now clear to
the country that Senator Aldrich was
correct when he said the Payne meas
ure would yield more money to the
government than did the Dingley act,
Like every other republican, Mr.. Taft
is glad that the new tariff is giving
a good account Of itself. Along the
whole line the business situation Is
improving. A more phlegmatic man
than Mr.. Taft would be justified in
hailing the financial outlook with de-
light.It insures a big victory for his
party in the congressional campaign
of 1910. This is a detail which is
calculated to please every member of
the party which is in control of the
government. The old-fashioned re.
publican prosperity is close at hand.
as democrats fas well as republicans
now realize. After winning a big
victory during the acute stage OF the
panic of 19071DS, as the republicans
did, it ought to be easy for them to
carry the country year hence, when
all the Industrial conditions are fav-
orable. The congressional cam.
paign which comes in the middle of
presidents term often brings dis
aster to the presidents party, but
even the most sanguine Of democrats
sees ON hope for his party in the ap-
preaching campaign. Already the re-
publicans have broken all the records
in their uninterrupted succession of
triumphs in congressional campaigns
beginning with 1894, but it is clear
that still another victory is in sight.